The usual stream of bad news saw two pieces of good news today – the first being the fact that unemployment actually slightly decreased by last month. The reduction in the numbers signing to the Live Register was in fact quite small – four hundred and forty three thousand, two hundred compared to a figure of four hundred and forty six thousand for the end of two thousand and ten.
This is only a slight increase, but hopefully it is one that reflects an improvement in economic conditions. The more cynical – or astute – might claim that it is a due to massive emigration, and this is of course probably true. The headline figure for those on the Live Register would no doubt far exceed this if we did not have the valve of emigration.
The other piece of good news today is the fact that the Industrial Development Authority saw a marked increase on the amount of inward investment in two thousand and eleven. There was also a corresponding increase in employment in IDA supported companies. Inward investment saw a thirty per cent increase on two thousand and ten, while there were thireteen thousand new jobs added in IDA supported companies. This was an increase of twenty per cent on two thousand and ten when there were ten thousand , nine hundred new positions created. Once the shake out of job losses over the year in IDA supported companies is factored in, there remains a surplus of six thousand one hundred and fourteen new jobs created over the last year.
Companies that had sizeable investments in Ireland over the last year included Intel, Twitter, IBM, Pay Pal, CocaCola, Amgen, Pfizer, Analog Devices and VMware. Twitter was an especially welcome addition to the pantheon of digital heavyweights that are making ireland their European headquarters. The fact that Ireland can create a cluster of such heavyweights is compelling evidence that Ireland is a suitable destination for inward investment. Further endorsement of Ireland lies in the fact that Intel is creating a half a billion euro expansion of its plant in Leixlip. These are the precedents that will hopefully attract further investment to Ireland.