Construction bosses urge Government to inject money into the sector

The Construction Industry Federation is urging the Government to pump money into the sector, to secure jobs and create more revenue.

Construction companies met today to come up with a plan to restart the stalled sector and ensure that the 190,000 people currently employed in the industry keep their jobs.

They said that for every €100m that is invested in the industry, 1,000 jobs are guaranteed and €50m in revenue will go to the exchequer.

They have appealed to the Government to include a First Time Buyers’ grant in the upcoming mini-budget in a bid to breathe life into the stalled property market.

They stated that over €1bn in VAT is tied up in unsold houses which cannot be passed on to the Government until the houses are sold.

Construction bosses have also called for a Stamp Duty holiday until the end of the year so that second time buyers could come back into the market.

CIF Director General Tom Parlon said action needs to be taken to free up revenue:

“We want to sit down with the Department of Finance and come forward with a figure that we believe will, on the one hand, encourage the sale and allow revenue to flow to the exchequer and on the other, provide incentives for the first time buyer”