bruce shaw handbook 2012

3

Ireland

Middle East

United States

Riyadh

Program management for data centres, HQ offices and retail stores for Mobily

Dublin

New bio-pharmaproduction facility for Amgen

Iowa & Virginia

Cost management of data centres for Microsoft

2 BRUCE SHAW HANDBOOK 2012

CONTENTS

Global Construction

Developing Markets Offer Business Development Opportunities 6

15 Largest Construction Markets in 2010 7

15 Largest Construction Markets in 2020 7

Construction Output Growth Rates in Developed Countries 9

Construction Output Growth Rates in Emerging Markets 9

Index of International Construction Costs 9

Top 20 International Contractors 10

Top 20 International Design Firms 11

Global Inflation % 12

Overview of Percentage Change in Global Output 12

Oil Production / Consumption Statistics 13

Europe European Market Review 16

Production Index in the Construction Sector 17

Construction Output - Annual Variation 17

Top 15 European Contractors 18

Top 15 European Design Firms 18

Construction Cost - New Residential Building 19

Consumer Inflation v Construction Inflation 20

EU Labour Costs and Productivity 20

EU Procurement Timescales 21

EU Procurement Thresholds 21

Currency Movements - Euro vs Various European Currencies 21

Ireland

Ireland Market Review 24

Value of Construction Output 24

Construction Output 24

Gross National Product 24

Construction Purchasing Managers Index Report 25

Historical Property Performance Total Return % 25

Bruce Shaw Tender & Cost Indices 26

SCSI Tender Price Index 27

Consumer vs Construction Price Inflation 27

Annual Numbers Employed in Construction 27

Bruce Shaw Average Irish Construction Costs 28

Basic Hourly Wage Rates 30

Basic Hourly Wage Rates Mechanical & Electrical 30

The Top Irish Main Contractors 31

The Top Irish Services Sub-Contractors Turnover 31

Annual Housing Completions 33

New Housing Completions by Type 33

SCSI Rebuilding Costs per sq.m 34

Planning Charges 35

Fire Certificate Charges 35

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United KingdomUK Market Review 38

UK Construction Output 39

Public Sector Output 39

Private Sector Output 39

UK Tender Price Index 40

UK Regional Tender Price Index 40

Resource Cost Index of UK non-housing building 41

Numbers of Employed & Self Employed in Construction 41

Standard Hourly Base Rates for Labour 42

Top UK Main Contractors 42

Top UK Architects 43

Top UK Engineering Firms 43

Bruce Shaw Average UK Construction Costs 44

House Building Starts and Completions 46

Average Procurement lead in times 46

The UK Housing Market 2012 47

2012 Olympics 48

Euro vs Sterling 48

5 Middle East

Middle East Market Review 52

GCC Hydrocarbon Dependence 52

GCC Stimulus Packages 52

Value of Projects by Country 53

Middle East Commodity Prices 54

Prices of Building Materials in Abu Dhabi 54

UAE, Bahrain and Qatar in Brief 55

Saudi Arabia in Brief 56

Saudi Arabia Key Budgetary Allocations 56

Saudi Arabia Housing Requirements by Region 57

Regional Building Cost Comparisons 57

Top 10 Infrastructure Projects in the GCC 58

Middle Eastern Design Firms 58

GCC Nations Main Contractors 59

GCC Single Currency Update 59

United States

US Market Review 62

Value of Construction Output Public / Private 63

US Construction by Type of Work 63

Annual Construction Cost Index 64

US Regional Building Cost Index 64

Employment in Construction 64

Change in U.S. Employment in Construction 65

US Earnings in Construction 65

Top US Contractors 66

Top U.S. Design Firms 67

Euro vs. Dollar 67

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South East Asia continued Malaysia Market Review 96

GDP Growth Rate 96

Average Construction Costs 97

Currency Exchange Rates 97

Vietnam Market Review 98

GDP Growth Rate 98



Indonesia Market Review 100



ChinaChina Market Review 105

China GDP Annual Growth Rate 105

Total Government Investment 106

Regional Building Cost Comparison 106

Shanghai Tender Price Index. 107

Top 20 Chinese Contractors 108

Top 20 Chinese Design Firms 109


GhanaGhana Market Review 113

Ghana Key Statistics 113

GDP forecast 113


Construction Output Growth Rate Forecast 114


Inflation Index 115

Building Cost Index & Consumer Price Index Comparison 115

Construction Companies Active in Ghana 116


Topical IssuesEnergy and Power Generation 120

Financial Robustness of Contractors 122

Building Information Modelling (BIM) 124

The Changing Shape of Retail 126

Challenges for Consultant Project Managerswithin current market conditions 128

About Bruce ShawBruce Shaw 132

Cost Management 133

Project Management 137

Consultancy Services 138

Health & Safety Consultancy 142

Bruce Shaw Corporate & Community Activities 144

Bruce Shaw Senior Personnel 146

Our Clients 148

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Caribbean

Caribbean Market Review 70

General Statistics for the Caribbean 70

Caribbean Country Review

Bahamas 71

Barbados 71

Bermuda 71

Cayman Islands 71

Cuba 71

Curacao 72

Dominican Republic 72

Haiti 72

Jamaica 73

Puerto Rico 73

St Lucia 74

Trinidad & Tobago 74

Turks & Caicos Islands 74

Construction Costs 74

Average Cost Range 75

IndiaIndia Market Review 78


Construction Cost Indices 79

Top Infrastructure Companies in India 79

US Dollar vs. Rupee 79

Australia & New Zealand

Australia Market Review 83

Australian Key Statistics 83

Australia


Building Cost Index by Capital City 84

Building Cost Index & ConsumerPrice Comparison 85

Dwelling Unit Commencements 85


List of Tier 1 Main / Building Contractors 86


New Zealand

New Zealand Market Review 87

New Zealand Key Statistics 87


Numbers Employed in Construction 88

Dwelling Unit Commencements 88


List of Tier 1 Main/Building Contractors 89


South East AsiaSouth East Asia Market Review 93

Carrying Out Business Throughout the World 93

Singapore Market Review 94




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4 BRUCE SHAW HANDBOOK 20124 BRUCE SHAW HANDBOOK 2012


G LO B A L C O N S T R U C T I O N 1



Most of us will have heard the maxim which states

that uncertainty is the only certainty there is. Not so

many of us have heard the rest of this quotation from

the great mathematician John Allen Paulos which

goes on to state that knowing how to live with

insecurity is the only security. For construction

companies operating in many markets in Europe,

uncertainty and insecurity on a level not seen

since the great wars of the last century are now

the norm and efforts are focused on surviving rather

than thriving.

The trading environment in many economies within

the Eurozone is defined by austerity and tightening

public finances with the fate of the Euro itself being

less than certain. The duration of this environment

can now be measured in years rather than months

and the impact on construction is plain to see as the

growth trends across Europe in all construction

sectors since 2008 have been negative.

Analysis of the recent contraction in European

construction output indicates that the contraction

was not evenly spread. In 2011 for example, we see

Poland at one extreme experiencing upwards of 12%

growth whilst at the other end, Spain saw their

construction output contract by over 19%. Whilst

many European nations have reached the bottom of

their construction cycles hastened no doubt by the

financial crisis, a return to growth in 2013 will likely

prove too soon for those countries whose public

finances are reliant on intervention and troika funds.

Looking beyond Europe, the US market is likely

to see improved conditions and some growth in

2012 although this will be hampered by ongoing

difficulties for Developers seeking to secure funding

for their projects and the shrinking of the value

of the fiscal stimulus particularly in relation to

infrastructure development.

Whilst continued year on year growth is also

predicted for the Australian construction market,

fears are being expressed that the significant property

price rises observed in recent years which have

occurred on the back of commodities led economic

growth could also be a bubble which will burst soon

with inevitable consequences. Commentators in

Australia hold opposing views as to what will happen

next and what has to be done if anything to cool the

market with many of the voices again echoing the

refrain that this time, its different. The Canadian

market will also continue to grow strongly as it

mirrors Australia with a commodities led boom albeit

with less exposure to rising property values .

The Kingdom of Saudi Arabia and Qatar will continue

to see strong growth in 2012. The changing politics

of a number of the Arab nations such as Egypt and

Libya may also see significant growth as the new

governments seek to recommence stalled projects

and to implement social enhancement programmes

including the development of housing and

educational facilities.

Developing Markets Offer Business Development Opportunities

The global construction market is forecast to grow by up to 5% in 2012 and the rate of increase is likely to outpace that of global GDP over the next 10 years.

GLOBAL CONSTRUCTION

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15 Largest Construction Markets in 2020 $ 12.7 trillion (forecast)

15 Largest Construction Markets in 2010 $ 7.5 trillion

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Output in China and India will continue to achieve

significant growth albeit not in double digits and

it is possible that governments in both countries

will take action to cool their markets in the face of

rapidly increasing construction inflation. China is also

facing significant increases in property values and

whilst it is being said that what is being referred to

as Chinas Housing Bubble is different than those

observed elsewhere, quick action by the Chinese

government could significantly reduce any risks

posed by such a bubble for the wider economy.

One country to watch in 2012 is Russia which is

expected to see significant market growth as natural

gas and oil production increase with a corresponding

increase in investment, infrastructure and

development for upcoming sporting events.

Demographic trends may also see notable growth in

South American and South East Asian markets albeit

at lower rates of expansion than those of the BRICs.

