A Clare Developer is confident that future housing delivery in this county will not be affected following a surge in construction company insolvencies last year.
Deloitte’s latest report shows that 89 building firms were forced to shut their doors in 2023 as they were unable to pay their debts.
Nationwide 663 insolvencies were recorded across all industries last year, which is the highest figure recorded in Ireland since 2018.
Hospitality and Construction felt the greatest brunt with both sectors seeing a 62% annual increase in closures from 2022.
It’s understood that the majority of building firms affected were smaller businesses who had amassed debts of between €30,000 to €250,000.
Last year, Clare also saw a 64% increase in commencement notices, with 529 new homes commissioned in total and a local developer believes that a shortage of workers will be the biggest challenge for the year ahead.
Larry Brennan from Woodhaven Developments says though that public confidence should remain high in Clare’s building industry.
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A local retailer on the other hand believes 2024 will be a year her industry will largely spend on tenterhooks.
Over the past twelve months, 52 retail premises shut up shop due to insolvency which represents an annual increase of 23%.
As of January 1st, the national minimum wage is €12.70 per hour which many business owners says will lead to a significant surge in their week-to-week costs.
CEO of Retail Excellence and owner of Willow in Ennis Jean McCabe is adamant the government must ease the pressure to keep fledgling businesses alive.
