Construction BUSINESS

Guaranteed Irish has welcomed measures in Budget 2018 to increase housing supply and support enterprise. However, the organisation cautioned that further measures are needed to adequately stimulate Ireland’s construction sector. Measures welcomed by the business membership organisation included a total allocation of €1.8 billion for housing in Budget 2018, the establishment of Home Building Finance Ireland and the retention of the Help-to-Buy Scheme for first-time buyers.

Brid O’Connell, CEO of Guaranteed Irish, said: “We have over 300 members nationwide, including leading construction-industry suppliers, such as CRH, Tegral, Wavin, Kingspan, Saint-Gobain, Combilift, Celuplast, Dulux, Fleetwood, Kilsaran and Camfil. As Ireland’s construction industry continues to face challenges, Guaranteed Irish welcomes the supports announced for this sector in today’s budget. The establishment of Home Building Finance Ireland, along with the increased allocation of €1.8 billion for housing, are welcome moves for a sector that has faced affordability issues for almost a decade.”

She added: “The retention of the Help-to-Buy Scheme for first-time buyers is also a welcome measure, though there is a need for improvements in other areas to address both affordability and housing supply.

“Our members have called for a reduction in VAT on house prices to nine per cent as one of the most effective and immediate ways to reduce costs.  We would like to see government paying more heed to this call. Reform of the Development Contribution Rebate Scheme is also needed for smaller companies to access the finance they need to engage in construction activity, though the establishment of a Brexit Loan Scheme for SMEs is a welcome improvement for all sectors.”