Dublin labour market continues to improve

The economy in Dublin continues to show positive signs with an improving labour market and positive property price growth. Dublin remains one of the potential beneficiaries of Brexit relocations.

Dublin city at night
The eleventh issue of the Dublin Economic Monitor has been launched. A joint initiative of the four Dublin local authorities, the Monitor focuses on the Dublin region, and tracks 15 key economic indicators.

Dublin economy shows positive signs

Essentially the Monitor captures data from the height of the boom to the economic crash and the subsequent recovery. These indicators currently show that Dublin’s labour market continues to improve, with a rebound in the construction sector central to expansions in business activity.The unemployment rate in Dublin dipped to a 9-year low of 6.1 per cent in Q2 of 2017.Residential rents in Dublin returned to strong levels of growth in Q2 2017 as average rents for houses and apartments reached new peaks. Meanwhile, residential property prices rose to a 9-year high with YoY growth rates exceeding 11 per cent in both June and July.The use of public transport continued to grow strongly to reach a new peak of over 52 million passenger journeys in Q2 2017. Passenger arrivals at Dublin Airport maintained an upward momentum in Q2 2017 on the back of greater connectivity to other international destinations.Housing completions in Dublin increased to over 540 (seasonally adjusted) in May 2017 and are expected to rise further on the back of greater levels of housing commencements.  Lorcan Blake, economic consultant at DKM Economic Consultants said, “It is evident that the Dublin economy has maintained its momentum in 2017 with the labour market showing particularly positive signs.“Rising employment and tourism volumes have fed through to many aspects of the economy, including both Dublin Airport and the public transport system where passenger journeys continue to increase at strong rates.”
Latest news:

Confidence is increasing in Dublin

Austin Hughes, chief economist at KBC Bank Ireland said, “Dublin consumer sentiment saw a strong improvement as the persistence of healthy trends in activity and employment eased earlier fears of a sharp Brexit related slowdown.“This increased confidence was also reflected in a marked upgrade of the buying climate by Dublin consumers that should help underpin consumer spending in the capital.”Andrew Harker, Senior Economist at IHS Markit said, “The Dublin private sector economy continued to grow strongly during the third quarter of 2017, supported by sharp rises in new work.“There was a welcome pick-up in the rate of job creation following a slowdown in Q2, with firms increasingly willing to take on extra staff in line with higher workloads. The capital’s economy, therefore, looks in good shape to end the year on a positive note.“All three monitored sectors saw output expand, with the construction sector again the best performer. Growth outside of Dublin also remained strong in Q3, highlighting the broad-based nature of the current upturn.”

Brexit financial beneficiary

The positive economic momentum Dublin is showing is well timed. The city is seen as a potential destination for financial firms leaving London after Brexit.Earlier this month the lord mayor of London, Andrew Parmley, told the Irish Times, “If I were the person making the decision to leave the UK, I think I would be thinking of Dublin before anywhere else.“I would put Dublin ahead of Frankfurt or Paris because of the language question. Communication is an enormous benefit. If I can pick up the phone with someone in Dublin, we’re talking straight away. But I think the real threat to all of us, the whole 28 [EU member states], is New York and I think we’re not going to see as much movement within Europe as we see elsewhere.”Access to the full report is provided by clicking on the following link: www.dublineconomy.ie  Register at the following link http://bit.ly/1W3Xdjs for quarterly updates on Dublin’s economic performance.For related news and features, visit our Enterprise section.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Global Mobility Toolkit download factsheets resource centreAccess hundreds of global services and suppliers in our Online DirectoryClick to get to the Relocate Global Online Directory  

Related Articles