|Analog Devices, Limerick|
IDA Ireland, the State inward investment agency, today issued a mid-term
review and said that 28 'new name' investors have agreed in H1 2011 to
create jobs projects in Ireland for the first time.
In recent years, new projects tend to be small with a limited jobs potential.
The total number of overseas investments won in the first half
of this year was 75, up 19% on 2010.
However, there is no data on the total value of investments on
net jobs - - gains minus losses.
The agency said yesterday’s €50m investment by Analog Devices in Limerick, which
has been in Ireland since 1977, together with today’s four announcements
and another expected announcement tomorrow from "a world leading company"
will see over 560 new jobs created. "We expect the strong flow of foreign
direct investment to continue through 2011," the agency said.
New jobs announcements get a lot of official promotion; job losses unless very
large, are ignored.
On Wednesday, US finance company Northern Trust confirmed plans to cut 220 jobs
in Dublin and a further 50 jobs in Belfast and London.
The move follows the group's purchase of Bank of Ireland Securities Services (BoISS)
last month in a deal valued at up to €60m.
Northern Trust said the acquisition had led to a number of duplicate roles
across the company and it also said that 80 positions are to be transferred to
the firm's fund administration operation in Limerick over the next 18 months and
that those impacted by Wednesday's decision will be invited to apply for the new
Commenting at the announcement of H1 results, IDA chairman Liam O’Mahony
said "in a marketplace where foreign direct investment into the EU was down
23% last year it is extremely encouraging that IDA is having a strong
performance in 2011 and has managed to win an increasing number of investments
from overseas companies."
Irish jobs at foreign multinationals in 2010 were at 1998 level while
employment in the Irish-owned tradeable sector was also back to 1998.
IDA announcements list 2011 (MS Word)
Update: The IDA has told Finfacts that estimates
that, based on losses in the first half of this year compared to H1 last year,
that total job losses should be one third less than in 2010.
Given that losses in 2010 were
9,545, IDA estimates that job losses could be approximately 6,400 (calculated as
9,545 x 0.67).
IDA estimated that between 10,000 and 11,000 jobs will be created in 2011.