There is no slowdown in the momentum of further pay rises as the Republic’s economy continues to grow, according to experts’ predictions in a report published 0n Thursday last. The Organisation for Economic Co-operation and Development’s (OECD) latest report predicts that the Republic’s wealth will continue growing strongly. Average pay grew by 3.5 per cent in the first quarter of 2019, following on an increase of 3.9 per cent for the final quarter of 2018. Unemployment will fall to 4.6 per cent by the end of 2020, down from a figure of 5.3 per cent this year. The Central Statistics Office (CSO) said a record 2.3 million people are now working in the Republic.
There appears to be no end to the upward graph of all the Economic indicators in Ireland’s continuing growth. In virtually all sectors of the economy, severe staff shortages are commonplace, and the drive to recruit suitable candidates from across the globe to meet the shortfalls continues with ever growing momentum. This is especially so in the Construction industry, with widespread anecdotal evidence of project postponements and delays due to chronic shortages in skilled professional personnel.
In the past two quarters, the most vibrant sector in the industry has been the increased output of housing stock which shows an increase of over 25 per cent on a similar period last year. This is reflected in the almost nil increase in the level of rents across the sector countrywide, including in the greater Dublin area. It is predicted that rents will actually start to fall as the output in stock continues to grow.
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