Economy spews out positive numbers despite gloom via IrishTimesBiz
We are, to some extent at least, a victim of our own success
Then, on Tuesday, we had Enterprise Ireland’s end-of-year report, which indicated that the agency’s client firms created an additional 20,000 jobs last year. When jobs lost are taken into account, the net increase in employment by was 10,841, or 5 per cent. Firms backed by Enterprise Ireland employed 218,178 people in 2022.
To cap it off, the Central Statistics Office told us yesterday that the Republic’s headline rate of unemployment fell to 4.3 per cent in December, another two-decade low. A rate of 4 per cent is tantamount to full employment here. Speaking at the Enterprise Ireland launch, Minister for Enterprise, Trade and Employment Simon Coveney said that whatever 2023 brings we’re starting from a strong base. In employment terms, no one could argue that. Housing and health are different matters altogether. Enterprise Ireland boss Leo Clancy said businesses here were increasingly concerned about the negative impact of housing.
Mr Coveney said the Government’s housing targets for 2022 and 2023 would be met, even exceeded, “but it’s not enough, not close, I’m afraid”. Some of the pressures around housing, he said, were the result of a fast-growing economy. In other words, we are, to some extent at least, a victim of our own success. That, of course, will be cold comfort for those desperately scrambling to get on the property ladder.
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