The Republic has witnessed a significant increase in employment, reaching a previously unseen high of 2.75 million, as a result of an influx of immigrant labour and heightened female employment aligning with the continuing labour demands within the economy.
Recent findings from the most recent Labour Force Survey (LFS) highlight an upturn in employment by 71,500 or 2.7%, totalling 2.75 million, during the second trimester of 2024.
While the global growth is decelerating and geopolitical uncertainty is intensifying, the Irish labour market retains a strong standing. The areas displaying the most substantial growth in employment from year to year were the professional, scientific & technical activities, with a growth of 22,700 or 12.7%, alongside the industrial sector with a 21,100 or 6.6% augmentation.
An additional 11,500 roles or a 6.5% increase in the information & communication sector, accommodating for some highly recognised tech firms, adheres to the escalating demand for labour in the economy, complemented by a rise in immigration and female involvement.
The working-age population, also referred to as the ‘demographic effect’, influences labour force transitions, according to data compiled by the Central Statistics Office. It was noted that the primary driver in recent years has been immigration. This ‘positive demographic impact’ resulted in a 59,000 rise in the labour force in the second quarter of 2024.
An additional factor promoting higher employment rates was revealed to be the rising number of women joining the labour force, recording a high of 61.4%. There has been a noted coexistence between the frequency of remote work and more women in employment.
During the second quarter, the approximate number of hours worked each week increased by 1.7 million hours or 2%, leading to a total of 87.3 million hours. The survey pointed out the employment rate for individuals aged between 15-64 at 74.4%.