IDA Chief Proposes Ambitious Plan: Constructing 50,000 Houses Annually in Ireland

Dublin: Feargal O’Rourke, the newly appointed chairman of IDA Ireland, has emphasised the urgent need for Ireland to address its housing crisis by ramping up construction to meet demand. Speaking at the Joint Oireachtas Committee on Enterprise, Trade, and Employment, O’Rourke stressed that an annual output of 50,000 new homes is imperative, with the current rate of 30,000 homes falling short of market demand, especially from companies operating in Ireland. He advocated for an additional 20,000 homes annually to adequately meet market needs.

Despite the housing crisis, foreign direct investment (FDI) in Ireland has remained resilient. However, O’Rourke cautioned that sustained investment in housing, infrastructure, and utilities is crucial to ensure Ireland’s continued attractiveness to investors. Currently, IDA Ireland oversees 300,583 client companies nationwide, with plans to create 19,000 new job opportunities by 2023.

O’Rourke emphasised the importance of timely progress in housing, infrastructure, and renewable energy investment to avert future challenges. He highlighted the necessity for increased grid investment and renewable energy initiatives alongside housing development to avoid potential obstacles down the line.

While acknowledging Ireland’s past successes, O’Rourke cautioned against complacency, citing a report by Goodbody Stockbrokers indicating a lag in housing construction compared to previous years. Despite having top builders, only a third of the anticipated houses have been commenced, exacerbating Ireland’s housing crisis outlook for the foreseeable future.

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