In late 2023 Construction Isle of Man ‘CIOM’ carried out an industry survey amongst contractors in response to Industry concerns that there is a slowdown in the Construction Sector. Whilst a relatively limited response, this survey illustrated the industry was finding the construction economy challenging, it was clear this was impacting different areas of the sector in different ways.
2024 has been another challenging year and throughout that time CIOM has continued to receive information and comments from the industry that the slowdown is established and is damaging for not only the whole industry but there are long-established companies that are down-sizing or closing down.
In November 2024 CIOM sought information and data from several companies from across the sector, widening the information base to include contractors, supply-chain and consultants, to gauge the impact this is having on the Isle of Man construction industry.
Using the narrative supplied by those contacted, and data collected from the industry this report gives a snapshot of the current challenges faced by the sector.
Companies were asked to supply turnover levels since 2019. Several contributors provided a narrative in addition to the data supplied.