Users should exercise caution when comparing the Production in Building and Construction Index release with the New Dwelling Completions release due to timing and other comparability issues. For example, while the work completed by a firm on a residential building could take place over several months, the New Dwelling Completions will only count the building as completed when it has been connected to the ESB electricity network.
Please see the Background Notes in both the Production in Building & Construction Index release and the New Dwelling Completions release for further information on methodologies.
The volume of production in Building and Construction fell by 0.7% in Quarter 4 (Q4) 2023 when compared with Q3 2023, on a seasonally adjusted basis.
On an annual basis, a decrease of 6.3% was recorded in the volume of production.
The seasonally adjusted volume index for the Non-Residential Building sector declined by 8.0% between Q3 2023 and Q4 2023.
The volume in the Residential Building sector was up 3.1% in Q4 2023 when compared with Q3 2023.
Between Q3 2023 and Q4 2023 the seasonally adjusted volume index for the Civil Engineering sector rose by 2.4%.
The seasonally adjusted value index for All Building and Construction was down by 0.4% on a quarterly basis and by 3.6% on an annual basis.
The headline table shows the seasonally adjusted volume and value indices for production in building and construction for Q4 2022, Q3 2023, and Q4 2023. It should be noted that the deflator, the Capital Goods Price Index, used in the calculation of the Production in Building and Construction Index (PBCI) has increased over the past 12 months and shows a 2.4% increase in Q4 2023 when compared with Q4 2022. See background notes and the Wholesale Price Index release for more details. Further information on seasonal adjustment is available in the CSO's video on Seasonal Adjustment.
| Seasonally Adjusted Production in Building and Construction Index | |||
| (Base Year 2015=100) | |||
| Volume Index | Value Index | ||
| Q4 2022 | 127.7 | 167.5 | |
| Q3 2023 | 120.6 | 162.1 | |
| Q4 2023 | 119.7 | 161.4 | |
| Quarterly % change | -0.7% | -0.4% | |
| Annual % change | -6.3% | -3.6% | |
Figure 1 shows the seasonally adjusted volume indices for All Building and Construction, Residential Building, Non-Residential Building, and Civil Engineering from Q4 2018 to Q4 2023.
Figure 2 shows the seasonally adjusted volume indices for Q4 2020, Q4 2021, Q4 2022, and Q4 2023.
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Statistician's Comment
The Central Statistics Office (CSO) has today (26 February 2024) released Production in Building and Construction Index Quarter 4 (Q4) 2023 (Provisional) and Quarter 3 (Q3) 2023 (Final).
Commenting on the release, Shane O’Sullivan, Statistician in the Business Statistics Division, said: “On a seasonally adjusted basis the volume of production in construction fell by 0.7% between Q3 2023 and Q4 2023. On an annual basis, between Q4 2022 and Q4 2023, production volume decreased by 6.3%.
Quarterly Volume Changes
On a seasonally adjusted basis the volume of production in construction fell by 0.7% between Q3 2023 and Q4 2023. During the same period, Non-Residential Building declined by 8.0%, while Residential Building was up by 3.1%, and Civil Engineering rose by 2.4%.
Annual Volume Changes
Between Q4 2022 and Q4 2023, production volume in construction decreased by 6.3%. During the same period, production volume in the Non-Residential Building sector fell by 11.0%, and dropped by 5.0% in the Residential Building sector, while the only sector to show an annual increase was Civil Engineering (+9.4%).
Value Index Changes
The seasonally adjusted value index for Building and Construction fell by 0.4% on a quarterly basis and by 3.6% on an annual basis. Excluding Civil Engineering, the seasonally adjusted value index decreased by 1.4% on a quarterly basis and was down 7.1% on an annual basis."