Home commencements up 62% in October - Dept of Housing

Work started on 4,249 homes last month which represents an increase of 62% on October 2023, according to official figures from the Department of Housing.

Dermot O'Leary, chief economist with Goodbody Stockbrokers, said the "figures look strong" compared to average monthly commencement data.

Builders have been encouraged to start work on housing this year because a waiver on paying a development levy expires at the end of 2024.

A separate waiver on builders paying a levy on connections to water and wastewater services expired at the end of September.

The end of the waiver resulted in a big spike in commencements in September where work started on 11,385 homes which was well ahead of the August figures of 2,264 and the July figures of 1,574.

In the first ten months of this year there were 53,256 homes started, which is 101% up on the same time last year when work started on 26,547 houses and apartments.

In the last 12 months (from November 2023 to October 2024) building started on 59,510 homes, an increase of 94% from the 30,744 in the prior 12 months (November 2022 to October 2022).

Economists expect the number of homes completed this year to be similar to last year's figure of almost 33,000 which is still far below what is required to meet demand.

However, a number of Coalition figures have said they expected the final number for 2024 to be higher than last year's output.