Around 35,000 jobs in the construction sector are set to be lost over the next 18 months, an economic forecast from Davy Stockbrokers has revealed.

However, the Irish company has predicted that these losses will be compensated by 20,000 new jobs in building of infrastructure and commercial property developments.

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It has also foreseen a 4% growth in the Irish economy this year and a 3% rise in 2008 and has predicted the general economic growth will remain strong.

Davy Stockbrokers has said that while London is up by 8% this year, the Dublin market is down 5%.

The main concerns highlighted are the housing slowdown, and it said construction output would fall by 25%.

The company also says that growth in jobs will be 20,000 next year, down from 80,000 in recent years.

(JM/SP)