Property sector could create 80,000 jobs

THE successful rebuilding of Ireland’s property sector could create up to 80,000 jobs by 2015, according to economist Jim Power.

Speaking yesterday at the formal launch of a new industry representative group, Property Industry Ireland (PII) — for which he has undertaken new research — Mr Power said that in a properly functioning market Ireland’s property sector should account for 12% of GDP and 10% of employment. Currently, it accounts for 7.6% of GDP and 5.9% of employment.

He added that if such targets were reached in the next four years, it would result in the creation of an additional 8,000 direct and indirect jobs and a surge in the value of construction output from just under €12bn to €20bn.