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EY report projects 144,000 new jobs by 2020

New jobs are projected across a number of sectors, including manufacturing, construction, ICT and transport and storage

Economic Eye has released a new economic report that outlined a huge increase in job growth across Ireland during the period of 2014 to 2017 accounting for an increase of 12.4% net employment throughout all industries. 2016 was a good year for employment statistics across the island as 57,000 new jobs were created. 

Their latest report also outlines forecasts of 4.9% GDP growth for Ireland and projects 144,000 net new jobs across the island by 2020. The Report can be viewed here.

Breaking it down the growth figures are driven largely by ROI, where 138,500 new jobs are projected across a number of sectors, including manufacturing, construction, ICT and transport and storage.

Here are some of the major highlights from the report:

  • Job growth in the labour market is positive across the island, with an increase of 12.4% in net employment over the last 5 years, broadly spread across sectors and geographies.
  • There is a broad sectoral spread in the job outlook, with strong service sector growth complemented by construction and industrial jobs, particularly in ROI.
  • Construction continues to climb from historically low levels of employment, while transport and storage is growing due partly to disruption in the retail and logistics sectors.
  • Public sector contraction is projected in NI and retailing is anticipated to suffer as real incomes fall. However tourism and cross border shopping mitigate these effects somewhat.
  • Agriculture could be profoundly impacted by Brexit and is therefore very hard to forecast. Strong global demand and reputation give reasons to be positive despite looming change.

EY Economic Eye’s role is to increase trust and confidence in business, sustainable growth, development of talent and greater collaboration throughout Ireland and is a global leader in assurance, tax, transaction and advisory services.

To view more about the work carried out by EY and life within EY can be viewed here.

 

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