Official figures, meanwhile, calculated that inflation hit 14 per cent in the 12 months to the end of February. So, like many businesses, construction did not finally shake off the dragging effect of the pandemic until 2022. Director of the Construction Industry Federation (CIF) Tom Parlon says cement prices rose 27.5 per cent over the past year, while timber and steel increased by almost two-thirds. Energy costs not only hit builders but also the businesses that make construction materials, piling extra stress on this front. Beyond that, Parlon points out that the European Construction Industry Federation, of which the CIF is a member, is already looking to the welcome day when the conflict ends.

Source: The Irish Times June 24, 2023 23:00 UTC