This is according to the latest edition of Dublin Economic Monitor, a quarterly publication which is a joint initiative of the four Dublin local authorities to track developments in the capital’s economy.
The Monitor looks exclusively at the Dublin region, and tracks 15 key economic indicators.
It captures data from the height of the boom to the economic crash and the subsequent recovery. Most of these indicators show that Dublin’s economic performance is improving, but domestic challenges related to housing and the delayed formation of a new government are problematic for the capital.
Over the twelve months since the first issue of the Dublin Economic Monitor was launched, the Dublin economy has recorded some notable shifts in momentum:
The key highlights of the report:
The labour market has improved markedly with the unemployment rate declining from 8.9% to 7.8%, and total employment expanding by over 23,000 jobs to reach 608,600 in Q4 2015.
Employment in the services sector increased by over 14,000 jobs across the year to reach 528,000, the highest level on record.
The residential market remains in a challenged position with average rents for apartments increasing to peak levels of €1,314 per month. Average house rents also rose by over €100 in the year to stand at €1,431 per month in Q4 2015. Total residential price growth in Dublin moderated across the year.
Available office space in the capital is in short supply with vacancy rates falling in every quarter since the first issue of the Monitor. Office rents in the City Centre have increased by 27.9%, with an equivalent increase of 41% recorded in the South Suburbs.
Dublin Airport’s activity rose at a sharp pace of over 15% in 2015, with record arrivals of over 12 million passengers in the year.
Dublin Port maintained strong momentum and handled a record 8.6 million tonnes of cargo in Q1 2016, an increase of some 7.9% in the year.
Dublin house completions in February 2016 with over 440 units completed in the month.
The latest edition of Dublin Economic Monitor can be read here