Highest Increase in FDI Employment ever – IDA Ireland
Posted on: 14/Dec/2022 5:03:59 PM
IDA Ireland, the inward investment promotion and development agency of the Irish Government, today reported strong annual results for 2022 with a substantial increase in growth in FDI employment on 2021.
Total employment in IDA client companies in Ireland now stands at 301,4751, a 9% increase on 2021. 103 of the 242 investments won in 2022 were new name investments.
Job losses remained at historically low levels with 8,407 recorded in the past year giving a net jobs total of 24,019 for 2022.
Total employment in IDA client companies in core sectors grew in 2022, up 9% to 116,192 in Information and Communications Services, up 8% 105,199 in modern manufacturing, 5.6% in traditional manufacturing to 23,658 and up 9% to 56,426 in business, financial and other services.
The strong growth in regions continued this year with 127 - or 52% of the investments won going to regional locations and employment growth recorded in every region of the country. Employment growth was highest in the Mid-East region; up 13.1% to 21,861. The Midlands Region was up 10.5% to 7,665, Dublin was also up 10.5% to 137,822, the Border up 6.3% to 8.885, the South West was up 7.5% to 52,228, the West region was up 7.3% to 31,490 the Mid-West recorded a growth increase of 3.6% to 26,004 and there was growth of 3% in the South East, to 15,520.
With sustainability one of five pillars of our strategy, IDA`s strong focus was evident in the number of sustainability project approvals in 2022 with 21 investments secured, the majority of them focused on climate change mitigation. A focus on transformation is more important than ever if companies are to remain competitive amid an accelerating shift towards a low carbon and high-tech economy. The resilience and longevity of MNCs in Ireland reflects their ability to constantly transform in response to change. IDA is engaging with clients on RD&I, training, digitisation and sustainability related investments to ensure the FDI base is positioned for continued success in the future.
The 2022 figures continue the pattern of sustained, robust growth in FDI investment and FDI-related employment that has been achieved over a continuous period of more than ten years. However, at the announcement of our mid-year results in July, we pointed to serious global challenges and uncertainties. It is now evident that the global economy faces serious headwinds in 2023 with the continuing Russia-Ukraine war, inflation, monetary policy and geo-political developments.
IDA continues to monitor the situation in the global technology sector and continues to actively engage with its technology client base. The layoffs announced in recent weeks are regrettable and our thoughts are with those who have lost, or are in the process of, losing their jobs. The companies that have announced job losses in recent days will continue to operate in I Ireland and are important companies in the global and Irish ecosystem. IDA`s focus is on the continued partnership with these companies to continue to grow their presence in Ireland and deepen their impact on the Irish economy. The technology base in Ireland has been building for over 60 years and will continue to grow in the future, despite current challenges. The underlying strength in the technology sector is driven by a number of factors, including the pace of digitalisation (across all sectors) and the associated need for new digital infrastructure and services.
