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Examine the data above on housing construction in Ireland between 2005 and 2011 - Leaving Cert Geography - Question A - 2013
Question A
Examine the data above on housing construction in Ireland between 2005 and 2011. (i) Using graph paper, draw a suitable graph to illustrate this data. (ii) In your... show full transcript
Worked Solution & Example Answer:Examine the data above on housing construction in Ireland between 2005 and 2011 - Leaving Cert Geography - Question A - 2013
Step 1
Using graph paper, draw a suitable graph to illustrate this data.
Answer
To create a suitable graph illustrating the housing construction data from the table:
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Draw the axes: Start with graph paper and create a vertical axis (Y-axis) and a horizontal axis (X-axis).
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Label the axes:
- The Vertical Axis should be labeled 'No. Houses Built' (from 0 to 100,000).
- The Horizontal Axis should be labeled 'Year'.
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Plot the data points:
- Year 2005: 81,000
- Year 2007: 78,000
- Year 2009: 26,000
- Year 2011: 10,000
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Draw the graph: Connect the points with a line to create a line graph or use bars to create a bar graph. Make sure each point is marked clearly and the scales are accurate.
Step 2
In your answer book, explain one reason for the decrease in the number of houses built between 2005 and 2011.
Answer
One significant reason for the decrease in the number of houses built during this period is the economic downturn that occurred after the global financial crisis of 2008.
The burst of the housing bubble led to a significant reduction in construction projects due to increased financial insecurity. Major factors contributing to this decline included:
- Tighter lending standards: Banks became more cautious about giving loans for housing, leading to reduced access to finance for both builders and home buyers.
- Decreased demand: With rising unemployment and economic uncertainty, many potential buyers chose to postpone purchasing homes, resulting in a decreased need for new housing constructions.
This combination of tighter financial conditions and decreased consumer demand significantly impacted housing construction activity, leading to a sharp decline in the number of houses built from 2005 to 2011.