This shortage is exacerbated by a skills gap in the construction sector, which hampers the speed at which new housing can be developed and the cost of materials.
The surge in residential construction is a testament to the effectiveness of government incentives like the development contribution waiver, indicating renewed confidence in the housing market.
This 'front-loading' of supply coupled with lower levels of pipeline planning looks likely to have a significant impact on commencements in 2025 and 2026.
CIS is also projecting that the number of all construction projects valued at less than €100m that will break ground this year in Ireland will halve.
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