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Economy at a Glance

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Economy at a Glance IRELAND SOUTH EAST: ECONOMY AT A GLANCE Ireland South East Development Office Summer 2019 www.irelandsoutheast.com Executive Summary The Ireland South East Development Office’s ‘Economy at a Glance’ Summer 2019 report shows a region that has grown steadily over the previous 7 years across all key economic indicators. The period Q1 2018 to Q1 2019 has seen an increase in 5,900 new jobs created in the region. Unemployment has fallen continuously year on year since 2012, dropping by 11.1% to where it now stands at 6.7%. The region is the 6th fastest growing region in the EU in terms of job creation and the 7th fastest growing region in terms of Gross Value Added (GVA) per person. A qualitative analysis of the company and infrastructural activity in the region also shows continuing positivity, with new job announcements, new investments, and major infrastructural projects underway. The region continues to score well on affordability and quality of life metrics making it an attractive place for talent and investment. The region continues to make steady progress towards its Action Plan for Jobs target of 10-15% job growth between Q1 2015 and Q4 2020. At Q1 2019, 18,300 new jobs have been created which amounts to an almost 11% growth rate. About The Ireland South East ‘Economy at a Glance’ report monitors economic development in the South East region using a range of relevant data sources, and including industrial and infrastructural activity. Ireland South East Development Office works with leaders of the major regional industries as well as the chief executives of the councils of the five counties in the South East (Carlow, Kilkenny, Tipperary, Waterford and Wexford). Its priority is to make the South East the first choice for business, careers, inward investment and tourists. IRELAND SOUTH EAST: ECONOMY AT A GLANCE HEADLINE FIGURES 581,615 Population of South East, Ireland’s fourth most populous region +34,100 Jobs created in South East (excluding Tipperary) since Q1 2012, an increase of 22% 6th 89% Fastest Growing Region in EU People satisfied or very satisfied (2012 - 2016) with moving to South East to work +40% More disposable income for employees in South East compared to Dublin 33% Cost savings for businesses in South East compared to Dublin We moved back from Canada with our two chil- dren as Ireland South East has everything we need, without the price tag. We have access to the city, the mountains, the coast and a brilliant food scene. The region really delivers for us. Margaret Ahearne, Senior Product Manager, Hubspot CONTENTS 1. ECONOMY 1.1 Population 6 1.2 Employment 7 1.3 Labour Force 8 1.4 Number of Businesses 8 1.5 Regional Income 8 1.6 Productivity 9 1.7 Tax Revenues 9 2. KEY SECTORS AND ENTERPRISE AGENCY SUPPORT 2.1 Key Business Sectors 10 2.2 Enterprise Development Agency Activity 24 3. BUSINESS ENVIRONMENT 3.1 Business Costs 27 3.2 Education 28 3.3 Costs for Employees 29 3.4 Quality of Life 31 3.5 Ongoing Investments 32 Economy 1.1 Population 5 Ireland South East has a population of over Local Authorities Working Together (Carlow, Kilkenny, Tipperary, 580,000 and is comprised of 5 Counties - Waterford, Wexford) Carlow, Kilkenny, Tipperary, Waterford and Wexford – over 12% of the population of Ireland. It is the fourth most populous region in Ireland. Between 2006 and 2016, the population of the South East expanded by 10.4%. 581,615 Source: Census 2016, Census 2006 Population of Region 6 1.2 Employment Persons aged 15 years and over in Employment (Thousand) 187,500 people were2012Q1 employed2013Q1 2014Q1 in Ireland2015Q1 2016Q1 South2017Q1 2018Q1 2019Q1 East* in Q1 2019. Employment has expanded by South East 153.4 157.4 163.3 169.2 174.6 184 181.6 187.5 34,100 or 22%, between Q1 2012 and Q1 2019. Employment in Ireland South East* (000s) 190 This increase in employment makes Ireland South185 180 +22% East the 6th fastest growing region in Europe (2012 – 175 2016, most recent data available). 170 Jobs in Ireland South East* 165 since Q4 2012 Source: CSO, Labour Force Survey; Eurostat 160 * Denotes that the Labour Force Survey excludes Tipperary from South East figures. 