Alan Healy: Ireland's luck may be running out with Big Tech and job cuts

Tech employment has fallen by 20,300 over the past year, the lowest level in five years. Not a blip, more like a structural shift.

Concerningly, the tech reduction is joined by an overall rise in the unemployment rate to 4.9%, up from 4.3% a year ago. File picture: Brian Lawless

On the surface, Meta's decision this week to cut 350 workers from its Irish operations has come as a shock and will provide a jolt to Ireland's assumed position as Europe's 'tech capital'.

The valuable IT sector has been extremely volatile over the past decade. The pandemic saw a surge in demand for all IT services, and companies rushed to expand their operations to meet demand. Ireland benefited hugely.