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A DKM Economic Consultants report entitled “The Arab World - Long Term Economic Prospects & Opportunities for Ireland" was launched today by Minister for Jobs, Enterprise and Innovation, Richard Bruton TD in front of a large attendance at the Shelbourne Hotel in Dublin.

The report was commissioned in 2012 by the Arab-Irish Chamber of Commerce (AICC) to identify opportunities for greater economic cooperation between Ireland and 21 Arab nations in the Middle East and North Africa. Arab countries are home to half of the world's known oil reserves and 30% of natural gas reserves.

The report takes medium and longer term views of the potential for growth in trade between Ireland and the Arab countries, identifying the development of future demand. By analysing demographic and economic trends, the report maps the specific areas of demand which will be important and the sectors in Ireland that are best positioned to supply that demand.

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The latest MyHome.ie Property Barometer, co-authored by Caroline Kelleher of DKM, shows that the rate of decline in property prices nationally accelerated somewhat in the last quarter of 2012 with prices falling by 2.9%  - compared with a decline of 2.2% recorded in Q3 – to bring the annual rate of decline to 14.8%.

In Dublin prices fell by 1.6% in Q4 – reversing the rise of 1.6% recorded in Q3 – to bring the annual rate of decline in the capital to 12%. This is the lowest annual rate of decline in Dublin in four years.

Caroline Kelleher said 2012 had been a year of two halves for the property market. “While we saw relatively high house price declines in the first six months, this gave away to significant moderation in the rate of decline nationally in the latter half of the year and to price stabilisation in Dublin” she said.

Ms Kelleher said the outlook remains uncertain with further volatility in prices likely in 2013.

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House prices and interest rates continue to be main driver for affordability.

Key Highlights from November 2012 Index

- Residential property prices nationally are down 50% since their peak and 9.6% in the last year but have been broadly flat for the last 7 months.

- First Time Buyers continue to be the strongest segment, with 51.1% of new lending in Quarter 2, 2012.

- The average first time buyer working couple is spending 11.7% of their joint income to fund a mortgage, compared with 26.4% in December 2006.

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The latest MyHome.ie Property Barometer, co-authored by Caroline Kelleher of DKM, indicates that house prices in Dublin increased by 1.6% in Q3 2012. This is the first increase recorded in six years following a decline of 4.7% in Q2 2012.

The Average mix-adjusted property price in Dublin was €237,722, 55.1% below the peak in Q4 2006. The difference between asking prices in Dublin and the national average mix-adjusted asking price stands at 15.9%.

Commenting on the release, Caroline Kelleher noted that while national house prices declined yet again, the rate of decline continues to moderate. Prices fell by 2.2% in Q3 2012 compared to a decrease of 3.2% in the previous quarter. This generated an average mix-adjusted asking price of €206,911, which is 50.1% below the peak. The annual rate of decline stands at 14.3%.

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Today, DKM Economic Consultants released the September 2012 issue of Economy Watch.

DKM’s Snapshot of Economic Forecasts gives a concise but comprehensive outlook for the Irish economy based on the latest predictions from 13 leading sources, both Irish and key international bodies such as the IMF, EU and OECD.

This issue contains a more positive economic outlook on the Irish economy compared to recent years. Unemployment remains elevated however despite high emigration. This edition also questions the effectiveness of the stimulus package due to the constraint of a fiscal deficit target.  

Click here for free access to Economy Watch.

DKM Economic Consultants are pleased to announce that Caroline Kelleher and Lorcan Feerick have joined the team, as DKM continues to grow and expand its base of expertise.

Caroline comes to DKM from a position as an Economic Consultant with AECOM Strategic Planning and Advisory.  Prior to this she worked as an Economic Consultant with Goodbody Economic Consultants.  Caroline holds a Masters of Economic Science from University College Cork and a Post-Graduate Diploma in Statistics from Trinity College, Dublin.  She has extensive experience of strategy reviews, cost benefit analyses, programme and policy evaluations, economic impact studies and feasibility studies. Over the years Caroline has been involved in projects across a range of sectors and industries, including, Transport, Energy, the Environment, Social Policy, Competition and Regulation, Education and Industry Development.

Lorcan comes to DKM from a position as a Research Analyst with the Aon Centre of Innovation and Analytics. Prior to this he worked as a Research Assistant (Intern) with the Economic and Social Research Institute (ESRI) and as a Hedge Fund Transfer Assistant with Morgan Stanley Fund Services. Lorcan holds a Masters of Economic Science from the National University of Ireland, Galway. His main areas of interest are Environmental Economics and Economic Modelling. He also has experience in studying the macroeconomic environment and in assessing its impact on various economic sectors.

