The latest data from the Q2 2024 Labour Force Survey and the Monthly Unemployment Release reveal promising trends in Ireland’s labour market. Employment figures show robust growth, reflecting government policies' effectiveness in economic recovery and job creation. As of the second quarter of 2024, 70,800 jobs were created over the previous year, bringing total employment to a new high of 2.74 million. This represents an impressive 2.6% increase compared to Q2 2023.
Regional and Full-Time Employment Gains Lead the Way
A significant portion of this employment growth has been driven by regions outside of Dublin, where 43,600 jobs were added over the year, marking a 2.3% increase. This regional growth aligns with the government’s strategy to achieve more balanced economic development across the country. Employment in the capital remains strong, but creating opportunities outside Dublin underscores a strategic shift towards regional economic empowerment.
Full-time employment saw a substantial increase, with 62,300 jobs added year-on-year in the second quarter, a 3.0% rise. Part-time employment also grew, though slower, with an increase of 6,900 jobs, or 1.2%. These figures suggest a solid demand for full-time positions, indicating that businesses want to strengthen their workforce with more permanent roles, which bodes well for long-term economic stability.
Unemployment Trends: A Slight Uptick but Still Low
The seasonally adjusted unemployment rate in July 2024 was recorded at 4.7%, slightly up from 4.5% in June 2024 and from 4.5% in July 2023. Despite this modest increase, the unemployment rate remains low by historical standards, highlighting the overall resilience of the Irish labour market.
Minister for Enterprise, Trade, and Employment Peter Burke commented on these figures, emphasising the government’s commitment to balanced regional development and highlighting the historic highs in female labour market participation. “The Irish labour market remains exceptionally resilient,” Burke said, “with more than half of the jobs created in the past year located outside of Dublin, showcasing the government’s commitment to balanced regional enterprise development.”
Macroeconomic Outlook: Balancing Growth with Stability
Finance Minister Jack Chambers highlighted the labour market's strong performance as a key indicator of economic health. With employment reaching a record high of 2.75 million in the second quarter, Ireland now employs nearly three-quarters of its working-age population. This record level of employment is consistent with strong income tax growth, suggesting a healthy increase in disposable incomes and consumer spending power.
Chambers also noted the slight increase in the unemployment rate, which may indicate a balancing of labour market conditions. “The modest uptick in the unemployment rate suggests some easing of the tight conditions that characterised the labour market last year,” he said. As labour demand moderates and supply remains robust, early signs suggest the labour market may be stabilising.
Looking Ahead: Sustaining Momentum in Job Creation
Maintaining this momentum will be crucial as the country moves forward. The forthcoming macroeconomic projections, published in October as part of Budget 2025, will offer further insights into how Ireland plans to sustain and build upon this success.
Ireland's continued growth and resilience in the labour market presents significant opportunities for individuals and businesses. Whether you're considering relocating to Ireland for work, expanding your business, or navigating the complexities of the immigration process, now is an excellent time to take advantage of the thriving job market.
Future Direct is one of Ireland’s leading immigration consultancy firms, offering expert guidance and support to corporate and individual clients. If you have questions about employment permits or entry visa applications or need assistance with any aspect of the immigration process, we're here to help. Call us today at +353 872400433 or email us at info@futuredirect.ie. Our team is ready to provide the answers and support you need to take the next step toward a bright future in Ireland.
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