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 the 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.
The volume of production in Building and Construction fell by 3.3% in Quarter 2 (Q2) 2023 when compared with Q1 2023 on a seasonally adjusted basis.
On an annual basis a 2.1% decrease in the volume of production was recorded.
The seasonally adjusted volume index for the Non-Residential Building sector fell by 3.8% between Q1 2023 and Q2 2023.
The Residential Building sector was down 2.3% in volume in Q2 2023 when compared with Q1 2023.
Between Q1 2023 and Q2 2023 the seasonally adjusted volume index for the Civil Engineering sector rose by 5.8%.
The seasonally adjusted value index for All Building and Construction increased by 1.5% on a quarterly basis and by 4.3% on an annual basis.
The headline table shows the seasonally adjusted volume and value indices for production in building and construction for Q2 2022, Q1 2023, and Q2 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 in recent months and shows a 6.3% increase in Q2 2023 when compared with Q2 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 | ||
| Q2 2022 | 131.6 | 169.9 | |
| Q1 2023 | 133.3 | 174.6 | |
| Q2 2023 | 128.9 | 177.2 | |
| Quarterly % change | -3.3% | 1.5% | |
| Annual % change | -2.1% | 4.3% | |
Figure 1 shows the seasonally adjusted volume indices for All Building and Construction, Residential Building, Non-Residential Building, and Civil Engineering sectors from Q2 2018 to Q2 2023.
Figure 2 shows the seasonally adjusted volume indices for Q2 2020, Q2 2021, Q2 2022, and Q2 2023.
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Statistician's Comment
The Central Statistics Office (CSO) has today (04 September 2023) released - Production in Building and Construction Index Q2 2023 (Provisional) and Q1 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 3.3% between Q1 2023 and Q2 2023. On an annual basis, between Q2 2022 and Q2 2023, production volume decreased by 2.1%.
Quarterly Volume Changes
On a seasonally adjusted basis the volume of production in construction fell by 3.3% between Q1 2023 and Q2 2023. Civil Engineering (+5.8%) was the only sector to record a quarterly increase in Q2 2023 when compared with Q1 2023. During the same period, Non-Residential Building declined by 3.8% and Residential Building fell by 2.3%.
Annual Volume Changes
Between Q2 2022 and Q2 2023, production volume in construction decreased by 2.1%. During the same period, production volume in the Residential Building sector fell by 10.3% and was down 4.0% in the Non-Residential Building sector, while Civil Engineering (+22.4%) was the only sector to show an annual increase.
Value Index Changes
The seasonally adjusted value index for Building and Construction increased by 1.5% on a quarterly basis and by 4.3% on an annual basis. Excluding Civil Engineering, the seasonally adjusted value index decreased by 5.4% on a quarterly basis and was down 0.3% on an annual basis."