The latest planning permissions data for Ireland, published yesterday, adds to the accumulating evidence of a strong rebound in house-building activity.
In the third quarter, permission was granted for 5,814 housing units, more than double (+115%) that seen in the equivalent period in 2015. In fact, the quarterly total was the largest in seven
years and takes the total permissions granted in the past twelve months to 16,063.
Apartments saw the largest increase over the past twelve months (+304% year on year), but a surge in permissions for multi-development houses (+132% year on year) was also seen in third quarter.
According to Goodbody Stockbrokers, "It is important to put these numbers in context; in 2005, 100,000 planning permissions were granted. We estimate that 30,000 new homes need to be built
each year to keep up with household formation trends."
They added, "There is, therefore, still a long way to go in the recovery. The signs are positive though that the sector is at the beginning of a multi-year period of expansion."