Upbeat economic assessment in latest Dublin Economic Monitor

Dublin benefitting from the significant economic upturn despite increasing pressure in the area of housing supply, a new report has found.

Upbeat economic assessment in latest Dublin Economic Monitor

Dublin benefitting from the significant economic upturn despite increasing pressure in the area of housing supply, a new report has found.

The findings were published in the third issue of the Dublin Economic Monitor, which was launched today.

A joint initiative of the four Dublin local authorities, the report tracks 15 key economic indicators in the Dublin region.

It captures data from the height of the boom to the economic crash and the subsequent recovery.

The report found that unemployment rates in Dublin fell rapidly in Q2 of this year as job creation accelerated. The most recent unemployment rate in Dublin is 8.1%.

Residential rents for Dublin houses and apartments increased for a ninth consecutive quarter.

Supply shortages continued to affect the market, and house completions remained weak with just over 1,5000 completions in the first half of 2015.

Passenger arrivals at Dublin Airport recorded strong growth in the first half of 2015 with over six million arrivals over the period, seasonally adjusted.

New cars licensed in Dublin in August 2015 were one-fifth higher than for the same period in 2014.

Latest estimates indicate that Dublin’s population expanded strongly by 2.4% (+27,300) in the year to April 2015 with over 1.3 million people now residing in the Dublin region.

John Lawlor, director of DKM Economic Consultants said: “Dublin is continuing to lead the national recovery with a number of key economic indicators starting to approach peak levels.

“Despite pressures on the real estate and residential rental markets, Dublin is performing strongly and will benefit further from the major infrastructure projects announced as part of the Infrastructure & Capital Investment Plan 2016 – 2021”.

Austin Hughes, chief economist KBC Bank Ireland said: “It seems that consumers in the capital are taking a cautious view of what is still an uncertain world.

“It is important to note the consumer sentiment survey suggests that, on balance, Dublin consumers remain positive about the outlook for the economy, jobs and household incomes.

“Lately, however, worries about the global economy, the high profile closures of Clery’s and Boyer’s and pressure on living costs in areas such as rents and insurance may have made them more concerned about the uneven nature of the upturn.”

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