A NEW Irish Government scheme is aiming to create 60,000 construction jobs and triple housing output by 2020.
Taoiseach Enda Kenny today unveiled the new plan to stimulate activity in the construction industry.
The scheme includes a number of new building projects nationwide worth up to €200m, while it also involves the allocation of €20m to the Pyrite Remediation Scheme.
The stimulus package includes the allocation of €50m to regional and local road projects as well as providing a further €50m to increase social housing provision.
Mr Kenny also said that reforms have been introduced which will prevent the mistakes of the past being repeated.
The announcement includes an assessment of implementing a mortgage deposit insurance scheme for first-time buyers of new homes.
Minister for Finance Michael Noonan said last night that the plans will not lead to a property bubble.
“It is very difficult to envisage a young couple having more than 10 per cent of the price of a house as a deposit.
“At present, they are being required to come up with something like 20 per cent.
“So we are examining it. It would be only for new houses, not for the second-hand market, and it would be for first-time buyers. It would be temporary in nature.
“We are working out the details of it between now and the Finance Bill.”
Reform Alliance TD Lucinda Creighton warned that the initiative will fuel a new property boom.
