Employment in the Irish multinational sector grew by 6.8% in 2015 to a fresh high of 187,000 according to the Irish Industrial Development Authority (IDA) annual survey of employment in multinational companies.
This is the sharpest pace of job creation in the sector since the survey began in 2003 and compares with a 4.9% gain in 2014.
Davy Stockbrokers indicate that this is encouraging given past concerns that the end of the ‘double-Irish’ tax structure, combined with bottlenecks in residential and office space in Dublin, which may have served to slow foreign direct investment (FDI) into Ireland.
Employment growth in multinationals outside the Dublin and mid-east region has outpaced the capital for the first time. Of the total 11,833 jobs created, 5,793 were in the Dublin and mid-east region but 6,040 were from multinational sector companies located in the rest of the country.
This means that 53% of the jobs created by IDA client companies in 2015 were outside Dublin. Nonetheless, multinational sector employment still grew by a robust 6.8% in the capital.
According to Davy Stockbrokers, "Our analysis of the jobs announced indicates that close to 60% were in information and communications technology (ICT) companies and 20% in pharmaceuticals and medical devices.
"As was previously the case, job announcements in the ICT sector were biased towards Dublin, but significant exceptions included the 1,000 jobs announced by Apple Inc in Cork and the 300 announced by Uber for Limerick. The pattern of job announcements in 2015 still shows robust growth in Dublin-based ICT companies – indicative of continued strong demand for office space."