The latest MyHome.ie Property Barometer , co-authored by Annette Hughes of DKM, indicates that house prices are continuing to fall but the rate of decline is moderating. In the second quarter mix-adjusted property prices nationally fell 3.2% - down from over 7% in Q1, while the annual rate of decline was 15%.

In Dublin mix-adjusted prices declined by 4.7% in the second quarter while the annual rate of decline in the capital was 17.6%.

However, Annette Hughes said that despite the fall in mix-adjusted prices in Dublin there are positive developments in some sub-markets. "It is heartening to see some areas and house types record price increases, given that we are in the middle of the sixth year of falling prices. For example Dublin City North and South and Dublin County North recorded increases of over 2% while the price of 3 bed semis rose by 0.4%."

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DKM recently completed a report that explores the economic rationale for altering the structure of the Irish Household Waste Collection Market.

This study details the economic, market and competition impacts of a proposed restructuring of the market for household waste collection services, including vertical and horizontal integration issues.

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A report entitled "The Irish Construction Industry in 2012" was recently produced by DKM Economic Consultants for the Society of Chartered Surveyors Ireland.

The report provides a detailed analysis on the current state of the construction industry in Ireland and provides a preliminary assessment for 2013. It is estimated that construction output will amount to just €7.5 billion in 2012, having peaked at close to €39 billion or almost 25% of GNP in 2006. The total number of persons employed by the sector is around 150,000, which includes indirect employment i.e. those companies supplying the construction sector. The last time total employment was around 150,000 was in 1997.

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The latest MyHome.ie Property Barometer, co-authored by Annette Hughes of DKM, indicates that mix-adjusted asking prices declined nationally in Q1 2012 at an accelerating rate of 7.2%, which is the fastest rate of decline since Q1 2009. Asking prices nationally are down by 47.2% compared with the peak, Q4 2006, while asking prices in Dublin are down 54% over the same period.

Commenting on the release, Annette Hughes said, "Given the fragile state of the domestic economy combined with the unemployment situation, it is perhaps not surprising that property prices declined further in Q1 2012."

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2012 provides further improvement in affordability for First Time Buyers

Key Highlights March 2012
- Residential property prices nationally are down 48% since their peak and 16.7% in the last year.
- First Time Buyers continue to be the strongest segment, with 6,381 mortgage advances in 2011.

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The Minister for Communications, Energy and Natural Resources, Pat Rabbitte TD, has today launched a DKM report entitled "The Economic Benefits from the Development of Bioenergy in Ireland to meet 2020 Targets". This study was completed by DKM Economic Consultants and RPS Consulting Engineers in January 2012 for the Irish BioEnergy Association (IrBEA) and Sustainable Energy Authority of Ireland (SEAI).

The report examines the potential economic benefits of developing the bioenergy industry to meet the Government's 2020 targets under the EU's Renewable Energy Directive. There is a detailed economic analysis provided on each of the bioenergy sectors in 2020, including Biomass Heat/CHP, Co-firing, Waste to Energy, Anaerobic Digestion, Landfill Gas, Municipal Sewage Gas and Biofuels.

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The European Commission recently published the inception report by DKM with CSIL Milan of the 'Ex Post Evaluation of Investment Projects' that were co-financed by the European Regional Development Fund (ERDF) and Cohesion Fund (CF) in the period 1994-1999’. Further reports are due to be published as part of this project in the coming months.

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The latest MyHome.ie Property Barometer, co-authored by Annette Hughes of DKM, indicates that house prices declined by 2.4% in the most recent quarter and by 13% overall in 2011. Asking prices nationally are now down by 43% compared to the peak – Q3 2006 – while Dublin prices are down 50% over the same period.

Annette Hughes pointed out that while many households are likely to be worse off in 2012, there was good news for first-time buyers in the December Budget. ‘Several positive measures were announced in the Budget to help the residential property market and stimulate transactions. However if they are to work the market will require a considerable improvement in the supply of mortgage credit for potential buyers during 2012. It will also require evidence of some stability in house prices over a sustained period and this remains dependent on economic growth'.

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A DKM Economic Consultants report entitled “The Economic and Social Contribution of Clann Credo – the Social Investment Fund” was launched today by An Taoiseach, Enda Kenny, TD.

