Over 7,000 foreign investment jobs in 2014 create almost 5,000 knock-on positions in local economy – Corcoran Kennedy

“Foreign investment by IDA client companies created 7,131 high-skilled jobs in 2014 and resulted in almost 5,000 additional positions in the local economy, particularly benefiting the construction sector. This is very much to be welcomed and to be encouraged in 2015” says Marcella Corcoran Kennedy, Fine Gael TD for Laois/Offaly and Chairperson of the Oireachtas Jobs Committee.

“IDA investment is important in creating opportunities for our skilled workforce. However as every ten jobs generated by Foreign Direct Investment (FDI) generate another seven in the wider economy; there is also a significant impact for local areas. In 2014 7,131 jobs were created directly by FDI, meaning that almost 5,000 additional positions were made available in other areas as a result.

“It is estimated that approximately 10,000 people are currently employed on construction projects underway with IDA client companies. Local shops and other businesses also employ additional staff as a result of this investment.

“While FDI in any part of Ireland will always be good news for the country as a whole, it is a fact that the majority of this investment has historically been concentrated in and around Dublin and Cork. The IDA has targeted investment outside of these areas and has been successful in 2014 in securing 37% of investments outside Dublin and Cork; this is up from 30% recorded in the previous year.

“This year the Action Plan for Jobs will launch the Regional Development Strategy; a pilot programme to be kick-started in the Midlands, aiming to increase investment and job creation in the regions. A recent stakeholder meeting attended by people from Offaly and other counties in the region was very encouraging and I hope to see further increases in jobs created outside the main cities as a result of this strategy.

“The latest Live Register figures show that the unemployment rate has dropped to 10.7% from a high of 15.1% in 2012. Thanks to the sacrifices people have made it is now possible for the Government to cut taxes. Every household with somebody in full-time work will have more money in their pockets this month and we’re committed to reducing personal taxation further this year.

“FDI has been key in creating high-quality jobs for our graduates and skilled workers. It also has a hugely positive knock-on effect on local economies. I commend the Minister for Jobs, Richard Bruton for his dedication to this area and I look forward to further growth in the jobs market in 2015.”