DUBLIN, May 14 (Reuters) - Irish builders issued a record 17,600 commencement notices for new homes in April, six times last year's monthly average, a Goodbody analysis of uncollated industry data showed on Tuesday.
WHY IT'S IMPORTANT
Housing has been the number one political issue for years in Ireland. A severe shortage of affordable housing has pushed rents to record highs with house prices growing at a rate of 6.1% year-on-year, despite a jump in borrowing costs.
While new house completions recovered to a 15-year high of almost 33,000 units last year, builders and analysts say that closer to 50,000 homes are needed a year to meet demand as the economy and population grow strongly.
The government last month extended a temporary waiver on the levy homebuilders are obliged to pay local authorities until the end of the year, its latest direct intervention in the market.