Dublin benefits from the economic upturn

THE third issue of the Dublin Economic Monitor has revealed how the capital is recovering strongly from the economic crash, although there are increasing challenges in the area of housing supply.

A joint initiative of the four Dublin local authorities, the Monitor looks exclusively at the Dublin region, and tracks 15 key economic indicators. It captures data from the height of the boom to the economic crash and the subsequent recovery.

Unemployment rates in Dublin fell rapidly as job creation accelerated with the most recent unemployment rate standing at Dublin 8.1 per cent.

Residential rents for Dublin houses and apartments increased for a ninth consecutive quarter and supply shortages continue to affect the market. 

Passenger arrivals at Dublin Airport recorded strong growth in the first half of 2015 with over six million arrivals over the period.

Meanwhile, new cars that have been licensed in Dublin in August 2015 were one-fifth higher than for the same period in 2014, it was aslo revealed.

Latest estimates indicate that Dublin’s population expanded strongly by 2.4 per cent (+27,300) in the year to April 2015 with over 1.3 million people now residing in the Dublin region.

Annette Hughes, Director of DKM Economic Consultants said: “Dublin has the capacity to become a major catalyst for sustainable economic activity across the region and beyond, by accommodating significant growth in population and employment.

John Lawlor, Director of DKM Economic Consultants, added:  “Dublin is continuing to lead the national recovery with a number of key economic indicators starting to approach peak levels.

“Despite pressures on the real estate and residential rental markets, Dublin is performing strongly and will benefit further from the major infrastructure projects announced as part of the Infrastructure & Capital Investment Plan 2016 – 2021”.