(Brazil, Russia, India and China).

The global construction market is forecast to grow

by up to 5% in 2012 and the rate of increase is likely

to outpace that of global GDP over the next 10 years

as the developing economies forge ahead led by

China and India. Activity in the developed economies

will also accelerate during the same period led by the

US, Australia and Canada. For those European firms

operating in shrinking markets, the only way to thrive

will be to seek work in other jurisdictions. Recent

developments in the construction professional

services sector indicate that there is a growing

recognition of the need to expand global coverage

and to diversify in terms of knowledge and skills.

GLOBAL CONSTRUCTION

One country to watch in 2012 is Russia which is expected to see significant market growth as natural gas and oil production increase.


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SECTION 1 GLOBAL CONSTRUCTION

Construction Output Growth Rates in Developed Countries

Index of International Construction Costs 2011

Construction Output Growth Rates in Emerging Markets

Average % pa Rates of Change

Average % pa Rates of Change

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Asia Pacific(Emerging)

Middle East and North Africa

Sub Saharan Africa

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GLOBAL CONSTRUCTION

The Top 20 International Contractors

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Rank Revenue2011 2010 Firm $ bn

1 1 HOCHTIEF, Germany 27.42

2 2 VINCI, France 16.56

3 4 BECHTEL, U.S.A. 12.50

4 5 BOUYGUES, France 12.43

5 6 SKANSKA, Sweden 11.63

6 7 SAIPEM, Italy 11.60

7 9 FLUOR CORP., U.S.A. 11.57

8 3 STRABAG, Austria 10.87

9 10 TECHNIP, France 7.94

10 11 FCC, Spain 7.46

11 13 CHINA COMMUNICATIONS CONST. GROUP, China 7.13

12 18 GRUPO ACS, Spain 6.56

13 8 BILFINGER BERGER, Germany 6.32

14 12 KBR, U.S.A. 5.86

15 15 CONSTRUTORA NORBERTO ODEBRECHT, Brazil 5.84

16 14 LEND LEASE GROUP, Australia 5.59

17 17 ROYAL BAM GROUP, The Netherlands 5.44

18 19 CONSOLIDATED CONTRACTORS GROUP, Greece 5.26

19 16 BALFOUR BEATTY, U.K. 5.16

20 22 CHINA STATE CONST. ENGINEERING CORP., China 4.87

Rank Revenue2011 2010 Firm $ bn

1 1 CHINA RAILWAY CONSTRUCTION CORP., China 76.21

2 2 CHINA RAILWAY GROUP, China 73.01

3 6 CHINA STATE CONST. ENGINEERING CORP., China 48.87


5 5 CHINA COMMUNICATIONS CONST. GROUP, China 40.42


7 8 CHINA METALLURGICAL GROUP CORP., China 29.91


9 10 GRUPO ACS, Spain 20.63

10 9 BECHTEL, U.S.A. 19.71

11 12 LEIGHTON HOLDINGS, Australia 18.51

12 16 EIFFAGE, France 17.73

13 14 FLUOR CORP., U.S.A. 17.19

14 13 FCC, Spain 16.06

15 26 SINOHYDRO CORP., China 15.88


17 18 SHIMIZU CORP., Japan 14.40

18 17 KAJIMA CORP., Japan 14.39

19 22 OBAYASHI CORP., Japan 13.68

20 27 SHANGHAI CONSTRUCTION GROUP, China 13.01

Based on Total Firm Contracting Revenue

The Top 20 International Contractors Based on Contracting Revenue from Projects Outside Home Country

2011 ranking is based on 2010 construction contracting revenue.

2011 ranking is based on 2010 construction contracting revenue.


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The Top 20 International Design Firms

The Top 20 International Design Firms

Rank Revenue2011 2010 Type of Firm Firm $ bn

1 2 EC WORLEYPARSONS, Australia 2.85

2 1 E FUGRO, The Netherlands 2.83

3 3 EA AECOM TECHNOLOGY CORP., U.S.A. 2.63

4 5 E AMEC PLC, U.K. 2.46

5 7 EAC JACOBS, U.S.A. 2.26

6 6 E ARCADIS, The Netherlands 2.12

7 4 EC FLUOR CORP., U.S.A. 2.06

8 9 EA DAR AL-HANDASAH CONSULTANTS, Egypt 1.78

9 10 EC KBR, U.S.A. 1.74

10 8 EC SNC - LAVALIN INTERNATIONAL, Canada 1.67

11 11 EC M + W GROUP, Germany 1.55

12 43 EC BALFOUR BEATTY, U.K. 1.46

13 12 EC TECNICAS REUNIDAS, Spain 1.29

14 13 EC BECHTEL, U.S.A. 1.22

15 14 E MOTT MACDONALD GROUP, U.K. 1.12

16 19 E ARUP GROUP, U.K. 0.96

17 24 EAC URS CORP., U.S.A. 0.94

18 62 E AURECON, Singapore 0.93

19 16 E TECHNIP, France 0.91

20 29 EA ATKINS, U.K. 0.89

Rank Revenue2011 2010 Type of Firm Firm $ bn

1 1 EA AECOM TECHNOLOGY CORP., U.S.A. 5.92

2 2 EAC URS CORP., U.S.A. 5.04

3 3 EAC JACOBS, U.S.A. 4.75

4 6 EC WORLEYPARSONS, Australia 3.65

5 5 EA CH2M HILL, U.S.A 3.60

6 7 E AMEC PLC, U.K. 3.40

7 4 EC FLUOR CORP.,U.S.A 3.13


9 9 EC SNC-LAVALIN INTERNATIONAL, Canada 2.85


11 15 EC M + W GROUP, Germany 2.36

12 13 E TETRA TECH, U.S.A. 2.21

13 12 EC BECHTEL, U.S.A. 2.17

14 11 EA ATKINS, U.K. 2.14

15 14 EC KBR, U.S.A. 2.01

16 17 EA DAR AL-HANDASAH CONSULTANTS, Egypt 1.78

17 72 EC BALFOUR BEATTY, U.K. 1.74

18 22 EC CHINA COMMUNICATIONS CONST. GROUP, China 1.67


20 21 EC HYDROCHINA CORP., China 1.53

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Based on Total Firm Revenue

Based on Revenue from Projects Outside Home Country

2011 ranking is based on revenue for design services performed in 2010.

Key to Type of Firm: A architect; E engineer; C contractor

2011 ranking is based on revenue for design services performed in 2010.Key to Type of Firm: A architect; E engineer; C contractor

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GLOBAL CONSTRUCTION

Global Inflation 2011

Overview of Percentage Change in Global Output

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2010 2011 2012(f) 2013(f)Advanced Economies

United States 3.0% 1.8% 1.8% 2.2%

Euro area 1.9% 1.6% -0.5% 0.8%

Germany 3.6% 3.0% 0.3% 1.5%

France 1.4% 1.6% 0.2% 1.0%

Italy 1.5% 0.4% -2.2% -0.6%

Spain -0.1% 0.7% -1.7% -0.3%

Japan 4.4% -0.9% 1.7% 1.6%

United Kingdom 2.1% 0.9% 0.6% 2.0%

Canada 3.2% 2.3% 1.7% 2.0%

Emerging & Developing Economies

Central & Eastern Europe 4.5% 5.1% 1.1% 2.4%

Russia 4.0% 4.1% 3.3% 3.5%

Middle East & North Africa 4.3% 3.1% 3.2% 3.6%

China 10.4% 9.2% 8.2% 8.8%

India 9.9% 7.4% 7.0% 7.3%

Brazil 7.5% 2.9% 3.0% 4.0%

Mexico 5.4% 4.1% 3.5% 3.5%

South Africa 2.9% 3.1% 2.5% 3.4%

World output 5.2% 3.8% 3.3% 3.9%

January 2012


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Rank Country Barrels / 2011 2010 Day

1 1 United States 19,150,000

2 2 European Union 13,730,000

3 3 China 9,189,000

4 4 Japan 4,452,000

5 5 India 3,182,000

6 6 Russia 2,937,000

7 7 Brazil 2,654,000

8 9 Saudi Arabia 2,643,000

9 8 Germany 2,495,000

10 10 Korea, South 2,251,000

11 11 Canada 2,209,000

12 12 Mexico 2,073,000


Oil Production

Oil Consumption

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13 13 France 1,861,000

14 14 Iran 1,845,000

15 15 United Kingdom 1,622,000

16 16 Italy 1,528,000

17 17 Spain 1,441,000

18 18 Indonesia 1,292,000

19 23 Singapore 1,080,000

20 21 Netherlands 1,009,000

21 22 Taiwan 1,002,000

22 20 Thailand 988,000

23 19 Australia 960,800

24 24 Venezuela 746,000


1 2 Saudi Arabia 10,520,000

2 1 Russia 10,130,000

3 3 United States 9,688,000

4 5 China 4,273,000

5 4 Iran 4,252,000

6 6 Canada 3,483,000

7 7 Mexico 2,983,000

8 8 United Arab Emirates 2,813,000

9 9 Brazil 2,746,000

10 15 Nigeria 2,458,000

11 10 Kuwait 2,450,000

12 12 Iraq 2,408,000


13 11 Venezuela 2,375,000

14 13 European Union 2,276,000

15 14 Norway 2,134,000

16 16 Algeria 2,078,000

17 17 Angola 1,988,000

18 18 Libya 1,789,000

19 19 Kazakhstan 1,610,000

20 21 Qatar 1,437,000

21 20 United Kingdom 1,393,000

22 23 Azerbaijan 1,041,000

23 22 Indonesia 1,030,000

24 24 India 954,000

Note: 2011 rank is based on based on 2010 production / consumption levels


2E U R O P E


EUROPE

Deficit, the second most used word globally in

2011 according to the Global Language Monitor

and indeed it could be argued that in Europe it

became the most used word, followed closely by

austerity and sovereign debt. These are not words

that bode well for growth in 2012 in Europe. The

IMFs World Economic Outlook clearly states that

high public deficits and debt, lower potential output,

and mounting market tensions are weighing on

growth in much of advanced Europe. The impact

of the various European governments austerity

programmes has hit all areas of public expenditure,

and in particular capital expenditure programmes.

