Growth boost to create 160,000 jobs, a new pole of life sciences, and can public finances stay in the right place?
A post-Covid growth spurt in the Irish economy is expected to generate an additional 160,000 jobs over the next two years, reducing the unemployment rate to below 6%, the Central Bank has said. In its latest quarterly bulletin, the regulator predicted turbo growth of 15.3% this year, nearly double its previous forecast in July, and 7.2% next year due to a rapid recovery in prices. consumer expenditure linked to the outcome of € 16. billion in excess savings accumulated during the pandemic.
The bank’s bulletin also said the faster-than-expected recovery in construction is expected to see up to 27,000 new homes built next year and 31,000 built in 2023. However, the bank warned that public spending important for housing over the next few years could increase. against capacity constraints, mainly related to a labor shortage, and could fuel further inflationary pressures in the sector.
Eoin Burke-Kennedy has gone through the bulletin in detail and also wrote an analysis in which he questions the length of time that public finances can stay in their current fiscal position.
A new life sciences incubation and acceleration facility will open in Dublin, providing lab, office and collaboration space to more than 100 industry professionals, entrepreneurs and researchers. The Campus’ 2,787 m² facility in Cherrywood, County Dublin is supported by Spear Street Capital, which owns and operates properties in the United States, Canada and Europe. The operator of the We are Pioneer Group incubator, formerly BioCity, will manage the facility. Ciara O’Brien reports.
Investors in shares of Dublin-based media technology company Emuse Corporation are expected to lose nearly € 32 million after the appointment of a liquidator for the company is confirmed. Joe Walsh of JW Accountants was appointed liquidator of Emuse, which was created by former university professor Patrick Rainsford in the late 1990s. Mr. Rainsford’s former business partner, Peter Conlon, who was convicted in recent years for embezzlement in Switzerland, was also an early supporter of Emuse, but resigned from his board in 2014. Mark Paul has the details.
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Joe Brennan reports that former Central Bank consumer protection director Gráinne McEvoy is expected to join US investment giant Pimco’s Irish operation early next year, sources say. Ms McEvoy, who handed in her notice in August and remains an employee of the bank, will take up a managerial position in Pimco’s Irish affairs, which will require her to undergo a so-called fitness and probity check by the Central Bank. Its exact future title is not known at this time.
Screen Ireland will create regional hubs for teams in Limerick, Galway and Wicklow and invest € 3 million in developing film, television and animation skills as part of a three-year strategy to help Irish industry to maintain its current growth and to develop further. Laura Slattery reports that the state development agency will shortly announce details of key organizations that will work to improve the availability of skilled workers in Ireland’s film industry at a time of record production levels resulted in team shortages.
Laura also reports that activity in the Dublin office market picked up in the third quarter, two separate industry updates suggested, with realtor Cushman & Wakefield reporting the rebound after restrictions eased Covid was “faster than expected”. Agents said a total of 45,050 m² of office space had been booked in the three months leading up to the end of September in a “welcome rebound” for the market, while an additional 36,500 m² had been signed during the period. . This compares to 13,800 m² signed in the second quarter and only 2,185 m² signed in the first quarter of the year.
Germany celebrated 60th anniversary of labor agreements who invited entire generations of so-called Gastarbeiter or “guest workers” from Turkey – just as the country is grappling with a new labor shortage. Today, nearly three million people living in Germany can trace their roots back to the waves of migration that followed the 1961 labor agreement. Yesterday, the President admitted that his country had been slow to recognize the contribution of these workers he had invited to fill his enormous post-war labor shortage – in his mines, auto factories and train depots. Derek Scally reports from Berlin.
In commercial real estate, Fiona Reddan reports that Irish homebuilder Quintain has ended its € 500million investment in urban center of Adamstown, west Dublin, by starting construction of a apartment complex of 279 units intended for the rental construction market. British grocer Tesco has also signed up as the development’s main tenant.
Fiona also reports that the home of famous Dublin restaurant One Pico has returned to the market for a lower asking price of 1.5 million euros, ahead of an auction next week.
Strong interest is expected in the sale of Gowan House on Naas Road, Dublin 12, which is currently home to the Gowan group of engine importers who are moving to larger premises in Citywest. Worth € 7.5 million, the iconic site at the city end of Naas Road measures approximately 2.3 acres (0.93 hectares). Tim O’Brien has the details.
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