Introduction
It is a great pleasure to be with you again this evening at the launch of the Bruce Shaw Handbook, now in its seventh year of publication. With a distribution in excess of 10,000 copies, the Handbook has firmly established itself as an indispensable source of reference for construction industry professionals in Ireland and beyond.
Economy
Everyone here this evening has an interest in our economic prospects. There is no doubt that, as a small and very open economy, we in Ireland are directly affected by changes in the international environment, and are now facing more challenging economic conditions. But the reality is that the fundamentals of the economy are strong, a fact recognised by the European Commission in its assessment published yesterday.
We have a dynamic and well-educated labour force that is responsive to changing circumstances; low tax rates on both capital and labour, which are conducive to productivity growth and to attracting inward investment; and sound public finances, carrying one of the lowest levels of debt in the EU.
Yesterday’s European Commission assessment, which is carried out annually as part of the Stability and Growth Pact process, presents a reasonable view of the issues. It is also, in essentials, consistent with our own assessment underpinning Budget 2008.
Notwithstanding that we are adjusting to a period of slower growth, the economy is forecast to expand this year at a rate that remains impressive by international standards, and that is set to pick up again in 2009 and 2010.
The continued stability of the public finances remains the cornerstone of Irish economic policy, supported by a tax system which will remain conducive to enterprise and investment.
NDP/VFM
The Government is also clear that we must continue the investment underway in enhancing our productive capacity through the €184 billion priority programmes under the National Development Plan. These will enhance our economic infrastructure; target enterprise, science and innovation; and further improve our human capital resources.
Following Budget 2008, we are now committing nearly 6% of GNP over the next five years to upgrading national infrastructure.
As you know, we have put in place greatly enhanced "value for money" frameworks for managing national infrastructure programmes, including full cost-benefit analysis for projects over €30 million, and appraisal of all projects by reference to clear output indicators.
The new procedures provided for by the Strategic Infrastructure Act are a further important development – introducing a single stage consent process for almost all major infrastructure development on land.
The new process is designed to be robust and transparent, while delivering the right decisions, within reasonable and defined timeframes. It will facilitate enhanced project management for infrastructure providers, and will improve service provision for all stakeholders in the consent process.
In short, we have significantly improved the capacity for delivery of national infrastructure in terms of time and cost. And I believe this will yield a real dividend as we go about establishing a physical infrastructure of a quality that is appropriate to our evolving twenty-first century needs.
Climate Change
It is also appropriate to mention briefly here this evening the agenda of environmental sustainability presented by climate change. This has clearly moved centre stage at all levels and is reflected, not least, in the ambitious proposals launched recently by the European Commission. These begin the process leading to agreement on the efforts required of individual Member States.
The Government has begun detailed analysis of the latest proposals from the Commission and their implications for the period up to 2020. Even before completing this analysis, and regardless of the final outcome of negotiations at EU level, we can be certain that very significant changes in our economy, and society as a whole, will be required. I have every confidence that the construction sector, for its part, will not be found wanting in its response.
Bruce Shaw Group
The dramatic scale of Ireland’s recent economic success – with more than half a million new jobs created in the last decade alone – has also seen the Bruce Shaw Group go from strength to strength. With a staff complement now in excess of 350 people, and a global network spanning Belfast, Bucharest and Barbados, your standing at the very frontier of industry achievement is beyond doubt.
Bruce Shaw's extensive experience in construction and engineering projects is available to domestic and overseas clients alike - embracing the full spectrum of innovative delivery. I understand you are organised in four business units dedicated respectively to cost management and quantity surveying; project management; safety management; and financial advisory services. Your clients cover a multitude - private developers, government and municipal agencies, college and school authorities, hospital boards, recreational groups and commercial and industrial corporations.
Landmark projects successfully managed throughout Ireland and the UK include Spencer Dock, Grand Canal Plaza, Central Park Leopardstown, the National College of Ireland and the Wellcome Wing of the Science Museum London.
And among the prestigious developments to which you have recently been appointed are the major Arnotts/ Henry Street re-development, Microsoft’s European Data Centre at Grange Castle and of course the National Conference Centre at Spencer Dock. At almost half a million square feet, the new Conference Centre will be the largest single use building constructed in Dublin in decades. And it will be the first major public access building to be constructed since the foundation of the State.
Bruce Shaw Handbook 2008
The Bruce Shaw Handbook 2008 reflects the Group's command of the industry. It contains a treasure trove of statistics for industry professionals, including Irish construction costs, indices and data; residential and commercial property statistics; and an overview of key international market trends and developments. This 7th edition is further enhanced through insightful pieces on cost benefit analysis and the competitive dialogue process, complemented by a measured assessment of the dynamics underpinning current market adjustment. It really is essential reading for people who want to master the construction and property industry.
EU Reform Treaty
Before concluding, I would like to turn briefly to the subject of the EU Reform Treaty. Ireland has benefited enormously from membership of the EU, not only in terms of significant funding but also through participation in major innovations like the Internal Market and the Euro. The EU will continue to be crucial to our future well-being. A more efficient and effective EU is unquestionably in Ireland’s best interest.
The Reform Treaty will enhance and improve the functioning of the EU, support economic growth, job creation, international trade and environmental sustainability, cut bureaucracy, speed up decision-making and give us a Union more responsive to our citizens and answerable to the Oireachtas.
In short, it creates the Union needed so that Member States can work together, sustain prosperity, safeguard the environment and create and protect jobs. Ratification of the Reform Treaty is an absolute priority for Ireland. I would urge you all to do everything possible to secure its ratification.
Conclusion
I have always believed that our great strength as a society is our capacity to respond rapidly to changing circumstances. The Bruce Shaw Group has shown the same capacity for change, developing an unrivalled range of specialist services since it was first established over 30 years ago.
I have every confidence that you will continue to build on your distinguished record of recent achievement in the year ahead and I would like to wish you every success for the future.
Thank you very much for your attention.
ENDS