THERE is no evidence to suggest housing targets needed to meet demand in Limerick will be met, according to Limerick Chamber’s Mid West Economic Insights report for 2025.
And, for the supply that does exist, a single person would need to be earning a salary of €84,000 to buy a home off their own bat.
This comes as just 1,000 new homes were completed in Limerick last year, according to the report, with analysis by the Housing Commission suggesting between 2,000 and 4,300 are needed to meet demand.
The annual Chamber publication, published this Monday (April 28), offers an analysis of the economic landscape across Limerick, Clare, and Tipperary. It examines key indicators such as employment, housing, education, transport, and logistics.
Limerick Chamber Chief Economist and Director of Policy Seán Golden warned that “we need to quadruple the output (of homes) just to meet were we should be”.
Compared to 2019, the report also reveals potential homeowners could face price hikes of up to €70,000 to buy a home in County Limerick and an additional €58,000 across Limerick City.
Renters also face massive increases with prices soaring by almost 77 per cent over the past five years.
For single people, the report paints a bleaker picture still.
“The majority of people in the Mid West are not going to be able to buy a new home if they are single. People will need a salary of about €84,000 to buy a new home and some second-hand homes on their own,” Mr Golden said.
“If you have a partner, it’s much easier because you can split the cost, but it’s difficult for everyone. One of the key problems is that if someone is in the private rental market and they are paying higher rental costs, they can’t even save up for a deposit.”
Other findings include what Limerick Chamber described as “massive state interference across the Mid West with Approved Housing Bodies and other state entities purchasing homes, removing the potential for owner occupiers to own these homes”.
In 2023, the report stated, non-household entities were responsible for almost 60 per cent of housing purchases across Limerick, while the national figure was almost 42 per cent.
Out of the affordable homes delivered to date, Limerick accounts for just 5.4 per cent, compared to 25.5 per cent in Cork and 61.1 per cent delivered in Dublin.
This data, according to the Limerick Chamber report, will see the Mid West “become less competitive on the international stage” in attracting international investment overseas and encouraging indigenous growth.
It’s not all bad news however, with the report citing record employment levels across the Mid West of 279,000, and a decreasing unemployment rate of 3.4 per cent.
The industrial sector is the employer in the Mid West, accounting for over 45,700 jobs.
When asked if US President Donald Trump’s US trade tariffs will negatively impact industrial and pharmaceutical sectors across the Mid West, Mr Golden says he remains optimistic.
The US President announced the reciprocal tariffs on April 2 — hitting the EU with a 20 per cent levy and most of the rest of the world with a baseline tariff of 10 per cent.
The higher tariffs were then reduced by 50 per cent for Europe and suspended for 90 days to open the way for trade deal talks.
“While a lot can be done in four years, a lot of businesses will not be picking up plants and dropping them in America from Europe in that space of time. These companies have much longer timelines than that,” Mr Golden said.
“A lot of businesses serve other markets than the US, so at the moment, it’s not a huge concern for me.”
The report also highlights the increased post-pandemic demand for public transport, with Limerick reaching 3.6 million journeys in 2023, behind Galway at 5.4 million.
A decreasing number of licensed bus operators across the Mid West was also noted, with 60 licensed bus operators in Limerick in 2023.
The Chamber also warns of delays in the rollout of the BusConnects programme in Limerick, which is now due to be delivered in early 2027 – almost two years after it was promised.
In particular, the Chamber voiced concerns about the exclusion of Annacotty Business Park from the plan.
The Chamber warned that there will be serious fall-out for trade and jobs across Limerick if there are further delays in providing transport routes.
Other findings included the enrolments of third level students decreasing across the region, which the Chamber say has been some way mitigated by an increase in international students.