In addition, the debt crisis also impacts on the

private banking system, and will lead to pressure

on bank funding and the possible risk of another

deep credit crunch. Governmental austerity

measures and financing problems in the private

sector have resulted in a decrease in building

construction of 2.2% in the EU27 and a fall in

civil engineering of 0.6% in the EU27.

The austerity measures that are being implemented

have impacted on the absorption rate of European

Commission Cohesion and Structural Funds

throughout the EU27, however more so in Central

& Eastern Europe (CEE). The European Commission,

in conjunction with the The European Investment

Bank (EIB), is trying to provide support to member

states in absorbing funds by using financial

engineering initiatives. These initiatives provide

opportunities for not only member states in fund

absorption, but also private industry. It is now more

necessary than ever, to seek out positives in the

market place and increase industry sentiment.

The fact is, whilst there are currently only a few,

there are in existence, cash rich companies that are

now moving in to the market place, seeking out and

acquiring assets to develop. Whilst the halcyon days

in terms of high fees and profit margins are gone,

such movement in the construction industry

indicates that the economic woes and uncertainty

will come to an end, sooner rather than later and that

more such companies will emerge from behind the

parapet, the ultimate result being a more sustainable

and evenly balanced industry.

European Market Review

Governmental austerity measures and financing problems in the private sector have resulted in a decrease in building construction of 2.2% in the EU27.

Primark, Zaandam


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SECTION 2 EUROPEE

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Production Index in the Construction Sector

Construction Output Annual Variation

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Note: The production in construction index shows the output and activity of the construction sector. It measures changes in the volume

of output on a monthly basis. Construction includes building construction and civil engineering.

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Belgium -3.1 5.4 2.3 1.3

Bulgaria -8.3 -15.9 -13.4 -11.4

Czech Republic -2.5 6.6 -4.9 -9.8

Denmark -0.5 13.9 0.9 4.3

Germany -1.3 34.5 5.2 4.8

Estonia -4.7 34.6 11.5 25.5

Ireland -22.4 -24.0 -21.5 N/A

Greece -33.5 -37.3 -35.8 -8.3

Spain -27.5 -36.6 -27.9 5.5

France -5.4 2.8 -0.6 2.0

Italy -1.2 0.5 -2.8 -4.9

Cyprus -11.2 -7.9 -5.8 N/A

Latvia -9.6 -15.1 -0.9 19.6

Lithuania 16.2 15.9 16.7 18.4

Luxembourg -4.4 11.4 -1.1 -3.8

Hungary -10.5 -6.6 -9.5 -13.7

Malta 2.0 1.6 0.7 -0.6

Netherlands -6.9 8.0 3.5 3.7

Austria -3.8 -2.5 1.0 -0.6

Poland 11.7 17.9 19.7 15.1

Portugal -9.3 -8.2 -7.7 -10.4

Romania -7.1 -4.9 -4.1 8.0

Slovenia -16.2 -25.3 -31.1 -25.5

Slovakia 1.8 -3.7 -3.3 -3.0

Finland 16.4 16.6 7.9 9.8

Sweden 9.6 7.1 9.3 5.8

United Kingdom 10.7 7.7 3.4 0.5

EU Average -3.8 0.6 -2.2 1.6

Building Average -2.5 1.0 -3.1 1.3

Civil Engineering Average -9.7 -1.8 1.7 2.7

Euro area, seasonally adjusted series Trendline

EU27, seasonally adjusted series Trendline

% change compared with the same quarter of the previous year

2005=100


EUROPE

Rank Turnover 2011 2010 Firm bn




4 4 GRUPO, Spain 15.65

5 8 EIFFAGE, France 13.45

6 6 FCC, Spain 12.18


8 5 STRABAG , Austria 9.69

9 9 BALFOUR BEATTY, U.K. 9.40

10 11 SAIPEM, Italy 9.18

11 10 BILFINGER BERGER , Germany 8.18

12 12 ROYAL BAM GROUP, The Netherlands 7.44

13 13 TECHNIP, France 6.12

14 14 SACYR VALLEHERMOSO, Spain 5.27

15 15 FERROVIAL, Spain 4.92

2011 ranking is based on 2010 construction revenue

Note: 2011 ranking is based on revenue for design services performed in 2010. Key to Type of Firm: A architect; E engineer; EC engineer-contractor

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The Top 15 European Contractors

The Top 15 European Design Firms

Based on Total Revenue

Based on Total Firm Revenue

Rank Revenue2011 2010 Type of Firm Firm bn

1 1 E AMEC, U.K. 2.58



4 4 EA WS ATKINS, U.K 1.63

5 EC BALFOUR BEATTY, U.K. 1.32


7 6 E ARUP GROUP , U.K. 1.04

8 7 EC TECNICAS REUNIDAS, Spain 1.02

9 9 E GRONTMIJ , The Netherlands 0.92

10 8 E WSP GROUP, U.K. 0.83

11 11 E RAMBOLL GROUP, Denmark 0.81

12 EC EGIS, France 0.81

13 E MOUCHEL, U.K. 0.73

14 14 EC TECHNIP, France 0.70

15 13 E POYRY, Finland 0.69


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Parklake Plaza, Bucharest

Construction Cost - New Residential Buildings

Notes: N/A = Not available e = Estimated value

Belgium 112.1 111.6 110.4 111.1 114.3 N/A

Bulgaria N/A 140.8 143.6 139.9 144.1 142.3

Czech Republic 112.3 112.2 113.2 113.6 115.3 115.9

Denmark 113.87e 114.0 114.4 115.7 117.6 120.5

Germany 107.0 108.9 110.4 111.7 114.4 115.6

Estonia 122.5 116.3 114.1 115.3 116.1 119.1

Ireland 97.2 91.0 91.9 94.0 91.8 91.1

Greece 114.0 114.4 115.3 116.6 117.5 117.6

Spain 118.68e 118.7 119.4 122.3 125.6 127.0

France 116.51e 116.7 117.9 120.4 123.7 124.9

Italy N/A 111.5 N/A N/A N/A N/A

Cyprus 120.3 119.7 122.6 124.4 126.8 N/A

Latvia 185.0 161.9 158.4 152.5 162.6 159.8

Lithuania 128.0 118.0 112.9 116.1 114.5 121.0

Luxembourg 110.03e 111.2 111.0 112.0 112.5 N/A

Hungary 122.30e 124.7 124.9 123.1 124.0 125.7

Netherlands 113.26e 112.2 112.3 113.2 114.6 115.5

Austria 115.1 116.0 117.5 119.9 121.7 122.4

Poland 116.3 115.6 115.4 115.8 116.1 N/A

Portugal 111.2 111.7 112.6 113.8 114.8 115.3

Romania 141.50e 145.8 142.3 148.2 154.7 162.0

Slovenia 114.5 119.7 125.7 126.3 134.0 131.8

Slovakia 116.7 116.9 116.8 116.8 117.5 117.9

Finland 113.5 112.7 113.1 114.6 116.4 118.7

Sweden 118.31e 119.2 120.7 122.6 124.1 125.9

United Kingdom 101.20e 115.0 115.4 115.8 116.1 N/A

Turkey 135.40e 137.4 142.3 145.5 154.3 166.7

Norway 119.7 120.7 122.6 124.6 127.2 129.1

European Union Average 111.3 114.0 114.7 116.3 118.3 119.7

Sou

rce

: Eu

rostat

Index (2005=100)

2009 2010 2011Q1 Q3 Q1 Q3 Q1 Q3


EUROPE

Sou

rce: Eu

rostat

5%

4%

3%

2%

1%

0%

-1%

-2%

-3%

-4%

Consumer Inflation vs Construction Inflation 2008-2011

EU Labour Costs & Productivity 2011

2008 2009 2010 2011

Country Productivity Cost / Hr

Austria 78 22.98

Cyprus N/A N/A

Czech Republic 46 7.57

Denmark 81 35.41

Estonia 42 N/A

Finland 75 N/A

France 91 27.46

Germany 84 22.95

Greece 53 13.21

Hungary 41 5.38

Ireland 100 26.15

Italy 69 21.86

Latvia N/A 5.17

Lithuania N/A 4.86

Luxembourg 118 20.26

Netherlands 92 22.10

Poland 39 6.69

Portugal 50 8.27

Romania N/A 3.34

Slovakia 53 6.66

Slovenia 54 12.86

Spain 74 17.97

Sweden 78 33.14

UK 73 19.40

Source: Productivity figures are from OECD for 2010 and based on GDP per hours worked for the whole labour market.Cost/Hr data source - Eurostat up to 3rd Qtr of 2010, except for: Netherlands 2nd Qtr Cost/Hr is for all construction employment types

European Union Average Consumer Inflation New Residential Construction Cost


2

SECTION 2 EUROPEE

UR

OP

E

Sou

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w.eten

ders.g

ov.ie

EU Procurement Timescales 2012

EU Procurement Thresholds 2012

Currency Movements Euro v Various European Currencies

Prior Indicative Notice (PIN)

Publish at least 52 days prior to date contract

notice is dispatched to avail of reduced time limits

(max. 12 mths).

