Number of investments secured by IDA Ireland down from 2023 levels

That is down significantly from the 19,000 future jobs the IDA said would be generated from the 248 investments secured in 2023.

There are now more than 300,000 people directly employed by the over 1,800 IDA-supported companies, equating to 10.8% of overall national employment. 

Of the investments it secured this year, almost 60% were in regional locations outside of Dublin, an increase from 53% in 2023. 

Some 69 investments were from new name or first-time investors, which the IDA said "strongly indicated Ireland's ongoing attractiveness as an FDI location."

These included companies such as Calypso AI, Evernorth, Sirius XM, and UKG, among others.

A record level of R&D investment valued at €1.9bn across 64 projects was approved by IDA Ireland during the year, the state agency added, with clients committing a total capital investment of €117m towards sustainability and a further €118m in training and upskilling workforces.

"Job growth was recorded in modern manufacturing and traditional manufacturing, up 0.8% and 0.4% respectively," IDA Ireland said. 

"Business, financial and other services also reported an increase (1.7%) whilst information, communication & technology saw numbers decline (1.2%)."

Speaking on its performance, Peter Burke Minister for Enterprise, Trade and Employment said, “Despite many challenging global issues such as the impacts of Brexit, the Covid-19 pandemic and the war in Ukraine, Ireland continues to be seen as a location of choice for new investors as well as long-established companies who choose to further invest in substantial expansions of their operations here.

"Competition for FDI remains intense. Every job created in Ireland by an FDI company has been hard won, against competition from a growing number of sophisticated locations and economies."

Despite strong job creation in Ireland, Mr Burke noted that domestic challenges remain and must be addressed, with the Enterprise Minister announcing that IDA Ireland will receive an additional €15.5m in capital funding next year.

Michael Lohan, chief executive of IDA Ireland said: "The stability in employment levels by FDI clients highlights the sector’s resilience and consistent growth, ensuring job security and economic impact.

"Furthermore, the significant level of capital investments into Ireland in the past twelve months from FDI crucially inject substantial capital into the country, stimulating growth and leading to the creation of highly skilled employment opportunities across the country."

This year saw expenditure within the economy by FDI companies increase by 6.5% to €38.6bn, which the IDA said showcased the "resilience and adaptability" of its economic framework. 

Payroll rose by 7.6% to €23.9bn, while spending on Irish services and materials grew by 4.7% to €14.6bn. 

Total exports of €421bn marked a 7.3% increase year-on-year, while capital expenditure totalled €13.2bn, representing the second highest level on record reflecting strong levels of investment activity.