Regional success story: US firms' nationwide boost for Irish economy
Enterprise Minister Peter Burke, TD; Senator Tim Lombard; Dave Ricks, CEO, Eli Lilly, Tara Tibbs, Snr VP, Eli Lilly; Michael Lohan, CEO of IDA, at the announcement of a $1bn expansion of its Limerick manufacturing site to increase production of biologic active ingredients for its treatments for Alzheimer’s. LIlly also unveiled its new $800m diabetes and obesity treatments facility expansion in Kinsale, Cork.
, Head of Regional Development and Property, IDA Ireland, looks back at 2024 — a great year for regional job creation
Last year marked a record year for R&D investments among IDA Ireland clients.
In all, 64 projects valued at €1.9bn were approved by IDA Ireland. Thanks to this strong capital investment and a high number of new investors, IDA Ireland’s performance in attracting, winning, and retaining FDI remains strong despite continued and increasing global competition.
Some 234 investments, which will lead to the creation of 13,500 new jobs over the next five years were approved by IDA Ireland throughout 2024. Of these investments, 59% were in regional locations, in keeping with IDA Ireland’s strategic aim of better-balanced regional development. Even more remarkable is that this is an increase in regional investments from 54% in 2023.
For the third consecutive year, employment levels within the FDI sector remained above 300,000, solidifying a strong employment base and positioning the Irish economy for further growth. Nearly half of all investments were driven by innovation, digitalisation, and sustainability, focusing on decarbonisation, advanced technologies, and talent development.
US companies played a crucial role in achieving these targets, with several notable investments in regional locations.
Eli Lilly announced an increase in its investment in its new Limerick campus, bringing Lilly’s total Limerick investment to $2 billion, doubling the investment the company announced in March of 2023. The company also unveiled its new $800 million facility expansion in Kinsale, Co. Cork which makes this investment the most ambitious manufacturing expansion project in the Eli Lilly’s history.
Technology giant IBM Ireland announced a multi-site investment and the creation of up to 800 high-tech jobs in Waterford, Cork and Dublin. The investment, which will support the development of the latest Artificial Intelligence technologies ensures Ireland continues to be one of IBM’s strategic global locations.
In the Mid East, Keurig Dr Pepper announced plans to reduce approximately 1,600 metric tons of carbon emissions from its facility annually, contributing to its 2030 climate commitments. The €6.44 million investment will see KDP electrify its heat through advanced heat pumps and implement energy-saving initiatives at its International Operations hub in Newbridge, Co. Kildare.
Global leader in innovative fastening solutions PennEngineering announced a €14m expansion at its facility in Galway to include a state-of-the-art technology and training centre, testing laboratories and customer experience centre. This significant extension is set to create 70 new jobs over the next five years, offering diverse opportunities for local talent.
Staying in the city of Tribes, Evernorth Health Services, the pharmacy, care, and benefits solution division of global health company The Cigna Group, chose Galway as the location for a new innovation hub, creating 100 jobs ranging from graduates to experienced tech professionals in software strategy, architecture, and portfolio and product management.
Meanwhile further South, Motorola Solutions announced the creation of 200 highly skilled jobs and the establishment of a Research and Development Centre in Cork City. The team will focus on designing software, with plans for expansion across other technologies in the future.
These two projects exemplify IDA Ireland's long-term commitment to building relationships with client companies. Both organisations had significant presences in Galway and Cork before departing Ireland in the early 2000s. Despite their departure, IDA Ireland's team, both at home and overseas, continued to foster relationships with these organisations, ultimately resulting in new investment opportunities.
The adaptability and resilience of Ireland’s economic framework was demonstrated through expenditure within the economy by FDI companies, which increased to €38bn during 2023 according to the Annual Business Survey of Economic Impact (ABSEI).
Payroll spend rose by 7.6% to €23.9bn; spending on Irish services and materials grew by 4.3% to €14.6bn and total exports of €421bn marked a 7.3% increase year-on-year. Capital expenditure of €13.2bn, represented the second highest level on record.
The availability of competitive, sustainable property solutions that align to investor needs, remains a key enabler of balanced regional development. IDA Ireland continues to make significant investment in this area. Indeed, in recognition of the increasing competition internationally for FDI, IDA Ireland will receive an additional €15.5 million in capital funding this year. As well as targeting significant FDI investment in 2025, the additional funding will also help IDA to deliver enterprise-focused and sustainable property solutions across the country.
Last year, IDA Ireland completed the construction of advanced building solutions in Sligo and Galway and commenced construction of facilities in Cavan and Letterkenny, with more new regional building projects planned for 2025.
Having delivered exceptional performance against targets set out in our last strategy, IDA Ireland will continue to prioritise growth and transformation through innovation, digitalisation, talent development, and sustainability in our new strategy to be published in the coming weeks. Continued collaboration with regional and national stakeholders will be fundamental in ensuring that Ireland continues to attract, win and retain new investments.
- announced the investment of $400m into its Dublin campus, with the addition of 350 jobs.
- announced €60m investment into the expansion of its Shanbally facility in Cork.
- announced the expansion of its third-party logistics presence in Cork.
- invested $1.8bn in Limerick and Cork operations.
- new investor Evernorth Cigna; 100 jobs in Galway.
- a $90m investment across two sites in Wexford and Galway.
- Celebrating 50 years operating in Ireland, Jacobs Engineering; addition of 100 jobs.
- a series of Green Capital initiatives at its facility in Newbridge.
- 550 new jobs in Dublin across different functions including engineering and R&D.
- creation of 200 jobs in Cork with the opening of its new R&D centre.
- US-based leader in fintech solutions, 50 new jobs in Limerick with opening of its R&D excellence centre.
- expanded its Galway operations with the addition of 70 new jobs as part of a €14m investment.
- the opening of its Cork office, creating 200 jobs.
- the opening of its Dublin office, creating 30 jobs.
- opening of a new state-of-the-art technology facility in Dublin, creating 200 jobs.
- the opening of a new R&D and Engineering centre in Dublin, creating 15 jobs.
- the establishment of its newest Global Operations Hub in Kilkenny, adding 200 jobs.
- opening of a first-of-its-kind healthcare logistics facility in Dublin; 30 jobs.
- an additional 330 jobs in Dublin as part of their expansion to its site in Damastown, Dublin.
- 100 jobs and establishment of its Cork engagement hub.