Open Procedures

Time Limit for Receipt of Tender

If no PIN: not less than 52 days

If PIN: General rule minimum time 36 days and in

any case not less than 22 days from date contract

notice is dispatched

Restricted Procedure

Time Limit for Receipt of Expressions of Interest

Not less than 37 days from date contract notice is

dispatched

Time Limit for Receipt of Tenders

If no PIN: Not less than 40 days

If PIN: General rule minimum time 36 days. This may

be reduced in certain cases but in no circumstances

less than 22 days from the date invitation to tender

is dispatched

Accelerated Restricted Procedure

Time Limit for Receipt of Expressions of Interest

is dispatched

Time Limit for Receipt of Tenders

tender is dispatched

Negotiated Procedure with Prior Publication

of a Contract Notice

Time Limit for Receipt of Application

is dispatched

Negotiated Accelerated Procedure with Prior

Publication of a Contract Notice

Time Limit for Receipt of Application

is dispatched

Contract Award Notice

Time Limit for Receipt of Issue

Works

Contract Notice 5,000,000 Threshold applies to Government Departments and Offices,

Local and Regional Authorities and other public bodies.

Supplies and Services

Contract Notice 130,000 Threshold applies to Government Departments and Offices

Contract Notice 200,000 Threshold applies to Local and Regional Authorities and public

bodies outside the Utilities sector.

Utilities

Works Contracts /

Prior Indicative Notice 5,000,000 For entities in Utilities sectors covered by GPA

Supplies and Services 400,000 For entities in Utilities sectors covered by GPA

Note: The above thresholds are valid until 31 December 2013

Sou

rce

: Eu

rop

ean

Ce

ntral B

ank

BulgarianlevBGN

CroatiankunaHRK

CzechkorunaCZK

DanishkroneDKK

HungarianforintHUF

PolishzlotyPLN

RomanianleuRON

RussianroubleRUB

TurkishliraTRYYear

2012* 1.96 7.54 25.72 7.44 314.63 4.47 4.34 40.83 2.40

2011 1.96 7.44 24.59 7.45 279.37 4.12 4.24 40.88 2.34

2010 1.96 7.29 25.28 7.45 275.48 3.99 4.21 40.26 2.00

2009 1.96 7.34 26.43 7.45 280.33 4.33 4.24 44.14 2.16

2008 1.96 7.22 24.95 7.46 251.51 3.51 3.68 36.42 1.91

2007 1.96 7.34 27.77 7.45 251.35 3.78 3.34 35.02 1.79

2006 1.96 7.32 28.34 7.46 264.26 3.90 3.53 34.11 1.81

2005 1.96 5.59 29.78 7.45 248.05 4.02 1.81 26.38 1.68

*Note: Based on January exchange rates

Sou

rce: ww

w.eten

ders.g

ov.ie


I R E L A N D 3


IRELAND

The Irish construction industry peaked in 2007

with an output of over 38 billion. At 24% of GNP

this was an unsustainable level. Since then the

industry has declined rapidly as shown in the graph

below. Bruce Shaw predicts that output in 2011 was

approximately 8.5 billion and output in 2012 will

fall further to approximately 7 billion. These levels

of output represent 7% and 5.5% respectively of

a much reduced GNP. The widely accepted norm

for construction output is 12% to 13% of GNP so

it is clear that the industry in Ireland has seriously

over-corrected. By the end of this year output

in the industry will have fallen by 82% from its peak.

Unfortunately, the over-correction in output

has lead to the loss of almost 200,000 direct and

indirect jobs in the sector and inevitably the loss

of many skills which will be needed again when

eventually the industry returns to its more normal

output levels. The over-correction has also

resulted in contractors and sub-contractors

tendering for the diminishing volumes of work

available at prices which are below cost. This is

an unsustainable situation for any period of

time and is one of the major reasons for the

high profile failure of both construction and

consultancy firms.

In November 2011 the Government published its

Infrastructure and Capital Investment Framework

for 2012-2016. This shows a much reduced

expenditure on the public side of 3.94 billion in

2012, reducing to 3.37 billion in 2013 and further

reducing to 3.25 billion for the following three

years. There is very little activity on the private side

of the industry either. Commercial projects have

been hampered by over-supply, lack of funding and

delays and uncertainty related to NAMA projects.

Looking forward though, there are some glimmers

of hope that 2012 will see construction output

bottom out after 5 years of massive decline. The

reduction in construction prices has been reversed,

there is renewed investment by the multi-national

technology and pharmaceutical industries and

a gradual return of some private sector activity

particularly in commercial office fit-outs for both

Irish and overseas occupiers. If global financial

concerns can be overcome and some confidence

recovered locally hopefully 2013 will see the start

of a slow recovery for the industry.

Ireland Market Review

Construction Output 2007-2011

2007 2008 2009 2010 (f) 2011 (f)

Value of Output at Current Prices (m) 38,601 32,593 18,048 11,733 8,500

Change in Value of Output (%) 0% -16% -45% -35% -28%

Construction Output as % of GNP 23.7 21.1 13.7 9.2 6.8

Sou

rce: DK

M /

Dep

artmen

t of th

e

En

viron

men

t /B

ruce Sh

aw

2007 2008 2009 2010 2011(f)

GNP at Current Prices (m) 163,413 154,673 132,233 128,207 125,500

% Change in GNP 5.4% -5.3% -14.5% -3.0% -2.1%

Sou

rce: CSO

/E

SRI

Gross National Product (GNP) 2007-2011

Value of Construction Output m 2000-2012

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DKM2010

(F)

BS2010

(F)

BS2011

(F)

BS2012

(F)

Sou

rce: DK

M / D

epartm

ent o

f En

viron

men

t, Heritag

e

& Lo

cal Go

vernm

ent / B

ruce Sh

aw

DKM / Dept. of Environ. 10 Forecast Bruce Shaw Forecast

By the end of this year output in the industry will have fallen by 82% from its peak.

SECTION 3 IRELAND


3Increasing rate of growth

Increasing rate of contraction

50 = no change on previous month

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

50

40

30

20

60

70

Ulster Bank Construction PMI Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Jan-12

Total Activity (graphed above) 40.6 46.1 40.5 40.1 49.9 46.4

Housing 45.5 47.0 41.0 36.6 52.3 47.2

Commercial 41.7 47.0 42.3 44 49.8 51.3

Civil Engineering 30.2 43.3 32.8 37.2 42.9 37.7

Historical Property Performance Total Return % 19962011

1,000

800

600

400

200

0

15

10

5

0

-5

-10

-15

-20

All Property Index

Ind

ex

Val

ue

(sh

ade

d a

rea)

% re

turn

pe

r qu

arter

All Property Retail Office Industrial

Dec. 96 Dec. 01 Dec. 06 Dec. 11

Sou

rce; IPD

/ SCSI

Sou

rce; Ulster B

ank

Construction Purchasing Managers Index Report June 2001January 2012

IRE

LA

ND


IRELAND

The first half of 2011 saw Irish construction tender

prices bottoming out and the Bruce Shaw Tender

Price Index, which is shown graphically below, shows

that prices rose in the full year by 2%. Prices are still at

levels not seen since the late 1990s but it seems that

the race to the bottom has halted. Contractors and

sub-contractors have realised that below cost

tendering is not sustainable in the long run, as

evidenced by some well publicised company failures.

Looking forward, all sectors of the industry, both

public and private, remain very depressed with a

shortage of work in all categories. This will mean that

prices will remain very competitive but we predict

that they will rise by a further 3% during 2012. In later

years we predict that prices are then likely to increase

generally in line with inflation from 2013/14 onwards.

For Clients this means that project budgets spanning

a number of years will once more have to allow for

future tender price inflation.

It is important to distinguish between construction

input costs and tender prices. The former reflect the

actual costs of labour and materials while the latter

reflect market trends of supply and demand.

Irish construction labour rates, which remained

unchanged since January 2008, were reduced by

7.5% in February 2011 after prolonged negotiations

with the construction trade unions. The prices of

some materials are reducing also but by less than

might be expected since local manufacturers are

experiencing smaller production volumes and

imported commodities such as steel and copper

reflect global demand. Overall the Bruce Shaw

Construction Input Cost Index declined by 2% in

2011 and we predict that it will fall by a further 1%

in 2012 and will then bottom out at that level.

The small increase in tender prices coupled

with the small decrease in construction input

costs is shown as a narrowing of the gap between

the two bars on the graph below and this is to be

welcomed as a sign of reality starting to come

back into the marketplace. However prices

remain very competitive and we reiterate our

advice to Clients from last years Handbook

that they should look carefully at the financial

strength of contractors and their ability to obtain

performance guarantee bonds before entering

into construction contracts.