Over the past 15 years, Clann Credo – the Social Investment Fund has provided close to €33 million in loan finance to projects throughout the country. Commenting on the report, Ernestine Woelger, of DKM Economic Consultants, said that “the assessment of the total economic impact of Clann Credo assisted enterprises suggests an economic multiplier of 1.32. For every €1 injected into the Irish economy by a Clann Credo client, the Irish economy benefits to the tune of an additional 32 cent.”

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Affordability continues to improve despite falling incomes.

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The latest MyHome.ie Property Barometer, co-authored by Annette Hughes of DKM, indicates that the downward movement in house prices has continued, with prices now back at levels last seen a decade ago. Asking prices nationally are down by 41.8% compared with the peak Q3 2006 while asking prices in Dublin are down 48.4% over the same period.

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Funding a mortgage today will cost a First Time Buyer couple half of what it cost 5 years ago.

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The latest MyHome.ie Property Barometer, co-authored by Annette Hughes of DKM, indicates that the steady decline in asking prices has continued into the second quarter of 2011 with the latest figures from leading property website MyHome.ie showing prices are down 40% from their peak level in 2006. In Dublin they are down 46% from peak levels.

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The latest MyHome.ie Property Barometer, co-authored by Annette Hughes of DKM, shows that the annual rate of decline nationally accelerated to 13.8%, up from 12% in Q1 2010. Comparisons with the peak in house prices show that average house prices were down by 37.3% nationally in Q1 2011.

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Housing more affordable today, for a first time buyer couple, than at any time in the past 25 years.

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The latest MyHome.ie Property Barometer, co-authored by Annette Hughes of DKM, shows that asking prices nationally have recorded their lowest quarterly decline since Q2 2009. The latest fall in property prices brings the total decline from the peak of the market in late 2006 to 34.6%.

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DKM Economic Consultants has published the Construction Industry Review and Outlook (October 2010). The report is carried out annually, on behalf of the Department of the Environment, Heritage and Local Government.

Operating conditions in the construction industry remain particularly tough...

Highlights include:

• The total number of persons directly employed in construction fell to 127,300 in Q2 2010, the lowest level since mid-1998.
• The value of output in the construction industry is forecast to decline by 35% in 2010 and by 10% in 2011. A very slight increase (+0.6%) is then expected in 2012.
• The level of direct and indirect employment is projected to reach a floor of around 126,000 by end 2011, around one-third of the level reached at the peak.
• The level of Exchequer capital expenditure in the eight months to August 2010 is already 24% behind the target for the same period last year suggesting that there are likely to be risks around the ability of the public sector to spend the full capital provisions over the next two years.
• The necessity for full implementation of the Government's fiscal austerity programme to bring down the fiscal deficit to 3% of GDP by 2014 implies no room for fiscal stimulus in the Irish economy.

Download the Construction Industry Review 2009 and Outlook 2010-2012 here

DKM Economic Consultants are pleased to announce the appointment of Gráinne Pyne as a Senior Economic Consultant with the firm.

Press Release

The 70^th EUROCONSTRUCT conference will be held in Budapest, Hungary on 2^nd and 3^rd December 2010. To register, please visit the following website: https://www.buildecon.com/70theuroconstruct/

The latest MyHome.ie Property Barometer, co-authored by Jean Goggin of DKM, shows that asking prices fell by 3.9% in the third quarter of the year, bringing the fall for the year to date to 11%. This latest fall brings the total decline from the peak of the market in late 2006 to 32.4%. The average asking price for a home nationally is now €280,000 compared to €291,000 three months ago and €323,000 twelve months ago.

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The Special Topic for this conference is, 'Positioning the industry for the upturn'

click here to access today's press release.

Please click here to access the press release

Today, DKM Economic Consultants released the May 2010 issue of Economy Watch.

DKM’s Snapshot of Economic Forecasts gives a concise but comprehensive outlook for the Irish economy based on the latest predictions from 15 leading sources, both Irish and key international bodies such as the IMF, EU and OECD.

This issue, while acknowledging that the worst may be over for the Irish and global economy, highlights the structural difficulties going forward in the Eurozone and the UK. It further suggests that the contractionary effects of achieving fiscal stability in Ireland may be understated.

Click here to register for free to access Economy Watch.

Click here to access the press release.

The EBS / DKM Affordability Index shows that the average first time buyer working couple is paying just 12.6% of their joint income to service their mortgage compared with 26% three years ago.

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Latest Construction Indicators show that the industry's lacklustre performance has continued during the opening months of 2010.

