The Irish construction industry is thriving and continuing to increase all imports from the UK. However, the pace of the growth is slowing according to recent reports by the foreign exchange specialists.
Whilst the industry is growing rapidly, there has been a significant drop reported in the results from an analysis of over 4000 transactions made by Fexco Corporate Payments over the past year. In the last three years, spending has gone up by 128%, increasing by less than 20% over the past twelve months. With Irish building firms spending a modest rate of 17% more on goods and services than they did in the previous year.
The number of transactions made increased by 7%, with the average transaction size reportedly rising by 7.5% - from €4,902 to €5,269. In the 12 months prior to February 2017, the average purchase size was recorded as €3,159, making the current results two-thirds higher at a great 66.8%.