construction companies expect negative Brexit impact
According to a survey carried out by PWC for the Construction Industry, the Irish construction industry is struggling to plan for Brexit and this will result in delays in housing and infrastructure delivery over the next decade.
The survey states the readiness and likely impacts of Brexit on the construction industry and it found that the majority of companies believe it will have a negative impact.
The survey found that 42% of respondents and their businesses are currently trading in the UK market, of which the majority say they will increase or hold their physical presence there post-Brexit. One third (33%) indicated that more than 20% of their revenue is derived from the UK market, while the majority of companies (79%) aim to diversify post-Brexit. Meanwhile, 42% confirmed that Brexit will have an immediate negative impact on their business, while one in ten businesses state it will likely lead to further growth.
Surprisingly, 72% of all respondents said they have not yet undertaken any Brexit impact assessments. Respondents said that the delivery of the National Development Plan 2018-2027 is a key action the Government could take to provide certainty in the light of Brexit , while 22% wanted increased access to funding.