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DKM are delighted to host the 69^thEUROCONSTRUCT Conference - a leading international event - in Dublin on 24^th and 25^th June 2010.

French and German versions of the conference programme are now available.

Programme en français (French version)
Programm in Deutsch (German version)

Click here to download (English version)

Continuous Professional Development Certificates of Attendance will be available for those wishing to record their hours under the regulations of various professional bodies.

Click here to access the programme for the 69th Euroconstruct Conference, to be held in Dublin on 24th & 25th June 2010.

Construction hits a record low in 2009 as few indicators show signs of having bottomed out.

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The 69th EUROCONSTRUCT Conference will be held in Dublin on 24th and 25th June 2010.

Please click here for further information

DKM is expanding and currently has openings in the following positions:

• Senior Economist/Consultant
• Economic Consultant/Econometrician

Please click here for further information

On 21 January 2010, the Tánaiste and Minister for Enterprise, Trade and Employment, Ms. Mary Coughlan, T.D., appointed DKM Director Annette Hughes to the new board to FÁS.

Annette is delighted to have been nominated and looks forward to assisting the Director-General and the other board members in addressing the challenges which lie ahead for FÁS and rebuilding the reputation of the organisation going forward.

FÁS is Ireland’s Employment and Training Agency.

Delegates at the 68th Euroconstruct Conference held in Zurich on 27th November were informed that 2009 was the worst year for the construction market in the Euroconstruct Area in more than ten
years, with the volume of output expected to decline by 8.4%.

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The EBS / DKM Affordability Index shows that by December 2009, First Time Buyer monthly repayments will have fallen by €513 since July 2008 (on a national basis) - roughly 43%. However, negative equity fears and oversupply remain a concern.

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Latest indicators suggest that the construction recession has intensified over recent months.

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Today, DKM Economic Consultants released the September 2009 issue of Economy Watch.

DKM’s Snapshot of Economic Forecasts gives a concise but comprehensive outlook for the Irish economy based on the latest predictions from 15 leading sources, both Irish and key international bodies such as the IMF, EU and OECD.

This September edition of Economy Watch contains a special article on NAMA from our chairman, Brendan Dowling, which assesses the likely impacts of NAMA and considers whether alternative approaches can achieve NAMA’s aims at lower cost to the taxpayer.

Click here to register for free to access Economy Watch.

Click here to access the press release.

A report entitled Shannon LNG – Economic Benefits to the Irish Economy by DKM Economic Consultants has recently been made available to the public domain. This report, which was commissioned by Shannon LNG, assesses the socio economic benefits to Ireland of the proposed Shannon LNG terminal between Tarbert and Ballylongford on the Shannon estuary.

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Affordability - at 14% - is back to the levels of the mid-nineties.

The EBS / DKM Affordability Index shows that affordability for first time buyers continues to improve and that this trend is set to persist, despite reductions in incomes.

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The sharp and painful adjustment continues as industry faces its most severe contraction in thirty years....

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Delegates at the Euroconstruct Conference in Warsaw were informed last Friday that there would be no recovery in construction output in Western Europe until 2011.

For further information, please see the press release.

DKM can provide summary and detailed country reports with construction and economic forecasts for the 19 Euroconstruct member countries. Please click here for further information.

A Preliminary Construction Forecast for 2009 has been prepared for Department of the Environment, Heritage and Local Government.

Click here to access report

This report has a vision to save 70,000 jobs over the next three years, maintain highly skilled productive resources in Ireland and deliver necessary infrastructure at excellent value for money for the public benefit, with minimal additional State borrowings

Click here to access the report.

Brendan Dowling, chairman of DKM Economic Consultants, says there has to be a clear path to reducing borrowing in the Budget, but deciding on measures to generate employment will be difficult.

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Today, DKM Economic Consultants released the March 2009 issue of Economy Watch.

For 2009, the DKM Snapshot predicts GNP will contract by 6%, with recent forecasts as low as -8% for GNP this year.

This issue of Economy Watch focuses on the deteriorating domestic situation, the challenges to be faced in the forthcoming April Budget and the difficulties in the banking system.

Click here to register for free to access Economy Watch.

Click here to access the press release.

A prolonged run of dismal performances by all construction indicators with no sign of a recovery anytime soon

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A report entitled Economic Importance of Engineers in Ireland by DKM Economic Consultants on behalf of the Engineers Ireland has been published recently. This report highlights the importance and contribution of engineers to the economy of the island of Ireland. It provides a profile of the engineering profession and it also presents, inter alia, an outlook for engineers in Ireland to 2020.

