Friday, June 29, 2012

29/6/2012: Irish Planning Permissions: Q1 2012

After 5 years of continued destruction in the construction sector in Ireland, one simply has to re-test the accepted paradigms that things can continue falling indefinitely. I mean, yes, there's a bound to how far down new construction permits for new dwellings can go, but... who would have thought it might be a zero?

Here are the latest stats on approved Planning Permissions in Ireland for Q1 2012. Not a pretty sight - be warned.

In Q1 2012, number of new planning permissions for new dwellings stood at 957 - a new all-time low for Q1 figures, up 0.2% on Q4 2011, but down 25.1% year on year. Compared to peak, the number of new dwellings being planned in Ireland is now down 87.3%.

Other New Construction permits rose to 695 in Q1 compared to 681 in Q4 2011, but Q1 figure this year is the lowest of all Q1 readings in history. Y/y permits are down 0.7% and compared to the peak, they are down 88.8%.

Extensions approvals rose from 1,312 in Q4 2011 to 1,339 in Q1 2012, marking another historical low for Q1 figures, down 18.2% y/y and now 74.3% below their peak.

Alterations and Conversions permits rose to 377 from 335 in Q4 2011 and are now at a new historical low for Q1 readings. Y/y permits dropped 6.9% and relative to peak they are down 55.0%.

Thus, total construction permits awarded are now at 3,368 in Q1 2012, new historical low for Q1 readings, but up on 3,283 in Q4 2011. Y/y all construction permits are down 16.2% and reltive to peak they are off 80.6%.

These are ugly numbers, folks.

Charts to illustrate:

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