Bruce Shaw Tender & Cost Indices

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012(f)

190

180

170

160

150

140

130

120

110

100

Average Tender Price Construction Input Cost

Sou

rce

: Bru

ce

Shaw

Bruce Shaw Tender Price & Cost Indices 2001-2012

Tender % 6 -2 -4 4 4 3 0 -12 -17 -6 2 3

Cost % 9 3 3 2 3 3 3 3 -2 -3 -2 -1

Contractors and sub-contractors have realised that below cost tendering is not sustainable in the long run

SECTION 3 IRELAND


3

Sou

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: CSO

280

260

240

220

200

180

160

140

120

100

Jan

-Mar

05

Ap

r-Ju

n 0

5

Jul-

Sep

05

Oc

t-D

ec

05

Jan

-Mar

06

Ap

r-Ju

n 0

6

Jul-

Sep

06

Oc

t-D

ec

06

Jan

-Mar

07

Ap

r-Ju

n 0

7

Jul-

Sep

07

Oc

t-D

ec

07

Jan

-Mar

08

Ap

r-Ju

n 0

8

Jul-

Sep

08

Oc

t-D

ec

08

Jan

-Mar

09

Ap

r-Ju

n 0

9

Jul-

Sep

09

Oc

t-D

ec

09

Jan

-Mar

10

Ap

r-Ju

n 1

0

Jul-

Sep

10

Oc

t-D

ec

10

Jan

-Mar

11

Ap

r-Ju

n 1

1

Jul-

Sep

11

Sou

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: Soc

iety o

f Ch

artere

d Su

rveyo

rs Irelan

d

155

150

145

140

135

130

125

120

115

110

105

100

1h 2h2001

1h 2h2002

1h 2h2003

1h 2h2004

1h 2h2005

1h 2h2006

1h 2h2007

1h 2h2008

1h 2h2009

1h 2h2010

1h 2h2011

SCSI Tender Price Index 2001-2011

Consumer v Construction Price Inflation 2001-2011

Annual Numbers Employed in Construction (000s)

Sou

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: CSO

/ Bru

ce

Shaw

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*

15%

10%

5%

0%

-5%

-10%

-15%

-20%

Construction Price Inflation Consumer Price Inflation *2011 Consumer Price Inflation figure based on Jan 11-Nov 11

IRE

LA

ND


IRELAND

Bruce Shaw Average Irish Construction Costs 2012

The average construction costs table is generated using Bruce Shaws Cost Database and sets out typical

building construction costs. Our database is the largest construction cost database in Ireland.

Average Costs Cost Range M&E

Commercial Offices

Suburban Naturally Ventilated

Shell & Core 1,100 1,450 per sq.m 10-15%

Developer Standard 1,200 1,550 per sq.m 15-20%

Extra for Air Conditioning 150 300 per sq.m

City Centre Air Conditioned

Shell & Core 1,450 2,050 per sq.m 15-20%

Developer Standard 1,600 2,250 per sq.m 20-25%

Office Fit Out

95% Open Plan, No Catering 400 600 per sq.m 20-30%

75% Open Plan, Limited Catering 600 800 per sq.m 20-30%

60% Open Plan, Full Catering 800 1,200 per sq.m 25-35%

Corporate HQ 1,250 1,550 per sq.m 25-35%

Open Plan Work Station 950 2,600 each

High Tech Industrial

Shell & Core 700 1,250 per sq.m 20-25%

Developer Standard 800 1,250 per sq.m 25-45%

Residential

Estate House (Approx. 100 sq.m) 950 1,200 per sq.m 10-20%

Developer Standard Apartments 1,200 1,750 per sq.m 10-20%

Individual House Rebuilding Costs (see page 34)

Sou

rce

: Bru

ce

Shaw

UCD Science Centre South

SECTION 3 IRELAND


3

IRE

LA

ND

Sou

rce

: Bru

ce

Shaw

Average Costs Cost Range M&E

Shopping Centres

Anchor Unit 600 750 per sq.m 10-15%

Unit Shops 800 1,200 per sq.m 10-15%

Mall 1,400 2,500 per sq.m 20-25%

Retail Fit Out 1,100 1,550 per sq.m 25-30%

Site Development Business Parks

Roads & Primary Services 145,000 455,000 per hectare

Warehouses

Without Offices 550 700 per sq.m 8-12%

With 10% Offices 650 1,000 per sq.m 10-15%

Healthcare

Acute Hospitals, Average Costs 2,200 2,550 per sq.m 20-30%

Ward Blocks 1,850 2,200 per sq.m 20-25%

General Operating Theatres 3,300 6,200 per sq.m 45-60%

Nursing Homes 1,600 2,350 per sq.m 20-25%

Accident & Emergency 2,300 3,300 per sq.m 25-30%

Car Park

Surface 1,000 1,250 per space

Multi-Storey 8,200 16,500 per space

Single Level Basement 11,750 26,050 per space

Double Level Basement 15,350 33,700 per space

Education

Primary Level (DOE Jan 11) 930* per sq.m 10-15%

Second Level (DOE Jan 11) 930* per sq.m 15-20%

Third Level 1,300 2,100 per sq.m 20-25%

Leisure

Hotel Building 1,400 2,350 per sq.m 25-35%

FF&E 250 600 per sq.m

Restaurant 1,500 2,250 per sq.m 25-35%

Cinema 1,200 1,950 per sq.m 20-30%

Sports Hall 850 1,300 per sq.m 10-15%

Swimming Pool 1,900 2,600 per sq.m 20-35%

Municipal

Fire Station 1,750 2,100 per sq.m 15-25%

Prison 1,600 2,300 per sq.m 20-30%

Courthouse 2,350 3,000 per sq.m 20-30%

Note: Costs are based on January 2012 prices.

Average costs as indicated should not be used for insurance valuation purposes. The costs are representative of typical specifications for each

type of project. Unique designs or challenging sites may not be within the cost range shown. The rates shown are average construction build

only costs and do not include VAT, professional fees or allow for future inflation.

* Basic Building Cost only (incl. VAT). External allowances of 12.5% and abnormal costs should be added.


IRELAND

Basic Hourly Wage Rates

Basic Hourly Wage Rate Mechanical & Electrical

Sou

rce: Reg

istered A

greem

ent fo

r the

C

on

structio

n In

du

strySo

urc

e: M

EB

SCA

/ EC

A

Mechanical

1st October 2005 16.85

1st April 2006 (3%) 17.36

1st October 2006 (2%) 17.71

1st July 2007 (2.5%) 18.15

1st January 2008 (2.5%) 18.60

4th February 2011 (-7.5%) 17.21

Electrical

1 April 2004 18.98

1 April 2005 19.72

1 April 2006 20.39

1 April 2007 21.49

1 September 2009 22.03

1 January 2010 22.56

Blackrock Clinic

Craftsman General Operative

Grade A Grade B Grade C Grade D

1 October 2005 16.85 16.34 15.33 14.83 13.48

1 April 2006 (3%) 17.36 16.84 15.80 15.28 13.89

1 October 2006 (2%) 17.71 17.18 16.12 15.58 14.17

1 July 2007 (2.5%) 18.15 17.61 16.52 15.97 14.52

1 January 2008 (2.5%) 18.60 18.04 16.93 16.37 14.88

4 February 2011 (-7.5%) 17.21 16.69 15.66 15.14 13.77

SECTION 3 IRELAND


3The Top Irish Main Contractors

The Top Irish Services Sub-Contractors Turnover

Rank Firm Revenue m Revenue m 2011 2010 2010 2011

1 1 JOHN SISK & SON LTD 568.25 420.00*

2 2 BAM CONTRACTORS LTD. 270.30 250.00

3 5 WALLS CONSTRUCTION LTD. 169.04 180.00

4 6 P.J. HEGARTY & SONS LTD. 125.00 80.00

5 9 JOHN PAUL CONSTRUCTION LTD. 108.77 71.50

6 3 SIAC CONSTRUCTION LTD. 128.00** 60.00***

7 13 J.J. RHATIGAN & CO LTD. 44.00 58.00

8 4 ROADBRIDGE LTD. 118.00 44.00

9 11 BENNETT (CONSTRUCTION) LTD. 50.00 42.30

10 14 COLLEN CONSTRUCTION LTD. 33.12 37.15

11 12 GLENMAN CORPORATION LTD. 27.80 28.50

12 8 G&T CRAMPTON LTD. 21.00 26.46

13 - MDY CONSTRUCTION LTD. 23.44 20.00

14 15 LAING OROURKE IRELAND LTD. 25.12 16.10

15 - BRIAN MCCARTHY CONTRACTORS LTD. 14.64 14.00

Sou

rce

: Ind

ividu

al Co

mp

anie

s Au

dito

rs / Co

mp

anie

s Re

gistratio

n O

ffic

e

Sou

rce

: Ind

ividu

al Co

mp

anie

s Info

rmatio

n / C

om

pan

ies R

eg

istration

Offi

ce

Rank Firm Revenue m Revenue m 2011 2010 2010 2011

1 1 MERCURY ENGINEERING GROUP 204.23 265.00*

2 2 JONES ENGINEERING LTD. 121.36 150.00

3 3 DORNAN ENGINEERING LTD. 71.90 73.90

4 4 KIRBY GROUP ENGINEERING LTD. 57.91 64.84

5 5 SUIR ENGINEERING LTD. 49.85 52.16

6 7 L. LYNCH & CO. LTD. 33.64 46.17

7 6 WINTHROP ENGINEERING LTD. 38.32 37.74

8 8 DESIGNER GROUP 30.90 31.71

9 11 LYNSKEY ENGINEERING LTD. 17.62 23.00

10 12 ROTARY M & E SERVICES (IRELAND) LTD. 16.85 15.80

11 10 PRECISION ELECTRIC (IRELAND) LTD. 20.61 14.81

12 13 T. BOURKE & CO. LTD. 9.03 6.75

* This figure is Irish turnover only. Total worldwide turnover figure for Mercury Engineering Group in 2011 was 535m

Notes: * This figure is Irish turnover only. Total worldwide t/o figure for Sisk

in 2011 was 958m ** This figure is Irish turnover only. Total worldwide t/o figure for SIAC

in 2010 was 138m *** This figure is Irish turnover only. Total worldwide t/o figure for SIAC

in 2011 was 177m

This figure is Irish turnover only. Total worldwide t/o figure forRoadbridge in 2010 was 143m

This figure is Irish turnover only. Total worldwide t/o figure for Roadbridge in 2011 was 175m

IRE

LA

ND

IRELAND

Looking forward, there are some glimmers of hopethat 2012 will see construction output bottom out after 5 years of massive decline.

