An estimated 53,000 new homes will be needed each year based on the estimated growth of the population by 2040. That's the finding from a new report from the ESRI which also shows housing demand is expected to be about 44,000 a year between now and 2030.
Locally in Co Cavan the annual growth rate over the 2022 to 2040 period for the baseline population growth is 0.7%. Elsewhere in Co Monaghan, the growth is lower at 0.5%. Speaking to Northern Sound, Paul Egan who is research officer with the ESRI says there will be a need for extra housing to account for the population increase.
Currently there is 148,000 people living in Cavan and Monaghan. The ESRI is projecting that will increase to almost 162,200 by 2040. This will be an increase of 14,200 compared to what it stands at presently.
