The six top growth industries in Ireland today
Published 25/08/2009 | 14:17
The top growth industries include IT Services/Computer Software/Hardware, Accounting and Auditing, Innovation and Intellectual Property Related Enterprises, Green Sector Jobs, Business Services and Medical/Health
Most of the job search engines, career sites and economists agree that the top growth industries include:
1. IT Services/Computer Software/Hardware
ICT is a key growth sector for Ireland and the availability of highly skilled IT professionals here has attracted many high profile companies that continue to reinvest.
In addition, the IT outsourcing market could boom as employers increasingly look to third-party providers in order to cut costs.
2. Accounting and Auditing
There is still some demand for qualified and part qualified accountants when all eyes are on the books at the moment.
There is steady demand for compliance and risk professionals.
Qualified and newly qualified accountants are required within the pharmaceutical, manufacturing and energy industries, as are candidates with insolvency and forensics experience.
3. Innovation and Intellectual Property Related Enterprises
Even in an economic downturn, businesses that are focused on innovation and niche product development can continue to grow.
The introduction by the Government of a new tax relief on capital expenditure incurred in the acquisition of intellectual property (IP) should act as a catalyst to attract further inward investment into Ireland and ultimately lead to the creation of new jobs.
4. Green Sector Jobs
Employment in green sectors is on the rise according to recruitment agencies. Jobs in green areas such as renewable energy, environmental and energy-efficient technologies are forecast to continue to increase.
Indeed, a joint report recently published by Forfás and Inter Trade Ireland showed that the environmental sector has the potential to become a valuable component of long-term economic development in Ireland.
The creation of more and more companies in the green sector, such as wind farms and waste-water specialists has led to a strong demand for energy consultants and electric engineers.
We are also likely to see a massive demand for qualifications in environmental biology, renewable and electrical energy systems, environmental management and specialist fields within science and engineering.
What's more, companies involved in the production of environmental goods and services need all the other traditional supporting business functions such as finance, HR and marketing.
5. Business Services
During the recent months of relentlessly bad economic news it is notable that inward investment (through the IDA pipeline) has continued.
Indeed the latest Services Trade statistics released by the Central Statistics Office show that Services exports were up by 3% valued at €67.59 billion.
The rapid emergence of internationally traded services (e.g. computer and information services and insurance services) reflects the growing importance of our knowledge based industries.
There is a huge potential for a wide range of indigenous companies to join multi-nationals in exporting services from Ireland. This will be fuelled, in no small part, by the availability of an educated, young and linguistically diverse workforce.
The medical recruitment industry is not reporting the same dismal problems seen in some sections of the recruitment industry. Because of the aging baby boomer population, many companies and organisations related to health care and other needs of the elderly are in a good position to weather the recession.
While nursing is going through a difficult time in terms of recruitment, the increase in the number of private healthcare providers should see prospects look up in the medium term.
The pharmaceutical industry is in a good position to see out the recession; people will always need medical care ensuring a continued demand for research, development and production of new drugs.
Medical sales jobs offer opportunities at the moment while medicine and dentistry tend to be careers in which people can prosper despite general economic difficulties.
Dave Kilmartin, Head of Careers, Dublin Institute of Technology.