SECTION 3 IRELAND


3HousingCompletions Social % Private % Total

2001 4,875 9.3% 47,727 90.7% 52,602

2002 5,763 10.0% 51,932 90.0% 57,695

2003 6,133 8.9% 62,686 91.1% 68,819

2004 5,146 6.7% 71,808 93.3% 76,954

2005 5,559 6.9% 75,398 93.1% 80,957

2006 5,208 5.6% 88,211 94.4% 93,419

2007 6,671 8.5% 71,356 91.5% 78,027

2008 6,801 13.1% 44,923 86.9% 51,724

2009 5,344 20.2% 21,076 79.8% 26,420

2010 N/A N/A N/A N/A 14,602

2011 N/A N/A N/A N/A 10,480

Sou

rce

: De

partm

en

t of th

e E

nviro

nm

en

t, H

eritag

e &

Loc

al Go

vern

me

nt

Sou

rce

: De

partm

en

t of th

e E

nviro

nm

en

t, H

eritag

e &

Loc

al Go

vern

me

nt

New Housing Completions by Type 20012011

Annual Housing Completions 20012011

IRE

LA

ND

HousingCompletions House % Apartment % Total

2001 41,576 79.6% 10,626 20.4% 52,202

2002 45,657 79.7% 11,638 20.3% 57,295

2003 53,580 78.3% 14,839 21.7% 68,419

2004 60,448 79.0% 16,106 21.0% 76,554

2005 62,522 77.6% 18,035 22.4% 80,557

2006 73,073 78.6% 19,946 21.4% 93,019

2007 58,936 75.9% 18,691 24.1% 77,627

2008 38,513 75.0% 12,811 25.0% 51,324

2009 21,272 80.5% 5,148 19.5% 26,420

2010 12,514 85.7% 2,088 14.3% 14,602

2011 9,140 87.2% 1,340 12.8% 10,480


IRELAND

SCSI Rebuilding Costs per sq.m March 2011

No. of Typical Dublin Cork Galway Waterford LimerickBedrooms Size Area Area Area Area Area

Terraced 2 70 sq.m 1,820 1,402 1,375 1,373 1,395

3 95 sq.m 1,743 1,320 1,295 1,304 1,316

Semi Detached 3 95 sq.m 1,759 1,339 1,317 1,314 1,321

4 118 sq.m 1,738 1,319 1,301 1,291 1,277

Detached 4 118 sq.m 1,767 1,338 1,307 1,332 1,332

Detached Bungalow 4 146 sq.m 1,707 1,314 1,277 1,253 1,350

The table is a guideline based on a typical speculative built, estate type house in the Dublin, Cork, Galway,

Waterford and Limerick Areas.

Sou

rce

: SCSI

Notes:

1. The figures shown in the table are a minimum base cost guide for

your house insurance.

2. The figures are based on estate type houses built since the 1960s. They exclude; (a) Properties with more than 2 storeys or with basements or habitable attics (b) One-off houses with special design features or period houses (c) Apartment / residential flats because of split responsibilities for shared areas. The insurance of apartments is covered in the block service charge. Owners should confirm with their management companies / agents that their apartment block has been

valued for insurance purposes, and that the insured value is current.

3. The figures assume a basic quality specification with normal foundations, brick or block walls, concrete tiled roof, concrete ground floor and timber first floor, softwood flush doors and hardwood double glazed windows, painted plaster to walls, plastered ceilings, standard electrics and central heating. The sum insured should be increased to allow for better than average kitchen fittings, built-in wardrobes, finishes and any other items not normally included

in an estate type house (e.g. fire alarm).

4. House contents such as carpets, curtains, furniture, etc. are not

covered by the figures.

5. No allowance has been made for the cost of out-buildings, patios or boundary walls. The figures do however allow for a concrete path

around the house, for driveway repairs and regrassing.

6. The figures allow for demolition costs, professional fees incurred in reinstatement and VAT at 13.5% on building costs and 21% on

professional fees.

7. The amounts included for professional fees have been calculatedto cover the following services: Building Surveyor / Architect and

Quantity Surveyor.

8. The costs are based on building rates ruling in March 2011 and

do not include for inflation during the duration of the policy and

the period between any loss occurring and reinstatement.

Citi Bank, City RDiL Project

St. Vincents Private Hospital

SECTION 3 IRELAND


3

Planning Charges 2012

Fire Certificate Charges 2012

Christchurch Cork, refurbishment and conservation of a listed building

Class of Development Charge

Most Building Types 80 or 3.60 per sq.m whichever is greater

New Houses 65 for each dwelling

House Alterations 34

Golf Courses 50 per hectare

Outline Planning Permission 75% of full planning permission charge

Maximum Scale of Charges for Planning Applications

Full Application Most Building Types 38,000

Outline Application Most Building Types 28,500

Retention Application 125,000

Type of Application Charge

Option 1Standard Application 2.90 per sq.m up to a maximum of 12,500

Option 2A Seven Day Notice Application 5.80 per sq.m up to a maximum of 25,000

Option 3A Revised Fire Safety Certificate Application 2.90 per sq.m up to a maximum of 12,500

Option 4A Regularisation Fire Safety Certificate Application 11.60/sq.m up to a maximum of 50,000

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36 BRUCE SHAW HANDBOOK 201236 BRUCE SHAW HANDBOOK 2012


U N I T E D K I N G D O M 4



UNITED KINGDOM

After a number of challenging years in the UK

construction industry the prospects for 2012 do not

indicate any significant improvement in activity. The

continued combination of factors such as the lack of

access to debt finance for development, the lack of

mortgage availability for new house purchasers, the

lack of grant funding from the HCA for affordable

homes, the UK governments continued reduction in

capital spending as well as rising inflation continue to

keep the prospect of a sustained recovery subdued.

The UK Government spending cuts announced in

late 2010 have begun to make a significant impact

on the sector during 2011 and will continue to

do so through 2012. This places more pressure on

the private sector to make up the shortfall. After a dip

during 2010 according to the Construction Products

Association (CPA), the construction sector did

actually increase its output in 2011 by around 4%

but we expect a smaller growth of 2% to 3% in 2012.

The CPA has estimated that the value of work in the

sector will increase from 109bn in 2011 to 112bn

in 2012. Since the peak in Q42007, data from the

Office for National Statistics shows that orders for

all new work have dipped in between but have

now risen back to 2007 levels while the repairs and

refurbishment sector has experienced a significant

fall. The new work growth is mainly propped up by

a recent increase in private housing as well as some

significant infrastructure and energy projects. This

also has led to a modest increase in construction

employment.

The Consumer Prices Index has now risen to 4.8%

at the end of 2011 but like 2010, we have not seen in

2011 the increases in material costs translating into

equivalently higher tender costs as contractors

continue to absorb the bulk of increased costs before

passing them on to Clients in tenders. For Clients

wishing to commission construction work it

continues to present a great opportunity to secure

very competitive prices. We have seen tender prices

largely remaining stagnant in 2011 and believe that

in 2012, they will remain fairly static or increase

modestly. However the compound effect of

increases in raw materials, a potentially smaller

supply chain and wage pressures is generating

a belief that tender prices will begin to escalate

slowly from early 2013.

We are continuing to predict that the ongoing

lack of bank financing for development along

with stricter lending conditions will constrain

speculative development in the commercial sector

and will therefore continue to restrict growth in

the private sector.

Despite the negatives above, there are likely to be

some bright spots. The modest pick-up in housing

starts will enable some parts of the industry to enjoy

increased activity in 2012. In terms of regions, the

south-east and particularly London are enjoying

significantly more activity while the other UK

regions including Northern Ireland are seeing

little improvement in activity. There is an anticipation

that the optimism that will come from the London

Olympic Games themselves together with some

legacy projects may stimulate some increased

construction activity in London and throughout

the UK. The recovery in the commercial sector,

particularly in London, should continue as a number

of high profile projects have commenced and are

due to start on site in the coming months.

The commencement of the Crossrail on-site works

and station upgrades and the HS2 announcement

will bring some optimism to the Civil Engineering

sector and while most of the Crossrail projects have

been awarded, it will be some years until the HS2

impact will translate into construction activity.

