The latest Dublin Economic Monitor shows the capital’s business activity and employment remaining resilient, though some worrying trends lurk beneath the surface.
Dublin’s unemployment rate held steady at 5% in Q2 2023, indicating a stable job market. Employment reached new heights as almost 795,000 residents were employed, a 3.1% annual increase. Public sector hiring drove much of this job growth.
However, rising interest rates slowed housing construction, with new residential units commenced down over 30% versus last year. Consumer spending also showed signs of fragility as entertainment venues saw declines.
Foreign direct investment into Dublin tapered off too, dropping 55% annually with 46% fewer new jobs created. The volume and value of Foreign Direct Investment projects retreated.
While Dublin is so far avoiding major job losses, the data suggests rising economic uncertainty. Consumers are nervous, housing is slowing, and investment is down.
Dublin’s solid 5% unemployment rate seems at odds with the prevailing sense of anxiety. The question is whether worsening economic prospects will eventually catch up with the capital’s job market.
You can read the latest Dublin Economic Monitor here.
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