New research released today by PwC has found that Ireland's aviation leasing industry currently contributes US$660 million (€541 million) to the Irish economy supporting nearly 5,000 jobs. The industry in Ireland experienced exceptional growth of 36% in aircraft numbers in the five years to 2016 and is expected to show further significant growth to 2021.
Launched ahead of the annual aviation finance conferences in Dublin this week, the report benchmarks the economic footprint of Ireland's aviation leasing industry. PwC Ireland carried out substantial research amongst Ireland's leading aviation leasing players compiling data for the Irish industry from 2012 to 2021 on financial, fleet and staff metrics as well as gathering insights on policy areas while also identifying key threats.
The report shows that Total Full Time Equivalent (FTE) jobs supported by the industry in 2016 were 4,970, with approximately 1,700 direct jobs. The report highlights that many of the individuals working directly in the industry are key decision makers in senior management positions.
Looking to the future, based on the work required to service the anticipated growth in assets, PwC expect that there will be significant growth in contribution to the economy and jobs in the next five years to 2021.
According to the study, Ireland's key strengths in attracting the industry here are the depth and nature of the double tax treaty network, a competitive tax regime, skilled labour availability and Ireland's legal and regulatory framework. In particular, the report notes that it is very important to ensure that Ireland's current tax treaty network continues to expand and those more limited treaties are updated in order to enable Ireland to maintain its competitive advantage.
Launching the report, Minister for Finance, Public Expenditure and Reform, Paschal Donohoe said, "This inaugural PwC report benchmarks the economic impact of Ireland's aviation leasing industry and is a very valuable measure of the industry and its potential. The aviation sector in Ireland continues to grow and to be a significant contributor to the Irish economy in terms of the number of jobs created, the amount of revenue generated and of, course, the knock-on effects for the economy generally."
Source: www.businessworld.ie
