Employment at the Shannon Free Zone contracts by 4% in 2010

Overall employment in the Shannon Free Zone dropped by 4% last year but the vast majority of job cuts were because companies downsized, rather than shut.

Shannon Development in its annual report released today also revealed that 362 new jobs were created at Shannon Free Zone in 2010.

In April this year 170 new jobs were announced at two SFZ companies - ZAGG International and CREGG Logistics, who expect to create a total of 300 jobs over the next four years.

Shannon Development undertook a series of tourism-boosting initiatives in domestic and overseas markets last year, generating €39m in tourism revenue for the Shannon region, attracting almost 195,000 visitors and generating over 484,000 bednights.

“Shannon Free Zone companies collectively contribute over €600m to the Irish and Shannon Region economies annually in areas such as staff payroll, materials and services,” said Dr . Vincent Cunnane, chief executive, Shannon Development.

“Last year Shannon Free Zone companies generated almost €3bn in sales. In-house R&D expenditure by Shannon Free Zone companies saw a 16% increase over the previous year to €56.4m.”