UK Market Review

The south-east and particularly London are enjoying significantly more activity.


4

SECTION 4 UNITED KINGDOM

140

120

100

80

60

40

20

0

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C

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Statistics B

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New Work Repair & Maintenance

UK Construction Output bn 2001-2012

2010 Public Sector Output bn 2010 Private Sector Output bn

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

New Housing 14.3

Infrastructure 7.8

Industrial 3.6

Education 2.2

Healthcare 2.1

Offices 6.1

Entertainment 4.7

Retail 5.6

Miscellaneous 2.6

New Housing 4.8

Infrastructure 4.9

Industrial 0.1

Education 7.7

Healthcare 2.4

Offices 1.0

Entertainment 1.2

Retail 0.3

Miscellaneous 1.5

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UNITED KINGDOM

UK Tender Price Index 2001-2012

UK Regional Tender Price Index 2011

300

250

200

150

100

50

0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012(f)

Tender % 7% 3% 15% 0% 3% 8% -4% -12% -4% 9% 1%

Sou

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: BC

IS. Ten

de

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e In

dic

es

Natio

nal

NorthWest

EastAnglia

SouthEast

GreaterLondon

WalesScotland EastMidlands

NorthEast

WestMidlands

Yorks &Humber

NorthernIreland

SouthWest

215

210

205

200

195

190

185

Sou

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: BC

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e In

dic

es

Re

gio

nal

Victoria Palace Theatre


4

SECTION 4 UNITED KINGDOMU

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Number of Employed and Self-Employed in Construction: UK

Resource Cost Index of Non-Housing Building 2001-2012

The trend of low tender prices and overall increase in materials price is set to continue. A slow rise in steel and reinforcement prices combined with a decrease of 6% in labour costs which is forecast to continue in 2012 may offset the increase on general plant and building material prices.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2011 2012(f)

Combined Index Labour & Plant Materials

240

220

200

180

160

140

120

100

Sou

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C

on

struc

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Statistics B

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h

000s

2,700

2,600

2,500

2,400

2,300

2,200

2,100

2,000

2005 2006 2007 2008 2009 2010 2011

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Sou

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C

on

struc

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Statistics B

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h


UNITED KINGDOM

Sou

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IS.Stan

dard

Ho

urly B

ase R

ates fo

r Labo

ur.

Standard Hourly Base Rates for Labour 2011

The Top UK Main Contractors

Sou

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Rank Turnover 2011 2010 Firm bn

1 1 BALFOUR BEATTY 6.74

2 2 LAING OROURKE 3.53

3 3 CARILLION 2.72

4 6 KIER 1.42

5 4 SKANSKA CONSTRUCTION 1.28

6 5 MORGAN SINDALL 1.25

7 7 BOVIS LEND LEASE 1.09

8 12 KELLER 1.07

9 10 COSTAIN 1.02

10 8 BAM CONSTRUCT UK 1.01

11 14 WATES GROUP 0.98

12 11 INTERIOR SERVICES GROUP 0.97

13 45 BOUYGUES GROUP 0.94

14 9 GALLIFORD TRY 0.94

15 20 MACE GROUP 0.85

16 18 WILLMOTT DIXON GROUP 0.78

17 17 INTERSERVE 0.74

18 16 VINCI 0.72

19 21 BAM NUTTALL 0.69

20 13 NEWARTHILL (SIR ROBERT MCALPINE) 0.67

Job Type Base rate

Building Craft Operative 13.21

Building Skill Rate 1 12.59




Building General Operative 9.90

Technical Plumber 19.06

HVAC Senior Craftsman 17.16

Electrical Technician 23.03

Mechanical Technician 23.03


4


The Top UK Architects

The Top UK Engineering Firms

Note: Ranked by number of Chartered Architects registered as of 2011

Note: Ranked by number of Chartered Engineers registered as of 2011

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Mag

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Rank 2011 2010 Firm Staff

1 1 BUILDING DESIGN PARTNERSHIP 360

2 2 FOSTER & PARTNERS 315

3 3 ATKINS 228

4 4 CAPITA SYMONDS 176

5 5 AEDAS 155

6 15 NPS PROPERTY CONSULTANTS LTD 128

7 8 3DREID 126

8 9= ARCHIAL GROUP PLC 117

9 7 PRP ARCHITECTS 111

10 13 PM GROUP/DEVEREUX ARCHITECTS 90

11 9= NIGHTINGALE ASSOCIATES 87

12 18 STRIDE TREGLOWN LTD 84

13 17 LEWIS & HICKEY LTD 82

14 16 PURCELL MILLER TRITTON LLP 79

15 20 PASCALL & WATSON ARCHITECTS 74

16 22 ALLFORD HALL MONAGHAN MORRIS LTD 66

17 23 FEILDEN CLEGG BRADLEY STUDIOS LLP 66

18 URS SCOTT WILSON 64

19 31 TP BENNETT 59

20 AECOM 58

Rank 2011 2010 Firm Staff

1 1 ATKINS 2,218

2 3 URS SCOTT WILSON 1,893

3 2 MOTT MACDONALD 1,705

4 - JACOBS ENGINEERING UK LTD 1,135

5 4 ARUP GROUP LTD 1,118

6 - AECOM 1,022

7 5 HALCROW GROUP LTD 990

8 7 CAPITA SYMONDS 691

9 8 PARSONS BRINCKERHOFF LTD 686

10 9 WATERMAN GROUP PLC 589

11 6 WSP GROUP PLC 372

12 - RAMBOLL 369

13 10 WHITE YOUNG GREEN GROUP LTD 361

14 11 BURO HAPPOLD LTD 299

15 13 HOARE LEA & PARTNERS 260

16 14 W A FAIRHURST & PARTNERS 220

17 15 MACE 206

18 22 HILSON MORAN 150

19 16= TPS 148

20 21 HURLEYPALMERFLATT 138

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Average Costs Cost Range

UNITED KINGDOM



Commercial Offices

Over 20 storey offices premium grade facilities and common finishes with lifts, provision for air conditioning, and sprinklers excluding Developers CAT A fitout

2,250 2,500 per sq.m

Over 20 storey offices A grade common finishes with lifts, provision for air conditioning, and sprinklers excluding Developers CAT A fitout

1,950 2,250 per sq.m

Up to 20 storey offices medium grade facilities and common finishes with lifts, provision for air conditioning and sprinklers excluding Developers CAT A fitout

1,650 1,950 per sq.m

Up to 8 storey offices medium grade facilities and common finishes with lifts, provision for air conditioning, and sprinklers excluding Developers CAT A fitout

1,200 1,550 per sq.m

Up to 2 storey offices - medium grade facilities and common finishes with provision for air conditioning, no lift and no sprinklers excluding Developers CAT A fitout

800 1,050 per sq.m

Developers CAT A fitout including raised floors, carpets, ceilings, fan coil units with ducts and grilles, lighting and power distribution

300 500 per sq.m

Category B fit-out from institutional Category A specification; standard corporate accommodation; open plan 15 per cent offices

500 1,350 per sq.m

Category B fit-out from institutional Category A specification; standard corporate accommodation; banking / legal 50 per cent offices / cellular

1,000 2,250 per sq.m

Retail

Regional shopping complex high standard including major stores, specialty shops and enclosed malls

1,250 1,500 per sq.m

Suburban supermarkets; excluding fitout 750 950 per sq.m

Retail Park; shell excluding fit-out 850 1,250 per sq.m

Fit out of small food store < 4,500 sq ft 2,000 2,250 per sq.m

Fit out of large store with food and general merchandise < 50,000 sq ft 1,800 2,150 per sq.m

Fit out of large full-range department store < 100,000 sq ft 1,950 2,750 per sq.m

Residential

Single project home up to 250 sq.m medium standard, double brick with normal site cost for flat site

650 1050 per sq.m

2 storey townhouse medium standard 900 1,250 per sq.m

2 storey townhouse high standard 1,050 1,500 per sq.m

3 storey apartments medium standard 1,050 1,300 per sq.m

3 storey apartments high standard, air conditioning 1,350 1,700 per sq.m

Multi storey apartments medium standard 1,300 2,000 per sq.m

Multi storey apartments high standard, air conditioning 1,750 2,750 per sq.m

Hotels (New Build excluding FF&E)

2 star medium standard, minimal F+B / dining facilities, no air conditioning 25,000 35,000 per key

3 star hotel, restaurant, public areas, comfort cooling, no conferencing 40,000 50,000 per key

4 star hotel, restaurant, public areas, air conditioning, conferencing 120,000 150,000 per key

5 star hotel, multiple restaurants, public areas, air conditioning, banqueting, wellness

300,000 450,000 per key

Super luxury 6 star hotel, multiple, public areas, air conditioning, banqueting, wellness

500,000 650,000 per key


4


Industrial

Up to 10m high warehouse basic standard, metal clad walls, no sprinklers (up to 5,000 sq.m)

400 550 per sq.m

Up to 10m high warehouse basic standard, metal clad walls, no sprinklers (over 5,000 sq.m)

400 500 per sq.m

Up to 10m high warehouse medium standard, precast walls, no sprinklers (up to 5,000 sq.m)

450 600 per sq.m

Up to 10m high warehouse medium standard, precast walls, no sprinklers (over 5,000 sq.m)

400 500 per sq.m

Up to 10m warehouse high standard, precast walls, sprinklers (up to 5,000 sq.m)

600 750 per sq.m

Up to 10m high warehouse high standard, precast walls, sprinklers (over 5,000 sq.m)

450 600 per sq.m

Truck hardstand, 175 RC slab, drainage, line marking 100 150 per sq.m

Car Parking

Open bitumen car parking, drainage, line marking (30 sq.m/car) 100 150 per sq.m

Multi storey (above ground), concrete structure, lift, no mechanical ventilation, no sprinklers (30 35 sq.m/car)

600 750 per sq.m

Underground, concrete structure, excavation, lifts, mechanical ventilation, sprinklers (35 40 sq.m/car)

1,100 1,300 per sq.m

Data Centre(excludes shell construction, incoming power & fibre upgrades, comms equipment)

Tier Level 2 Fit out of existing shell, fully built (day 1 & 2), technical load between 1,000-1,500 kW/sq.m

5,000 8,000 perkilowatt (IT load)






Notes:1. All costs exclude VAT and professional fees.2. Costs based on January 2012 prices.3. Average costs as shown should not be used for insurance valuation purpose.4. The costs are representative of typical specifications for each type of building and do not account for any site abnormal costs.

