Nearly half of Irish firms involved in construction have cut their exposure to the UK in the wake of Brexit, a new survey has revealed.
The poll, among contractors, engineers and construction product suppliers, found that 45 per cent have reduced their interest in the UK since last year’s referendum as fears have mounted over the cost of projects due to weakness in the pound.
A number of firms have withdrawn from the UK completely, with many switching their efforts to continental Europe, the US and Asia, the survey by government body Enterprise Ireland and Investec found.
Last month, a RICS survey found that UK construction activity has slowed across all sectors in the three months to June.
In the Entreprise Ireland poll, 70 per cent of the 55 firms surveyed said they now viewed the eurozone as offering key opportunities for growth.
Enterprise Ireland head of construction Stephen Hughes said: “There are a number of areas of particular strength in the eurozone at this time, including data centres, pharmaceutical facilities and healthcare infrastructure.”
However, only one in three companies believe they currently have sufficient resources in place to expand into new markets, with market knowledge cited as the highest barrier to entry.