New ESRI research has found that if housing output was increased by 10,000 units a year, house prices could fall by 12%.
In a new report, the Institute also maintains that increasing output would not necessarily lead to significant wage inflation in the construction sector.
It takes the construction of 25,000 units a year as a base case scenario and asks what might happen if that output were increased by 10,000 units a year for the rest of this decade. The ESRI finds that it would bring prices down by 12% by 2030 but wages in the sector might only rise directly as a result by just 1%.It suggests that construction trades should be placed on the Critical Skills Employment Permit programme to attract workers from abroad as Ireland could need 60,000 construction workers by 2025.
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