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Delegates at the Euroconstruct conference in Brussels last Friday were informed that there would be no recovery in construction output in Western Europe until 2011.

Comprising 19 Western, Central and Eastern European countries, the total volume of construction output across the Euroconstruct region is forecast to decline by 4.3% next year, following an estimated decline of 2.5% this year. Output is expected to stabilise in 2010 with a gradual recovery in 2011 (+2.2%).

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This report was prepared for Dublin City Council by a consortium led by DKM Economic Consultants.

The study considers the influences and effects Croke Park has on the immediate surroundings and the wider city. It assesses whether the stadium is functioning in the widest sense to the optimal benefit of Dublin's citizens, in particular those in the immediate catchment.

Based on both quantitative and qualitative research, this study developed a set of recommendations for optimising the relationships between the various stakeholders of Croke Park.

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Issue 15 of the Construction Indicators (November 2008) is now available to download.

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EBS/DKM Housing Affordability Index continues to show an improvement for first time buyers.

A first time buyer couple can save €2,600 when purchasing a home now compared with 2 years ago.

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DKM Economic Consultants has released the third issue of Economy Watch.

On average, GNP growth forecasts for 2009 in the unique Snapshot of Irish Economic Forecasts have fallen 5 percentages point since the July Issue.

This issue of Economy Watch focuses on the serious contraction in the Irish construction industry and the domestic impacts of the global credit crisis.

This is the final issue to be available in hard copy. From 2009, Economy Watch will be
available to those who register for free.

Download the November 2008 issue of Economy Watch here

Download the Press Release here

A report entitled Economic Assessment of a Regulated Casino Gaming Sector: Ireland 2008-2020 by DKM Economic Consultants on behalf of the Gaming & Leisure Association of Ireland has been published today. This report assesses the economic benefits that could flow from a properly regulated land-based and online casino gaming sector in Ireland.

Download the report here

DKM Economic Consultants has released the second issue of our quarterly Economy Watch.

On average, GNP growth forecasts in the unique Snapshot of Irish Economic Forecasts have fallen a full percentage point since the Spring Issue.

This issue of Economy Watch focuses on the private construction downturn and the impact
of the continuing oil price shock on the Irish economy.

Download the Summer 2008 issue of Economy Watch here

Download the Press Release here

Friday 13th June 2008:

Delegates at the Euroconstruct conference in Rome today will be informed of a further deterioration in the prospects for construction output across the Euroconstruct Region compared with the forecasts presented at the last conference just seven months ago.

The Summary Report of all papers read at the Euroconstruct conference and the All Countries Report containing detailed analyses and forecasts for the construction sector of each of the 19 member countries, can be ordered from DKM Economic Consultants.

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Issue 13 of the Construction Indicators (May 2008) is now available to download

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EBS/DKM Housing Affordability Index continues to show an improvement.

Our analysis of renting versus buying shows a couple is better off buying today rather than renting if they retain their property for more than three years, even after allowing for a 10% reduction in average house prices over the course of 2008.

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Today, DKM Economic Consultants publishes the first issue of Economy Watch - a Snapshot of Irish Economic Forecasts.

This unique Snapshot of Irish Economic Forecasts gives a concise but comprehensive outlook for the Irish economy based on the latest predictions from 13 leading sources, both Irish and key international bodies such as the IMF, EU and OECD.

Download the first issue of Economy Watch here

Download the Press Release here

Stability in the Housing Market is Good News for First-Time Buyers' Affordability.

By December the average first time buyer working couple in Ireland was spending 22.6% of their net income on mortgage repayments, compared with 26.4% a year ago.

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Issue 11 of the Construction Indicators report (November 2007), compiled by DKM on behalf of the Department of Environment, Heritage and Local Government, is now available to download.

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The Department of Environment, Heritage & Local Government has reappointed DKM to prepare a series of reports, including the annual Construction Review & Outlook over the period 2007-2009 on the performance and output of the construction industry.

DKM Economic Consultants, one of Ireland's leading economic consultancies, has opened its new offices at 6 Grand Canal Wharf, South Dock Road, in the fast-growing district of Ringsend, Dublin 4.

DKM Economic Consultants, one of Ireland's leading economic consultancies, has been acquired from Davy, Ireland's leading broker, by two of its principals, Annette Hughes and John Lawlor. The acquisition was aided by Brendan Dowling, a former partner at Davy, who was instrumental in establishing DKM. He will take up a position of director in the company.