Covid-19 to have long term impact on housing
COVID-19 is forecast to have a long-term impact on housing supply.
New analysis from the ESRI predicts just 15,000 units will be built this year – a figure researchers have described as ‘optimistic’.
The Irish Home Builders Association says a return to home building on April 5th will deliver 16,000 new homes including 1,844 in the city and county.
The ESRI expects the economy to grow by around 4%, but it could be 2023 at the earliest before unemployment rates return to their pre-pandemic levels.
ESRI Researcher Conor O’Toole predicts a bounce back in consumer spending this year, but not as much as originally expected.
“For this year we’re expecting consumption to grow at 6.7%.
“That is down markedly on our expectation from the end last year, and that is down to the fact we’re going to have stricter public health measures for a longer period of time.”