155 Persons aged 15 years and over in Employment (Thousand) 150 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 South East 153.4 157.4 163.3 169.2 174.6 184 181.6 187.5 Employment in Ireland South East* (000s) Unemployment Rate in Ireland South East* (%) Unemployment Rate (15 - 74 years) (%) by Region and Quarter 190 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q119 2018Q1 2019Q1 South 185 17 East 17.8 15.9 14.4 11.7 10.7 7.9 7.2 6.7 180 15 175 13 170 165 11 160 9 155 7 150 5 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Unemployment Rate in Ireland South East* (%) Unemployment Rate (15 - 74 years) (%) by RegionUnemployment and Quarter has maintained a downward trend in the region for each year since 2012 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1and19 now2018Q1 stands2019Q1 at 6.7%. South 7 17 Persons East 17.8 15.9 14.4 11.7 10.7 7.9 7.2 6.7 aged 15 Source:15 CSO, Labour Forceyears Survey and Labour Force in Ireland South East* (000s) over in 205 13 Labour 11 Force 200 (Thousand 9 195 ) by 7 Region 190 and 185 5 Quarter 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1180 2018Q1 2019Q1 South- 175 East 186.4 187.1 190.7 191.5 195.3 199.6 195.6 201 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Persons aged 15 years and Labour Force in Ireland South East* (000s) over in 205 Disposable Income per Person (Euro) by County and Region and Year Labour Force 200 Disposable Income Per Person in (Thousand 195 2013 2014 2015 2016 Ireland South East (€) ) by South-East 18009 18548 19264 19387 Region 190 19500 and 185 19000 Quarter 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1180 2018Q1 2019Q1 18500 South- 175 18000 East 186.4 187.1 190.7 191.5 195.3 199.6 195.6 201 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 17500 17000 2013 2014 2015 2016 Disposable Income per Person (Euro) by County and Region and Year Disposable Income Per Person in 2013 2014 2015 2016 Ireland South East (€) South-East 18009 18548 19264 19387 19500 19000 18500 18000 17500 17000 2013 2014 2015 2016 Persons aged 15 years and over in Employment (Thousand) 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 South East 153.4 157.4 163.3 169.2 174.6 184 181.6 187.5 Employment in Ireland South East* (000s) 190 185 180 175 170 165 160 155 150 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Unemployment Rate in Ireland South East* (%) Unemployment Rate (15 - 74 years) (%) by Region and Quarter 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q119 2018Q1 2019Q1 South 17 East 17.8 15.9 14.4 11.7 10.7 7.9 7.2 6.7 15 13 11 1.3 Labour Force 9 7 rd 5 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 In Q1 2019 there were 201,000 people in the 3 Labour Force in Ireland South East (excluding Fastest Growing Regional Labour Force in Ireland (2012 - 2019) Tipperary). This is an increase of 14,600 compared Persons aged 15rd to Q1 2012 and makes it the Persons3 agedfastest 15 years and growing over in Employment (Thousand) Labour Force in Ireland South East* (000s) years and 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 regional labour force in Ireland.over in 205 LabourSouth East 153.4 157.4 163.3 169.2 174.6 184 181.6 187.5 Force 200 (Thousand 195 Employment in Ireland South East* (000s) An estimate of the total labour) byforce of the region 190 Region 190 and 185 185 including Tipperary would be 275,000.Quarter 180 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1180175 2018Q1 2019Q1 South- Source: CSO, Labour Force Survey 175170 East 186.4 187.1 190.7 191.5 195.3 199.6 195.6 201 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 165 160 155 150 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Disposable Income per Person (Euro) by County and Region and Year Disposable Income Per Person in Unemployment Rate in Ireland South East* (%) 2013Unemployment2014 2015Rate (15 - 201674 years) (%) by Region and Quarter Ireland South East (€) South-East 18009 18548 19264 19387 19 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 195002017Q1 2018Q1 2019Q1 South 17 1.4 Number of BusinessesEast 17.8 15.9 14.4 11.7 10.719000 7.9 7.2 6.7 15 18500 1800013 1750011 In 2016, there are 26,625 enterprises in Ireland 170009 2013 2014 2015 2016 South East. 7 5 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Source: CSO, Business Demography 2016 26,625 Businesses in South East Persons aged 15 years and Labour Force in Ireland South East* (000s) over in 205 Labour Force 200 (Thousand 195 ) by Region 190 and 185 Quarter 1.5 Regional Income2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1180 2018Q1 2019Q1 South- 175 East 186.4 187.1 190.7 191.5 195.3 199.6 195.6 201 2012Q1 2013Q1+8%2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Growth in disposable incomes between 2013 and 2016 Disposable income per person has risen year on Disposable Income per Person (Euro) by County and Region and Year year since 2013 in Ireland South East and stood at Disposable Income Per Person in 2013 2014 2015 2016 Ireland South East (€) €19,367 in 2016.
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