Region Factor Wales 0.96

Midlands 0.97

East 1.00

South West 0.98

North 0.91

Region Factor South East 1.09

London 1.12

Scotland 0.96

Northern Ireland 0.85

Approximate Regional Variance

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House Building Starts and Completions 2001-2011

Average Procurement Lead-in Times in Weeks

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Sou

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Housebuilding Starts Housebuilding Completions

Piling (Rotary)

Piling (Precast)

Concrete Works

Structural Steel Frames

Cladding (Reconstituted Stone)

Cladding (Natural Materials)

Cladding (Metal Panellised)

Cladding (Curtain Walling)

Atrium Roofs

Roof Finishes - Profiled Metal

Faade cleaning equipment

Brickwork

Blockwork

Metal doors

Drylining

Demountable Partitions

General Joinery

Specialist Bespoke Joinery

Raised Floors

Suspended Ceilings

Architectural Metalwork

Decorative Wall Coverings

Internal Stone Floors & Walls

Soft Floor Finishes

Passenger Lifts (Non-standard)

Escalators

Mechanical Packages

Ductwork

Electrical Packages

Controls

0 5 10 15 20 25 30 35

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Notes: All times based on generic 5 storey 100,000 sq.ft. office block in city. As of July 2011.

UNITED KINGDOM

Piling (Rotary)

Piling (Precast)

Concrete Works

Structural Steel Frames

Cladding (Reconstituted Stone)

Cladding (Natural Materials)

Cladding (Metal Panellised)

Cladding (Curtain Walling)

Atrium Roofs

Roof Finishes - Profiled Metal

Faade cleaning equipment

Brickwork

Blockwork

Metal doors

Drylining

Demountable Partitions

General Joinery

Specialist Bespoke Joinery

Raised Floors

Suspended Ceilings

Architectural Metalwork

Decorative Wall Coverings

Internal Stone Floors & Walls

Soft Floor Finishes

Passenger Lifts (Non-standard)

Escalators

Mechanical Packages

Ductwork

Electrical Packages

Controls

0 5 10 15 20 25 30 35


4


Confidence in the UK housing market is at rock

bottom and Britain faces a housing shortage of one

million homes by 2015 if construction fails to match

the ever growing population.

Sales activity for housing has hit its lowest level in a

decade. The RICS Housing Market Survey shows that

sales were slightly higher than earlier in the year. New

NHBC home registrations also fell in 2011 by 0.38%

and London has found that the number of homes

changing hands is at a third of levels seen during the

property boom. This is despite the fact that London

outperforms other UK regions and is forecast to

continue to do so during 2012. However, prime sites

are still scarce.

The housing market is more buoyant in the south

specifically in London, however the current mortgage

market is dictating sales figures. Lenders are reluctant

to lend which limits builders building and buyers

buying. Despite this, house loans have grown since

November 2011 and are expected to continue to

grow in the months before March 2012; when

first-time buyers will not be eligible to exemption

from stamp duty.

The Government introduced a Housing Strategy in

November 2011 whereby it included a scheme to

encourage more first-time buyers onto the property

ladder as these had dropped from 40% of the market

share to 23% since July 2009. It also proposed a

400m Get Britain Building Investment Fund aimed

at tackling stalled sites with an aim of freeing up

public sector land with the capacity to build 100,000

new homes.

In 2011 only 103,000 new homes were built.

However, projections show that with population

growth, an increase of 232,000 new homes per year

is needed.

The Government intends to invest 4.5bn in their

Affordable Homes Programme between 2011 and

2015. Approximately 146 providers will aim to deliver

80,000 new homes for Affordable Rent and

Affordable Home Ownership with the help of

Government funding of 1.8bn.

The Land Registry statistics demonstrate that London

is the only region in England and Wales to show an

increase in its average property price over the last 12

months with a movement of +1.4%. The largest fall of

-5.4% was experienced by the north east. Out of 33

London Boroughs, the City of Westminster showed

the largest annual increase of +7.1% and Havering the

largest decrease of -3.3%.

Despite encouraging housing sales figures towards

the end of 2011, the fragile state of the economy and

instability in the Eurozone means the housing market

faces another tough year ahead.

The UK Housing Market 2012

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38 Grosvenor Gardens Mews


On 27 July 2012 the world will be watching London

as the opening ceremony of the 2012 Olympics is

launched. This ceremony gives the world an

opportunity to experience the artistic demonstration

of Oscar award winning film director Danny Boyle

and his creative team. It also gives our host city and

the rest of the UK a chance to show off a rich and

diverse culture. The Olympic Games will run from

27 July until 12 August, and the Paralympic Games

from 29 August to 9 September.

The 500 acre Olympic Park site comprises the main

stadium, aquatics centre, smaller stadia and the

Athletes Village. Westfield Stratford City sits next door

to the Olympic Park, and with a total retail floor

area of 1,883,700 sq.ft (175,000 sq.m) it is the largest

urban shopping centre in Europe.

Post Olympics, the Village is to be converted into

homes targeted at key workers. Further housing,

along with shops, restaurants and cafes will provide

new amenities for the local community, while the

stadium is to remain an athletic centre.

It is hoped that the Olympic Games will offer

our economy the upturn it needs to help bring it

out of the recession. It has been predicted that

the UKs prime housing market will surge as the

2012 Olympics attract new international buyers

to the country.

2012 Olympics

Euro v Sterling 2005-2012

0.94

0.92

0.90

0.88

0.86

0.84

0.82

0.80

0.78

0.76

0.74

0.72

0.70

0.68

0.66

0.64

0.62

Jan

-05

May

-05

Sep

-05

Jan

-06

May

-06

Sep

-06

Jan

-07

May

-07

Sep

-07

Jan

-08

May

-08

Sep

-08

Jan

-09

May

-09

Sep

-09

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

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UNITED KINGDOM

4

SECTION 4 UNITED KINGDOMU

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It is hoped that the Olympic Games will offer our economy the upturn it needs to help bring it out of the recession.


5M I D D L E E A S T


MIDDLE EAST

GDP in the Gulf Cooperation Council (GCC)

countries is still largely based upon a hydrocarbon

industry as illustrated in the graph below.

In the UAE, the IMF forecasts real GDP to grow

by 3.8% in 2012 and inflation to rise from a 2011

forecast of 2% to 3% in 2012.

Moodys Rating Agency have reported a projected

GDP for Bahrain at 3% for 2012, an increase of 1%

from last year. This increase is reportedly due to the

drilling of 200 new oil wells by Tatweer Petroleum

over the past 3 years, with a further 3,000 wells

planned in the next 20 years.

Macro economic data indicates that construction

activity in Saudi Arabia grew by 11.6% in 2011 with

inflation estimated to be at 4.5% for 2012. Analysts

predict a Saudi Arabian GDP growth forecast of 2.3%

in 2012 sustained by high oil prices and production.

The GCC region as a whole is projected to average

real GDP of 5% in the next 5 years.

A number of countries in the GCC have introduced

stimulus packages recently, as set out in the

table below.

The overall value of construction projects in the

region during 2011 is illustrated in the graph opposite.

Middle East Market Review

100%

80%

60%

40%

20%

0

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An

alysis

GCC Hydrocarbon Dependence (% of GDP)

GCC Stimulus Packages

Bahrain KSA Kuwait Oman Qatar UAE

Public Sector / Social Services OtherHydrocarbons

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CountryPackage

Amount ($m)% of GDP Main Package Contents

Bahrain 398 1.5 Provide cash transfers of $ 2,660 each to families

Kuwait 4,320 2.5 Provide free staple food to citizens for the next 14 months together with cash transfers

Oman 825 1.25 Employment for 50,000 Omanis

Establishment of monthly unemployment benefit of $390

Saudi Arabia 96,600 16.7 Construct 500,000 housing units, build and expand hospitals

Pay a two month salary bonus to state employees

Increase public sector minimum wage by 19%

Inject capital into specialised credit institutions to facilitate debt write offs and increase mortgage lending, provide affordable housing and extend social insurance and employment benefits

Expand indefinitely the 15% inflation allowance for state employees that had been phased in over the past three years

UAE

bruce shaw handbook 2012

Documents

uk construction output

construction sector

us construction

annual construction

largest construction

uk housing market

uk tender price index

global output