A post-Covid growth surge in the Irish economy is expected to generate 160,000 additional jobs over the next two years, reducing the unemployment rate to below 6 per cent, the Central Bank has said. In its latest quarterly bulletin the regulator predicted turbo-charged growth of 15.3 per cent this year, nearly double its previous forecast in July, and 7.2 per cent next year on the back of a rapid resurgence in consumer spending linked to the unwinding of €16 billion in excess savings built up during the pandemic.
The bank's bulletin also said faster-than-expected recovery in construction is expected to see up to 27,000 new homes built next year and 31,000 built in 2023. However, the bank warned a significant public spend on housing over the next few years could run up against capacity constraints, primarily related to a labour shortage, and may fuel further inflationary pressure in the sector.
Eoin Burke-Kennedy has gone through the bulletin in detail, and has also written an analysis in which he questions how long the public finances can stay in its current fiscal sweet spot.
A new life sciences incubation and acceleration facility is to open in Dublin, providing lab, office and collaboration space for more than 100 professionals, entrepreneurs, and researchers in the sector. The 2,787 sq m facility at The Campus in Cherrywood, Co Dublin, is being being backed by Spear Street Capital, which owns and operates properties across the United States, Canada and Europe. Incubator operator We are Pioneer Group , formerly BioCity, will run the facility. Ciara O'Brien reports.
Equity investors in Dublin-based media technology company, Emuse Corporation, are set to lose close to €32 million after the appointment of a liquidator to the company was confirmed. Joe Walsh of JW Accountants has been appointed as liquidator to Emuse, which was established by former college lecturer, Patrick Rainsford, in the late 1990s. Mr Rainsford's former business partner, Peter Conlon, who in recent years was convicted of embezzlement in Switzerland, was also an early backer of Emuse, but he resigned from its board in 2014. Mark Paul has the details.
Joe Brennan report that the Central Bank's former director of consumer protection, Gráinne McEvoy, is set to join the Irish operation of US investments giant Pimco early next year, according to sources. Ms McEvoy, who handed in her notice in August and remains an employee of the bank, will take on a senior position in Pimco's Irish business, which will require her to undergo a standard so-called fitness and probity vetting by the Central Bank. Her exact future title is not currently known.
Screen Ireland will create regional crew hubs in Limerick, Galway and Wicklow and invest €3 million in developing skills in film, television and animation as part of a three-year strategy to help the Irish industry sustain its current boom and grow further. Laura Slattery reports that the State development agency will shortly announce details of the lead organisations that will work to improve the availability of skilled screen industry workers across Ireland at a time when record levels of production have led to crew shortages.
Laura also reports that activity in the Dublin office market picked up in the third quarter, two separate updates on the sector have suggested, with one property agent, Cushman & Wakefield, signalling that the bounce back following the relaxation of Covid restrictions has been "faster than expected". The agents said a total of 45,050 sq m in office space had been reserved in the three months to the end of September in a "welcome bounce" for the market, while a further 36,500 sq m of space was signed in the period. This compares to 13,800 sq m signed in the second quarter and just 2,185 sq m signed in the opening quarter of the year.
Germany has marked the 60th anniversary of the labour agreements that invited in entire generations of so-called Gastarbeiter or "Guest Workers" from Turkey – just as the country struggles with a new labour shortage. Today nearly three million people living in Germany can trace their roots back to the waves of migration that followed the 1961 labour agreement. Yesterday, the president conceded that his country was late to recognise the contribution of these workers it invited to fill its huge post-war labour shortage– in its mines, car factories and train depots. Derek Scally reports from Berlin.
In Commercial Property, Fiona Reddan reports that Irish housebuilder Quintain has turned the sod on its €500 million urban hub investment in Adamstown, west Dublin, commencing construction on a 279-unit apartment development aimed at the build-to-rent market. UK grocer Tesco has also signed up as an anchor tenant at the development.
Fiona also reports that the home of renowned Dublin restaurant One Pico has come back on the market at a lower asking price of €1.5 million, ahead of an auction next week.
Strong interest is expected in the sale of Gowan House on the Naas Road, Dublin 12, currently home to the Gowan Group of motor importers who are relocating to larger premises in Citywest. Guiding €7.5million, the landmark site at the city end of the Naas Road is about 2.3 acres (0.93 hectares). Tim O'Brien has the details.
You can read all of today's Commerical Property news, here.
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