Home completions are at the highest rate in 13 years, new figures have revealed.
Roughly 26,000 units were completed in 2022 - a figure 25% greater than in the past three years when construction work was curtailed by COVID restrictions.
Despite this, Aoife Brennan, Research Director at estate agents Lisney, said that the construction industry faces a mixed future in 2023.
“We’ll have a reasonably slow start to the year,” she predicted to Newstalk.
“But we do expect a recovery in many of the sectors a s the year progresses - especially as there’s more knowledge and certainty on interest rates and stability and more certainty on improvements on global economies.”
Industry insiders expect the number of completions to fall this year due to the decline of commencement notices approved by the State.
“It’s still well below what’s required,” she continued.
“Unfortunately, the outlook for this year is downbeat.
“So the elevated costs of construction means that new starts are down and, unfortunately, I would say from mid-2023 we’ll see a drop off in supply.”
Sanctions against Russia sent the cost of building materials soaring with the price of certain products up by double digit figures.
Main image: Construction worker at work. Picture by: Alamy.com