‘For every ten jobs created by an IDA client company, there are seven knock-on jobs set up in the wider economy.’
IDA Ireland, the Government agency responsible for attracting foreign direct investment, says total employment at overseas companies in Ireland now stands at 199,877 people, the highest level on record.
IDA client companies created just under 19,000 (18,627) jobs in 2016.
A record number of investments secured during the year rose to 244 from 213 in the previous year.
Significant knock on effect for SMEs
The capital spends that FDI investments bring have a significant knock-on effect for the Irish economy.
Significantly, this capital investment is spread throughout Ireland, with 63% of capital investment happening outside of Dublin.
“For every ten jobs created by an IDA client company, there are seven knock-on jobs set up in the wider economy,” says Mary Mitchell O’Connor TD, Minister for Jobs, Enterprise & Innovation.
Sectors like pharmaceuticals, engineering, and manufacturing, are particularly capital intensive, often investing tens of million in developing their sites.
Many of the projects won in 2016 were capital intensive (€5.5bn in capital expenditure).
Among the leading investments secured during the year were:
Oracle expands its Dublin operations with plans to recruit 450 new hires to drive its Cloud business.
First Data to establish an R&D Hub in Nenagh, Co. Tipperary which will house up to 300 highly skilled employees.
Credit Suisse opened a Front Office trading floor in Dublin which will accommodate 100 new staff.
Hubspot in Dublin will hire an additional 320 jobs to accommodate future growth.
Shire announced plans to expand its global biotech manufacturing capacity with an investment of US$400m and creating 400 new positions upon completion of its project in Dunboyne, Co. Meath.
Kellton Tech Solutions Limited, a global IT company, established its EMEA headquarters in Drogheda, Co. Louth, creating 100 jobs over five years.
Wayfair Inc. (NYSE: W), one of the world’s largest online destinations for home furnishings and décor announced the expansion of its multi-lingual European Operations Centre in Galway creating approximately 160 new jobs.
Amazon announced the creation of 500 new jobs in Dublin.
Surmodics in Galway announced an investment of 16.5m and creation of 100 new jobs in Ballinasloe.
Fazzi Healthcare Services established a new Irish-based coding and healthcare services company in Limerick, creating 300 jobs over five years.
Cylance expands EMEA Operations with Opening of a Cork based office generating approximately 150 employment opportunities over the next three years.