What a difference a year or even a day makes.
During 2008 we have experienced unprecedented turmoil in the global financial markets; a crisis in the banking sectors; significant weakening in economic performance and a total erosion of confidence all leading to a changed landscape for the Construction and Property Industry.
The Irish Construction Industry continued to decline in output terms in 2008 primarily due to the expected reduction in residential completions. We expect the Industry to contract in 2009 as a result of further declines in the residential sector and significant reductions in the commercial sectors.
We welcome the Governments commitment to the continued investment outlined under the National Development Plan and urge all parties to hold their nerve despite intense pressure to cut public capital expenditure.
Our country still requires significant investment in Infrastructure, Health and Education in order to secure our future.
We believe there were a number of significant changes in 2008 that will alter the dynamics and risks for clients in 2009 including:
- Commercial viability of projects.
- Funding restrictions and terms.
- Depressed tender levels.
- Financial stability of organisations.
- Operating in a recession cycle.
- Increased risk of litigation and disputes.
These changed conditions will mean that through our range of services allied to our sector specialisations and the quality of our staff are ideally placed to guide you through the turbulent waters that lie ahead.
Our theme for 2009 is “Collaboration” not only in Ireland but globally in conjunction with our colleagues in the Davis Langdon Group. We firmly believe that the current environment requires us all to work more closely; understand our needs and concerns and adapt to the ever changing landscape.
Davis Langdon PKS continues to develop since our inception in 1860 and have experienced many evolutions but we have never lost sight of our prime objective of delivering the highest quality service to meet our clients requirements.
We look forward to collaborating together in 2009.
Norman Craig
Managing Director
Download full Annual Review for further information.
