New IDA jobs and investments lower in first half of year

The number of investments into Ireland by foreign multinational companies fell in the first six months of the year.

Mid-year results published by inward investment agency IDA Ireland show that between January and the end of June, there were 131 investments secured, down from 139 over the same period a year ago.

The projects collectively are set to yield 8,900 new jobs, down 26% on the 12,072 reported for the same six months in 2023.

The IDA does not publish the number of jobs lost at multinationals at the mid-point of the year as it only collates that data at year end.

As a result, the figures published today do not take account of any role cuts announced by foreign firms here over the last six months.

Despite the subdued performance, IDA Ireland said it had exceeded its own targets around number of investments, job approvals, regional investments.

“Ireland’s proposition as a location for FDI investment remains strong,” IDA Ireland chief executive Michael Lohan said.

“Against the backdrop of an intensely competitive global environment and the proliferation of industrial policies, it is imperative that IDA Ireland continues to attract and win new investments whilst at the same time continuing to support existing clients in their investment endeavours across the twin transition of sustainability and digitalisation,” the CEO added.

The IDA said that safeguarding competitiveness is imperative for its clients and the country, as the global FDI landscape becomes increasingly complex and challenging.

It said it is committed to working with stakeholders to ensure ongoing investment and development around talent, infrastructure and energy supply.

“Ireland continues to be recognised as a highly stable and attractive location for global investment,” said Minister for Enterprise Peter Burke.

“Our country has a reputation for being agile, with an economy underpinned by a dynamic ecosystem of global companies, indigenous enterprise and academia working in collaboration,” the Minister said.

“Government remains committed to ensuring the right polices are in place to facilitate the development of appropriate skills, infrastructure, and innovation to facilitate strong levels of FDI into the future,” he added.

Of the projects pledged during the first six months of the year, 74 are destined for regional locations.

Among the larger investments announced during the first half were 800 new jobs across the country at IBM, a $400m investment by Bristol Myers Squibb in Dublin leading to the creation of 350 jobs and the arrival of insurance company, Outsurance, which is investing €160m, creating up to 300 jobs.

Other key announcements in the first six months of 2024 included 100 new jobs from Pentagon Technologies Group in Dundalk, Element Fleet Management creating 70 jobs in Dublin, Evernorth Health Services creating 100 jobs in Galway, North American Bancard creating 50 jobs in Limerick and just today Motorola Solutions said it will open a new Research and Development Centre in Cork which will create 200 jobs.