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2018 sees IDA hit highest ever job figures

Wednesday, 9th January, 2019 5:02pm

The IDA recently announced that record numbers are now being employed by foreign companies in Ireland, with a growth of 4,500 jobs in 2018. Over 600 of these jobs were created in Cork.

22,785 jobs were created in foreign direct investment (FDI) companies in 2018, although Cork’s region, the South West actually saw one of the lowest growth amounts in the country at five per cent. Only one other region, the border area, saw lower growth at three per cent.

However, the South West region has been hugely successfully and employs easily the second largest number of people after the Dublin region at 41,108 and 96,760 respectively.

IDA Ireland, the Irish Government agency responsible for attracting FDI to Ireland, which celebrates its 70th anniversary, said that employment levels in its client companies have reached 229,057. FDI’s performance has exceeded targets contained in IDA Ireland’s Strategy - Winning: Foreign Direct Investment 2015-2019.

IDA clients added two and a half times more jobs under the Winning FDI strategy than in the first four years of IDA’s previous strategy 2010–2014.

58 per cent of employment is now outside of Dublin in 2018, which is the highest number of people employed by IDA clients outside of Dublin in the history of the organisation, with more jobs added in the regions than at any time over the past 17 years.

Heather Humphreys, Irish Minister for Business, Enterprise and Innovation said: “The IDA’s record results for 2018 underline how strongly Ireland continues to perform when it comes to attracting FDI. The Government will continue working hard in 2019 to ensure that Ireland remains a destination of choice for overseas firms looking to invest or expand their presence in Europe.

“I particularly welcome the gains made in deepening and growing investment outside of Ireland’s main cities. I am determined, together with the IDA, to see this trend continue.”

Martin Shanahan, CEO of IDA Ireland said: “FDI has transformed Ireland over the last 70 years. FDI continues to drive the economy with strong employment growth at seven per cent, compared to national average of three per cent in 2018.”

The IDA say that client companies create over eight jobs locally for every ten jobs in an FDI company.

Spillovers from multinational company investment directly into the Irish economy include expenditure on Irish materials and services totalling €7.5bn, an annual payroll spend of €11.7bn and capital investment of €5.7bn.

Mr Shanahan added: “10 years on from the financial crisis, the global economy continues to grow at a steady pace but the OECD says global GDP growth has peaked and is slowing on the back of weaker trade growth and less supportive monetary and fiscal policies.

“Ireland wins a much larger market share of European FDI than expected for its size. Ireland’s share of all FDI projects to the EU in 2017 was 5.4 per cent, while Ireland’s share of EU GDP was just 1.9 per cent.

“As we said last year, maintaining the competitiveness of the Irish economy remains absolutely essential. Issues that our clients are raising and that the National Competitiveness Council has also identified include: residential housing – availability and cost; skills; infrastructure investment; investment in the education sector and income tax levels at the higher marginal rate.

“Ireland must also prepare for a scenario where technology - artificial intelligence, machine learning and robotics play an increased part in our working lives,” he said.

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