34,000 New Homes Needed Each Y...

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34,000 New Homes Needed Each Year For Next Decade

Niall Colbert
Niall Colbert

6:38 PM - 10 Dec 2019



34,000 new homes are needed to be built every year for the next 10 years to meet demand.

A new Central Bank report says the rate of house building has failed to keep pace with population growth.

It says home building needs to be ramped up over the next decade to facilitate demand.

According to the report the past 25 years has seen the construction sector experience an unsustainable expansion followed by a severe contraction.

In the 10 years from 1998 to 2008 more than 60,000 houses were built every year.

However, this fell to 10,500 after the economic crash and collapse of the construction industry.

However the population has continued to grow and in the last 3 years alone there are an additional 182,000 people in the state.

Economic growth has also continued at a rate of 4.6% in the same period putting further pressure on supply.

This year 21,000 new houses will be built in the state and the Central Bank believes this is well below current and future estimated demand.



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