Michael Noonan
Question:99 Mr. Noonan asked the Minister for Finance his views on the exposure of the economy to reversals in the housing market; and if he will make a statement on the matter. [29909/04]
View answerTuesday, 23 November 2004
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Recent years have seen a rapid increase in output in the residential construction sector. In 2003, housing construction accounted for just over 10% of GNP. While I would expect a normal easing back of housing output in the coming years construction sector demand should be assisted by a continuation of a strong public capital programme and a pick up in other investment. Most commentators believe the Irish housing market is underpinned by sound economic fundamentals and favourable demographics which must also be taken into account.