LIMERICK is one of the top performers in business growth, with a 43% increase job vacancies over the past three months, a new report shows.
According to IrishJobs.ie-commissioned report, authored by economists at Dublin City University and Maynooth University, said that Limerick is “now home to a number of thriving industries”, namely pharma and engineering.
Since June, the number of job vacancies has majorly increased by 43%, the reports states. Its Job Index also shows a 22% increase on the same period last year.
The report shows that the major employers in Limerick include Northern Trust and Regeneron, which recently announced a significant jobs boost to the local economy.
IrishJobs.ie general manager, Orla Moran said that while Dublin enjoys a lion’s share of national job creation, urban Limerick proves to be increasingly popular as “alternative location for business growth”.
“Broadly speaking, Ireland is in a strong position. While we are not seeing as steep an increase in job creation as witnessed in recent years, we remain on course for another year of steady growth, with a sustained albeit modest increase in the number of jobs vacancies.
“The success of high-skill, high-value STEM industries are a litmus test for an advanced economy, and in this space Ireland is performing well: our science and medical industries have increased their hiring by 15% and 6% respectively year-on-year,” she said.
Though the jobs index shines a positive light on urban employment, rural Ireland is “lagging behind in job creation”, Ms Moran added.
She said that there are challenges ahead, amid Brexit negotiations between the UK and the European Union.
“If the UK crashes out of the EU without a deal, Ireland will bear the brunt of the damage. A hard Brexit will likely lead to tariffs, taxes, border checks, supply chain disruption—all of which threatens economic growth in Ireland and, ultimately, job creation. In other words, many Irish employers are understandably cautious of committing to new recruitment until the macro-landscape becomes a little clearer,” she explained.
Last Wednesday, pharmaceutical giant Regeneron announced an additional 300 new jobs, as part of an €84.9m investment to further expand its Limerick industrial operations and product supply.
It will mean the company – headquartered in New York – will increase the number of people employed in Raheen Industrial Estate to 800.
Regeneron exists to develop drugs for people with serious medical complaints.
Regeneron’s 400,000 square foot, state-of-the-art production facility in Limerick is the largest scale bulk biologics production facility in Ireland and one of the largest biologic production operations in the world.
Nationally, hotels and catering, banking, finance and insurance, sales, information technology, and manufacturing are among the top performing sectors in Ireland.