Non-residential project starts saw a staggering 24% decline against the preceding three months, and were 39% lower than a year ago. 

Residential construction starts saw a less dramatic decline, but still fell 3% on the preceding three months and decreased by 12% on 2022 figures.

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Similarly, civils work starting onsite also shot down by 18% over the same period, and 31% down compared with 2022. 

Glenigan attributed this disappointing set of results to the instability of the wider economy, which caused private investor confidence to remain low. 

The firm stated that this had led to a persistent slump in activity, with many developers pausing or pushing back start dates in hope of a greater degree of financial security returns. 

Allan Wilen, economic director at Glenigan, commented: “Construction starts remain low after sharp falls earlier in the year.

“High interest rates and a weak economic outlook continue to deter private non-residential investment, while government-funded health and education starts were down.

“However, there are tentative signs that residential activity has begun to stabilise.

“Private housing starts were little changed on the previous three months.

“Reflecting the findings of our latest forecast, this could be taken as the first signs of the recovery expected to kick in during the second half of 2024.”