Link Blog | April 28, 2015
This article will apear in the next edition of the Dublin People newspapers.
Dublin Economy Leads the rest of the country
Cormac Spencer
Last week saw further evidence of a rebound in Dublin’s economic fortunes in the form of the ‘Dublin Economic Monitor’ a report commissioned by the capital’s 4 local authorities. The findings of the report echo a lot of what has been written in these pages before regarding the improving employment picture in the capital, noting increases in output, falls in unemployment and more importantly increased job creation. Unemployment in Dublin has now fallen to 8.9% from a high of 13% in 2012. While it says something about the economic times we find ourselves in that we should herald an unemployment rate of 8.9% as good news, it does represent a marked improvement in a relatively short space of time. What’s more the report shows that at 8.9% Dublin’s unemployment rate is a full 1.5% below the national average. This drop in the number of people who are jobless is due in large part to the 17,000 jobs created in the capital last year. This latest increase brings the total number employed 585,000. Outside of employment the report shows increases in public transport journeys (a further indicator of economic growth) as well consumer sentiment, which should continue to support the gradual recovery in retail job opportunities. So while all is not yet totally rosy in the garden, the green shoots of recovery are definitely evident. Dublin is a magnet for jobs and investment in Ireland and with economic (GDP) growth set to average about 4.5% over the next 2 years, it seems the prospect of the Dublin Economic Monitor reporting further improvements in the unemployment statistics next year are very real.
Of course the study raises the question as to whether efforts should be made to rebalance the benefits of economic growth across the country. The idea may not find favour with many people reading this newspaper, but balancing economic growth more evenly can lead to better standards of living for people inside and outside of Dublin. For instance, the report notes strong growth in house prices and commercial rents, making Dublin a more expensive place to live and work. Dublin accounts for 40% of Irish GDP (double London’s contribution to its economy) and while the benefits of such economic concentration are undoubted, there can be drawbacks, in terms of pressure on services and longer commuting times among other things.
Those questions aside, the positive aspect of the report is undeniable. A number of other reports suggest that unemployment in Dublin will continue to fall as we work ourselves out of a difficult period and while we aren’t out of the woods yet, its clear that we aren’t far off. What’s also clear is that Dublin is a place of opportunity, increasingly so in the area of employment. I continue to see the evidence on a daily basis, as existing clients increase staff numbers and many new clients seek to new hire. If you are looking to move jobs, don’t get stuck monitoring, take advantage of the opportunities available now
If you are looking for a new job, call us on 01 845 6312 today!
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