US firms in Ireland plan to maintain or grow jobs over the next year

A survey by the American Chamber of Commerce Ireland finds that Ireland's competitiveness and housing issues still present a challenge for US multinationals here

Paul Sweetman, CEO of American Chamber of Commerce Ireland, said: 'Ensuring that Ireland remains competitive is critical to maintaining success.'

The vast majority of US multinationals in Ireland are planning on either maintaining or increasing their employment here over the next 12 months but the country’s competitiveness and housing issues still present a challenge, a survey shows.

The survey, conducted by the American Chamber of Commerce Ireland (AmCham) on its members, found that 90% said they plan to increase or maintain their current level of employment in Ireland.

Of those, almost half, 48%, said they plan to increase employee numbers, while 70% said their corporate headquarters plan to invest further in Ireland over the next five years.

However, despite this, these companies cited a number of challenges Ireland has to deal with.

A third of respondents said that Ireland’s cost competitiveness is the greatest challenge that the State needs to overcome for their company to invest and expand here, followed by housing, cited by 27%.

When asked about the greatest risks to continued foreign direct investment in Ireland over the next five years, respondents cited housing and public infrastructure constraints, both at 22% respectively and trade tariffs at 16%.

When these companies were asked what action the Government could take, 21% said enhancing R&D incentives would be the single most impactful action to improve their willingness to invest in Ireland followed by enhancing the availability of skilled talent, cited by 18%.

AI/machine learning was the most sought after area of specialist talent cited by these companies, at 55%, followed by R&D at 15% and life sciences at 9%.

When it comes to Ireland’s EU Presidency, 36% said greater EU competitiveness and productivity would be the most successful outcome of the presidency for their organisation.

Reduced regulatory burden on business, advanced simplification of AI and digital policy and a stronger, more integrated single market were also cited by respondents at 14%.

Chief executive of AmCham Paul Sweetman said “while volatility is likely to remain a defining feature of the decade, stability, predictability and trusted partnerships will become more valuable”.

“Ensuring that Ireland remains competitive is critical to maintaining success.”