€66 million spent on home improvements in Limerick

LIMERICK homeowners have spent more than  €66.4 million through the Home Renovation Incentive (HRI) since its launch in 2013.

This incentive has allowed city and county homeowners to carry out 4,749 home improvement projects over the last four years, according to figures from the Construction Industry Federation (CIF).

These projects have had an average spend of €13,983, providing a huge boost to the local economy and employment in the construction sector according to the CIF.

Introduced in 2013, the Home Renovation Incentive (HRI) provided homeowners with an income tax credit at 13.5 per cent of qualifying expenditure on home improvement works carried out on a main home or rental property by qualifying contractors.

“The success of the scheme in Limerick has been evident with the scale of the work undertaken on home improvements and energy upgrades,” a CIF spokesman said.

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“While the scheme concluded at the end of 2018, it was successful in encouraging significant private sector investment in the upgrading of private and rental property.”

The largest amount of work was carried out completing home extensions (34%), followed by general repair and renovations (25%), window replacement (11%) and kitchen replacement (10%).

CIF spokesman Shane Dempsey said  that the HRI has been a significant contributor to construction activity with registered contractors in Limerick. A total of 4,749 projects in Limerick was a very significant level of private investment over the five years of the scheme from local homeowners,” he added.