##q15 : average weekly, hourly earnings and weekly paid hour of all employees by economic sector 2 digit nace rev 2, quarter and statistic ”. [ 3 ] calculated from the rtb rent index and central statistics office “ hpm06 : residential property price index by type of residential property, month and statistic ”. [ 4 ] ibid [ 5 ] central bank of ireland ( 2019 ). “ financial stability review 2019 : i ” ( june 2019 ). [ 6 ] central bank of ireland ( 2019 ). “ financial stability review 2019 : ii ”, forthcoming. [ 7 ] central statistics office. ndq05 : new dwelling completion by local authority and quarter and pea15 : annual population change by component and year. [ 8 ] central statistics office. e4097 : population aged 15 years and over still living with their parents 2011 to 2016 by single year of age, principal economic status, sex and censusyear [ 9 ] eurostat. “ employment and unemployment ( lfs ) database ” [ 10 ] authors calculations based on data from central statistics office ( pea15 : annual population change by component and year, e1068 : permanent housing units by occupancy status and vacancy rate 2011 to 2016 by aggregate town or rural area, county and city, censusyear and statistic, ndq05 : new dwelling completion by local authority and quarter ). [ 11 ] 61795 dwellings completed between 2014q3 and 2019q2 inclusive. calculated from central statistics office data on new dwelling completions ( data series ndq05 ). [ 12 ] central statistics office. “ population and migration estimates and labour force survey ” ( pea15 : annual population change by component and year and qlf08 : persons aged 15 years and over by region, quarter and statistic ) [ 13 ] estimates based on internal central bank calculations of sectoral forecasts. [ 14 ] central statistics office. foreign direct investment in ireland 2017. [ 15 ] united nations ( 2018 ). world urbanization prospects : the 2018 revision. [ 16 ] current population estimate of 4. 9215 million *. 78 - 4. 9215 million *. 63, divided by average headship rate of 2. 73. [ 17 ] banking & payments federation ireland. “ bpfi mortgage drawdowns " [ 18 ] central bank of ireland ( 2019 ). household credit market report ( 23 october 2019 ) [ 19 ] the ability of households

house price growth of 28 and 24 per cent respectively since 2014. 22 these countries have grappled for a long time with many of the same of the issues we are facing now. for example, according to eurostat, around two thirds of all young people in europe aged 16 to 29 are living with their parents. even in a country like the uk, where these rates have been historically much lower, over half of people in this age group are estimated to still be living in their childhood home. 23 many countries have partly tackled the issue of increased demand for urban housing by increasing their supply of apartments. across the eu, 42 per cent of people live in apartments, compared with less than 10 per cent of people in ireland. 24 while it is important to recognise that housing demand varies across countries and through people ’ s lives, even within ireland the number of people living in apartments rose 21 per cent between the last two censuses, seven times faster than any other type of dwelling and 50 per cent faster than the supply of apartments. 25 ireland, as a small open economy, is heavily integrated into european and broader international labour markets. over the past 5 years, we have seen net inward migration of 110, 000 people, amounting to 4. 5 per cent of the labour force. 26 in 2018 and 2019, only one - third of the growth in the working age population was from natural population growth. the rest came from net inward migration. due to our openness, conditions in other countries and cities have an impact on demand for housing in ireland. anything that makes ireland more attractive as a place to live and work – or for that matter anything that makes other areas less attractive as places to live and work – will increase demand for housing here. this includes any improvement in housing affordability. in fact, there is evidence from some countries – including ireland – that high house prices in some regions can limit the number of people who relocate to those areas for work. 27 consequently, we cannot measure the demand for irish housing simply by looking at the number of people living in ireland right now. recent central bank analysis has highlighted that strong net inward migration will be the most important source of employment growth if the economy continues to grow at the rates seen over the last number of years. 28 further, if homes in ireland were to become more affordable, we would expect to see an increase in willingness of people to either migrate or return to ireland. even should housing supply increase to the levels we need, we