As Ireland’s spending spirals out of control driven my election fever with 5 billion broadband plans and hospitals costing 3 billion, leading employers are starting to acknowledge the warning issued by Back 4 Good around the overheating economy and lack of skills and accommodation .
From lack of property or rentals in Dublin to record job creation by the IDA and buoyant shoppers to full employment Ireland is heading for another financial meltdown.
Last week the CEO of one of Ireland biggest banks .. Ulster Bank Jane Howard issue a stark warning to politicians in the Irish parliament when she advised them that while Brexit was top of their client’s agenda “ many of our business customers tell us that labour shortages … is a bigger issue ” .
Ireland at Government level are investing millions in dealing with the Brexit fall- out but are failing to address the acute skills shortages in all sectors in Ireland’s economy notwithstanding the fact that many innovative and creative solutions where submitted to the various Departments responsible for skills and employment.
Today we received yet another report into the accommodation crisis in Ireland from daft.ie which advised that average rents are now at an ” all time high ” with availability at an ” all -time low.”
On May 1st 2019 there were just 2.700 properties available to rent on daft.ie the lowest figure for stock on the market since 2006 when the platform began .
Some interesting yet worrying figures for Back 4 Good subscribers is the detail in the report on the ” least Expensive ‘ and the ‘ most expensive ”
Least Expensive
. Roscommon
. Longford
. Donegal
. Leitrim
Most Expensive
. STH Dublin
. STH Dublin City
. Central Dublin
. NRTH Dublin
Rents in Dublin are up 6.8% year -on -year with National rent 33% higher than their 2008 peak
Daft go on to say that 80,000 rental homes needs to be built in Dublin as soon as possible
Back 4 Good has advised that there is little chance of this happening due to significant skills shortages in the construction sector and ironically no available accommodation for talented skilled workers when they are sourced .
So Ireland is caught in a trap of an acute skills shortage and a lack of accommodation for skilled talent recruited overseas pointing to a significant overheating of the Irish economy as these strains increase on a daily basis
Meanwhile as these competitive challenges are taking place the Irish Government are embarking on a spending frenzy in an attempt to secure electoral favour with 3 billion here and 5 billion there on projects who have no ceiling could reach 10 billion euro without any success .
Many of our overseas subscribers, as they look at Ireland from a far have raised alarms as they see the classic symptoms of an overheating economy ,
. full Employment
. Prices Rising
. Wage Price spirals
. Exports difficult to sell due to higher costs
. Rents rising
. No accommodation available
The current developments in the Irish economy are leading to many potential returnees finding it near impossible to considering returning home to Ireland to fill many roles as the believe that the economy is heading for a major downturn and the costs associated with living in Ireland are such that it is by far more beneficial for them to remain in their current roles and locations and look at smart working and remote working options .
