The Dublin Economic Monitor (DEM), now marking its 10 year anniversary, is an initiative which originally arose to meet the objective of providing accessible information on Dublin’s economic performance to a wide audience of relevant stakeholders. This audience included residents, businesses, policymakers, investors, and visitors – each of whom remain key targets for the DEM each quarter.
An International Leader in Economic Development
First compiled by DKM Economic Consultants and 256 Media, the DEM was a first-of-its-kind. The inaugural issue provided a snapshot of a Dublin economy in the immediate post-Financial Crash environment – focussing on the labour market, consumer sentiment, housing, business activity, commercial property, transport & travel. The publication has since evolved considerably in terms of both content and format; incorporating new datasets on topics from retail spending to FDI and hospitality, and revamped with a fresh design. Its web platform on dublineconomy.ie has been fully re-designed and provides a rich resource of special feature articles, insights and video content which is frequently updated, while its reach has been bolstered by digital advertising campaigns led by Pearl & Dean Ireland.
The DEM ultimately remains a living and evolving initiative. Further advancements in data sets and media forms are in the pipeline and will ensure that it remains the “go-to” and an international leader on monitoring regional economic performance.
A Decade of Progress
This 10th anniversary issue of the DEM marks an opportune time to reflect on the Capital’s performance over the past decade.
Since the first issue was published, the global and European economies have experienced seismic and at times unprecedented change. The Covid-19 pandemic, Brexit, war on the European continent, and – most recently – emerging global trade tensions spurred by a second Donald Trump presidential term are particularly notable.
While such macro events have presented challenges to the national economy, Dublin has continued to grow in scale and impact. The Capital’s population now stands at an estimated 1.5 million, marking an increase of more than 220,000 people in 10 years. Diversity has been a hallmark of this growth as almost a fifth of the Capital’s population are now non-Irish citizens, and this has added to the multicultural richness of the city region.
Employment, which is critical on multiple levels to our society and economy, has expanded rapidly from the depths of the Global Financial Crisis. Over 820,000 Dublin residents are now employed, reflecting a historically low unemployment rate of 4.2%. This is due to broad-based economic and population growth, though notable expansions in job creation have occurred in the sectors of ICT (+37,000 jobs), health & social work (+28,000) and education (+24,000) since 2015.
While significant investment is still required, Dublin’s infrastructure network has also evolved over the past decade and will provide a basis for further growth. The new National Children’s Hospital is approaching its opening, Dublin Port has continued its redevelopment works, and Uisce Eireann and EirGrid investments have accelerated. Notable large-scale sites in the Capital have also been developed – including Cherrywood, the Docklands, Clonburris, Grangegorman, and the former Glass Bottle Site in Ringsend.
In transport, the Luas lines have been linked and extended, BusConnects has re-configured bus connectivity, and sustainable transport infrastructure delivery has ramped up – all of which ensures that viable alternatives to the car are available. Dublin Airport has also seen exponential passenger growth, while further plans are afoot for infrastructure improvements in the county, including in the form of the MetroLink.
The ‘twin transition’ of technological and climate adaptation have also been highly influential. The rise of AI and digitisation, and the imperative to provide opportunities for Dublin’s residents to remain equipped to deal with each are prominent. The need to continue to de-carbonise in the face of the climate emergency is also central – with construction retrofitting and sustainable transport just two examples of significant changes in the Dublin economy since 2015.
Remote working, meanwhile, has in certain respects been one of the most influential economic changes in the past decade. Spurred almost overnight by the pandemic, ‘working from home’ has become a new norm for many workers. This has created downstream effects across multiple sectors in the Capital, most notably in the commercial property market, in transport, and in hospitality where lower footfall in the city has been particularly impactful. Hospitality has been severely affected since 2015 as rising tourism and income levels have been countered by the pandemic-era restrictions and the rise in remote working.
Initiatives are afoot, however, to support the sector – including a renewed focus on the night-time economy amongst local authorities.
The Next Chapter
Looking ahead to the next decade, it is clear that Dublin needs to focus on investment to remain an attractive place to live, work, visit and invest. Housing is to the fore in this regard as significant new home delivery is needed to address excess demand. Utilities investment – especially in energy and water – is essential to businesses and also requires attention, while ongoing focus on the fundamentals of infrastructure, education and a high quality of life will remain central to the Capital’s future success.
We look forward to tracking how the Dublin economy and DEM evolve over the years ahead.
Authors
Jamie Cudden, Executive Manager, Corporate Services and Transformation, DCC.
Lorcan Blake, Director, Economic Advisory, Grant Thornton.
