The National Housing Construction Index compiled and issued by Link2Plans has illustrated a strong confidence in the residential sector with increases in project commencements and new planning applications.
In Tipperary, project commencements are up +84% year on year, while the number of new planning applications lodged in the first six months is up +16% when compared to the same period in 2013.
25 out of the 26 counties saw an increase in project commencements with Tipperary recording an increase of +84%, which was well above the national average. Nationally, project commencements for the first six months of 2014 were up +66% when compared to the same period in 2013.
The huge increase in project commencements however, is tempered by the fact that there has been a massive drop in the rate of growth in the last few months. Project commencements for the first six months of 2014 have halved when compared to the figures published for January to April of 2014, when project commencements were up year on year at +132%.
A rush to get residential construction projects started before new building regulations came into force on 1 March 2014 was the main factor behind the remarkable increases in project commencements in the first few months of 2014.
The data contained in the National Housing Construction Index is aggregated by consultancy Link2Plans from real time planning and project information in every local authority area.
According to Danny O’Shea Managing Director of Link2Plans, “The year on year increases for planning applications and project commencements bodes well for the construction sector in the short to medium term.
The +66% year on year increase in project commencements is incredibly positive, notwithstanding the slowdown in the rate of growth in project commencements since the start of the year.
Also, the increase in project commencements has been felt right across the whole country, with 25 of the 26 counties recording a rise in project commencements.”