Dr. Thomas Conefrey:

We can look at housing completions as an example. We know there were 11,000 or 12,000 completions last year, which is well below the ESRI estimate of what is needed purely on demographic grounds. Such a level is approximately half of what the ESRI estimates is needed to meet sustainable housing demand in the long run. On that front, we can definitely say the level of housing investment is below what is normally needed in the economy.