Just 10,000 new homes
JUST 10,480 new homes were completed in 2011, according to data from the Department of the Environment -- the lowest level since records began.
This represents a 28pc drop in the figures from 2010.
At the height of the property cycle, completions were running at a level of some 90,000 units per annum but this is now at the lowest level of output since records began in 1970.
Only 4,380 units were commenced in 2011, with the seasonally adjusted annualised rate dropping to just 3,260 by quarter four last year. Completions are measured by connections to the ESB network, and as such incorporate the finishing out of work in progress for some time as well as new construction activity.