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Record Number Of Homes Underway In First Quarter Of 2024

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Government data has revealed that a record 11,956 homes have commenced in the first three months of 2024.

The Department of Housing, Local Government and Heritage published its monthly data which shows that the number of Commencement Notices (residential construction starts) for March and for Q1 2024 is up 63 per cent on the same period of 2023.

This is the highest number of yearly residential commencements recorded since data collection began in 2015. Over the past year (from April 2023 to March 2024), 37,408 units were initiated, showing a 37 per cent increase compared to the preceding 12 months.

The figures reveal that in March 2024, construction began on 4,900 new homes, marking a 51 per cent increase compared to March of last year (3,244), and representing the highest March count since record-keeping commenced in 2015.

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Minister for Housing, Local Government and Heritage, Darragh O'Brien TD said:

"It is clear now that that supply, which is key to addressing our housing challenge, is increasing at pace and at scale. Today’s data indicates a robust stock of new housing is in the pipeline. It's clear a number of supports to make home building viable and boost housing supply are working – in particular the development levy waiver and Irish Water rebate which were introduced last year and which have helped to fast track much of this activity. While I am happy with these numbers, I am more pleased with the fact that this activity will deliver life changing opportunities for home ownership to many more of our citizens. The trends are strong but we are not complacent and we will continue to use every tool available to us to build on this momentum."

Out of the 4,900 units initiated in March 2024, 49 per cent are scheme dwellings, 37 per cent are apartments and the remaining 14 per cent are designated for one-off units. Of all the homes commenced last month, 32 per cent were in the four Dublin local authorities. These homes will be transformative, in particular for urban centres where a high proportion of the population needs to live and work. This includes Fingal (731 homes) and Cork (984 in total across 534 City and 450 County) representing 20 per cent of all commencements this month.

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2024/05/25 19:26:37