The American Chamber of Commerce Ireland yesterday hosted a webinar to launch its 2021 US Ireland Business Report, which includes an economic assessment of the transatlantic relationship by Wall Street economist Joseph P. Quinlan.
The report shows an increase over the last couple of years in the number of US companies operating in Ireland, now standing at over 800, and an increase also in the numbers employed, now standing at over 180,000, up from 100,000 a decade ago. An estimated 144,000 in indirect jobs have also been created in the wider economy.
Each year in Ireland, US companies spend almost €10bn on payroll, over €6.3bn on goods and services and invest €5.3bn on capital expenditure. It is estimated that for every 10 jobs created by a multinational company in Ireland, a further 8 jobs are created indirectly.
Furthermore, Ireland is now the 9th largest investor into the US. It is estimated that 650 Irish companies have a US base and provide employment for 110,000 people across all 50 States.
The report also shows that despite the difficulties of the pandemic in 2020, IDA Ireland won 246 new investments and 20,123 new jobs in 2020 and 52% of these projects went to the regions. Ninety four percent of American Chamber members surveyed recently said their corporate headquarters had a positive view of Ireland as a place for future investment.
Commenting on the report, Joseph Quinlan said, "US multinationals prefer to invest in markets and economies that are healthy and growing, and on this basis, Ireland easily stands out from the rest of Europe and many emerging markets for that matter. Ireland has been a growth leader in Europe over the past decade and crisis-torn 2020 was no different."
He concluded, "Ireland’s human talent remains a key attraction, notably among high productivity sectors and innovative industries like pharmaceuticals and information technology. Given Corporate America’s never-ending search for talent, Ireland’s young, well-educated and English-speaking talent pool remains a key competitive edge for US ﬁrms based in the country."