Home building to top 33,000 units next year

Builders could complete more than 33,000 new homes in the Republic next year, say European forecasters.

Industry forecaster Euroconstruct estimates that about 31,000 new homes will be built here this year, boosting Government claims that the final figure will top its 29,000 target.

Euroconstruct says that the Republic could build 33,450 new houses in 2024, lending weight to industry and Government predictions that it will be a particularly strong year for residential construction.

The organisation, which operates in 19 European countries, says the Republic will be the only one where building will grow strongly next year “up 7.9 per cent during this period”.

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It adds that this will be one of the few European countries where home building will expand in 2024, with 13 others expecting a decline, and five, including the UK, forecasting only modest growth.

The Republic is bucking the trend with strong building growth expected over the next number of years, according to economist and Euroconstruct member Annette Hughes.

“Euroconstruct is forecasting that new residential construction will grow by 12.3 per cent in 2023 and 2024, a period where we are forecasting a 15 per cent reduction in residential construction activity across the 19 Euroconstruct countries,” she added.

Demand, policy, incentives and a “dynamic” building industry, are driving this growth, noted Ms Hughes, a director at EY Economic Advisory, which is hosting Euroconstruct’s 96th annual conference in Dublin.

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Growth here will be across the board, the organisation believes. Civil engineering, that is big projects in energy, infrastructure and water treatment, will expand 5.3 per cent next year.

Non-residential building, such as offices, schools, hospitals and factories, will increase by 2.6 per cent in 2024.

Ms Hughes welcomed the Government’s pledge to put the State’s recent corporate tax windfalls into the new Infrastructure, Climate and Nature fund.

“All too often, infrastructure expenditure is one of the first areas to be cut during an economic slowdown, so pre-empting this cycle via the establishment of a new fund now is welcome long-term strategic decision-making,” she said.

Simon McAllister, EY partner in valuations, modelling and economics, said adopting modern methods of construction would speed up building of high-quality infrastructure and homes.