What would happen if 10,000 more houses were built in Ireland?
Dublin: The Economic and Social Research Institute found that the cost of housing can be reduced by building more houses in the country. According to ESRI, if 10,000 more houses are built each year, the cost of housing will fall by 12%.
The country now plans to manufacture 25,000 units per year. ESRI has specified that the change will occur if it is made to 35000 units. The institute estimates that 35,000 units a year will be needed to meet the needs of the growing population. If this occurs, prices will fall by 12% by 2030, ESRI says, but wages in the sector will only rise by 1%, the report reveals.
The report also examines in detail the factors that are causing construction to lag behind. Ireland will require 60,000 construction workers by 2025. The report suggests that construction trades be included in the Critical Skills Employment Permit Program to attract foreign workers to it.
The report also casts doubt on whether Ireland’s financial system will be able to provide sufficient credit to homebuyers. The report also warns that the cost of construction materials is likely to rise.
Meanwhile, the Enterprise Ireland Technology Center Construct Innovate has opened at the University of Galway to focus on construction research and innovation. To modernise the manufacturing sector, the centre was established to bring together government, industry, and academic expertise. The government is providing 5 million euros for the centre for five years.
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