Housing main issue for US multinationals as they seek to add jobs

Almost two-thirds of large US firms in Ireland expect to hire over the next year, but say housing for workers is an issue if they want to expand.

survey by the American Chamber of Commerce in Ireland found 61pc US multinationals intend to add jobs in Ireland in the next 12 months.

Almost all firms surveyed (94pc) have a positive view of the country as an in vestment base.

But 33pc said housing is the most important issue to overcome to enable US multinationals to expand.

The survey, carried out last week, found that 83pc of firms surveyed said the number of employees in their Irish operations had increased over the last 12 months.

However, 3.7pc said they expect a jobs cut in the next year, while 35pc expect no change in staff numbers. 

The survey comes after large US tech firms including Meta, Amazon, Google and Microsoft, with the Tánaiste, Leo Varadkar, saying this week that “there is more to come”.

Almost all multinationals surveyed by the American Chamber (98pc) said the availability of residential accommodation is important to maintaining foreign direct investment (FDI)-related jobs in Ireland.

And 96pc said a reform of the planning system would provide certainty and help maintain FDI jobs, while certainty about energy costs and supply was important to 96pc.

Mark Redmond, chief executive of the American Chamber, said Ireland was “exposed to headwinds in the global economy”.

“We are all acutely aware of the challenges that are in front of all business leaders and their employees at the moment,” he said.

“Challenges like the cost of energy, the highest inflation rates in many years, supply chain issues, and access to talent.”

There are around 900 US companies in Ireland employing almost 200,000 people, according to the Chamber.

The survey comes the same week that the OECD and the Irish Fiscal Advisory Council warned of slowing economic growth next year as inflation, higher interest rates and the war in Ukraine hit Ireland’s main trading partners.

The domestic Irish economy will barely grow next year, forecasts show, although the multinational sector is expected to remain buoyant, although growth will slow sharply on 2022.

Meanwhile, a survey of Irish small and medium-sized firms by fintech Wise Business shows 70pc fear closure next year in the face of rising costs.

Read More: Housing main issue for US multinationals as they seek to add jobs

Notify of
Inline Feedbacks
View all comments