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Dublin eighth in the world for career opportunities as capital's unemployment drops to 14 year low


Dublin's Grafton Street (Stock photo)

Dublin's Grafton Street (Stock photo)

Dublin's Grafton Street (Stock photo)

Dublin ranks eighth in the world for career opportunities

Dublin now ranks eighth in the world for career opportunities as the capital's unemployment rate drops to its lowest level in 14 years.

Unemployment was at 4.4pc in the third quarter of 2019, a fall of 9.3pc since the start of 2012 when the number of people out of jobs peaked at 13.7pc.

This is according to Dublin Economic Monitor (DEM), which is produced by EY-DKM Economic Advisory on behalf of the four Dublin Local Authorities.

Associate Director of HIS Markit Andrew Harker said that that the capital is now the eighth top city in the world for career opportunities, job security and work-life balance.

"The pick-up in output growth in the final quarter of 2019 provides some optimism that firms in Dublin will see further improvements in momentum in early-2020, as the uncertainty surrounding Brexit that has held the wider economy back lifts for the time being.

"While the Rest of Ireland saw output dip into contraction, any reinvigoration of growth in the capital should help the rest of the country head back into expansion mode," he said.

The DEM also revealed that a total of 243.4m public transport trips took place in Dublin last year. This represents an increase of 19.5 million journeys (+8.7pc) on 2018.

However, business activity saw only a modest pick-up in the last quarter of 2019.

It said receding global trade tensions and temporary clarity over Brexit helped the Dublin manufacturing sector return to expansionary territory for the first time since the fourth quarter of 2018, while services output also accelerated.

However, Brexit uncertainty was still apparent in Dublin Port with throughput seeing its second consecutive quarter of decline.

Ciara Morley, Economist with EY-DKM Economic Advisory, said that since the economic crisis, Dublin has emerged as one of the fastest growing cities in Europe.

"Unemployment is now at its lowest level in almost 15 years and the workforce is at an all-time high," she said.

"There is little doubt, however, that this success has brought with it its own challenges and Dublin is now facing several issues that are impacting its international competitiveness.

"Our analysis shows, for example, that the challenges in the housing market - where average residential rents have increased in Dublin by 6.7pc Year on Year are causing a drag on Dublin's position in rankings focused on the quality and cost of living.

"Policies to boost housing supply, and thus affordability, in the city should go some way to improving the quality and cost of living for residents and expatriates alike."

The Mastercard SpendingPulse, published as part of the DEM, shows that despite weakness in spending on discretionary goods, Dublin retail sales growth was solid in Q4 2019.

Online Editors