In a stark revelation, Feargal O’Rourke, the new chairman of Ireland’s Industrial Development Agency (IDA), addressed the Joint Enterprise Parliamentary Committee, emphasizing the critical need for an annual construction of 50,000 new homes to combat the nation’s housing crisis. O’Rourke pointed out that the current annual construction of 30,000 homes falls significantly short of the demand, particularly from companies operating in Ireland.
Highlighting the potential impact on foreign direct investment, O’Rourke urged caution, noting that the housing crisis has not yet affected such investments but could pose a risk in the future. Despite Ireland’s strong track record, the IDA chairman stressed the importance of timely progress in housing, infrastructure, and utilities, citing concerns about grid and renewable energy investment.
O’Rourke referred to a Goodbody Stockbrokers report, revealing a lag in the housing construction sector compared to the previous year, even with the involvement of top builders. Only one-third of the expected houses have been initiated, raising concerns about a deepening housing crisis in the years ahead. Ireland must act swiftly to avert potential economic challenges on the horizon.