Irish Jobs Market Shows Resilience Despite Global Headwinds
Table of Contents
- 1. Irish Jobs Market Shows Resilience Despite Global Headwinds
- 2. What specific measures will the goverment take to support the growth of the green economy in Ireland?
- 3. Ireland’s Resilient Jobs Market: Q&A with Minister Peter Burke
- 4. Archyde News recently sat down with Minister for enterprise, Tourism and Employment, Peter Burke, to discuss the resilience of Ireland’s jobs market in 2024 and the government’s strategy for continued growth.
Despite global economic uncertainty, Ireland’s jobs market demonstrated resilience in 2024, adding 1,064 new roles in foreign-owned firms, according to the Department of Enterprise, Tourism adn Employment’s Annual Employment Survey.
While this represents a modest 0.3% growth compared to 2023, it marks a notable turnaround after fears of job losses following the “tech wreck” of 2023, which saw numerous large tech employers cut jobs after pandemic-driven hiring sprees.
Minister for Enterprise, Tourism and Employment, Peter Burke, highlighted the significance of this growth, stating, “Among foreign owned firms, employment growth in chemicals, business services, and medical devices sectors has meant that we have maintained 300,000 roles across FDI, with 2,237 additional roles added this year.”
employment in firms supported by Enterprise Ireland, IDA Ireland, and Údarás na Gaeltachta reached an all-time high of 546,763, reflecting a 1.3% increase compared to 2023 figures. Irish-owned firms contributed significantly to this growth,adding 5,966 jobs,driven by a 2.7% rise in employment.
Minister Burke emphasized the goverment’s commitment to supporting Irish businesses and attracting new investment, stating, “Government enterprise policy is working and making a important impact on employment levels and wider society. My department will maintain a laser focus on jobs, actively supporting and incentivising Irish businesses, while also investing in bringing new jobs to Ireland.”
Further bolstering the positive economic outlook, the Department’s Annual Business Survey of Economic Impact revealed robust growth in sales and exports for both Irish and foreign-owned companies. Total sales surged 6.8% to €509.7 billion in 2023, while exports reached €459.4 billion, a 7% increase from the previous year.
These figures underscore Ireland’s strong position as a global trading hub, especially with the united States. Sales to the US hit a record €72.6 billion in 2023, demonstrating the vital role of American multinational companies in Ireland’s economy.
Looking ahead, Ireland’s jobs market appears poised for continued growth, driven by government initiatives, robust exports, and the continued expansion of foreign investment.
What specific measures will the goverment take to support the growth of the green economy in Ireland?
Ireland’s Resilient Jobs Market: Q&A with Minister Peter Burke
Archyde News recently sat down with Minister for enterprise, Tourism and Employment, Peter Burke, to discuss the resilience of Ireland’s jobs market in 2024 and the government’s strategy for continued growth.
Archyde News (AN): Minister Burke, despite global economic headwinds, Ireland’s jobs market demonstrated remarkable resilience this year. What factors contributed to this positive outcome?
Peter Burke (PB): Thank you. Ireland’s resilience can be attributed to several factors. firstly,our diverse economy,with strengths in sectors like business services,chemicals,and medical devices,cushioned us from the impacts of the ‘tech wreck.’ Additionally, government initiatives like enterprise Ireland, IDA Ireland, and Údarás na Gaeltachta have been instrumental in supporting indigenous businesses and attracting new FDI.
AN: The employment figures for firms supported by these agencies reached an all-time high. How have these agencies been able to drive such significant growth?
PB: These agencies provide wrap-around supports to businesses, including funding, networking opportunities, and market intelligence. They’ve been proactive in helping businesses adapt to changing market conditions and access new export opportunities. The 5,966 new jobs added by Irish-owned firms this year are a testament to their success.
AN: Sales and exports also surged in 2023. How crucial is Ireland’s relationship with the United States to these positive figures?
PB: Our relationship with the US is indeed critical. American multinational companies play a vital role in our economy, with sales to the US hitting a record €72.6 billion last year.We’re committed to strengthening this partnership through further investment in research and development and innovation.
AN: Looking ahead, what are the key priorities for the ministry to maintain Ireland’s robust economic momentum?
PB: We’ll continue to focus on jobs, actively supporting and incentivizing irish businesses, and attracting new investment. We’re also prioritizing digital conversion and the green economy. The upcoming budget will reflect these priorities, ensuring we’re well-positioned to navigate any future challenges.
AN: Lastly, Minister, what advice would you give to businesses looking to thrive in this dynamic economic environment?
PB: I’d advise businesses to stay agile, adapt to change, and seize the opportunities presented by Ireland’s economic resilience.They should also engage with the agencies and supports available to help them grow and prosper.
