Dublin proves that ‘urban buzz’ is integral to the tech industry …. the city has emerged on to the international stage as a prime destination for start-ups and entrepreneurs.
While badly hit by the crash, the Dublin City Region is now showing signs of strong recovery. The unemployment rate has just dipped under 9%, having peaked in 2012 at 13%. Services dominate the labour market, with Retail, Public Services, ICT and Finance featuring. Services employment has now regained all the ground lost in the crash, although Industry and Construction are both still well below peak levels.
The property market – both residential and commercial – has likewise bounced back and is reflecting a combination of strong demand and lack of supply, to the point where it is becoming a concern in terms of the impact on business and living costs. While recent Central Bank moves appear to be stabilising house and apartment prices, rents continue to grow strongly, particularly in the prime areas, home to many of the leading new economy players, including Google, Facebook, LinkedIn and Airbnb, and thus the hub of the city’s international workforce.
Read more in our issue of the Dublin Economic Monitor.
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