Ireland has had a strong 2017. This year unemployment is expected to dip below 5.5%, and GDP forecast is set to grow by around 4%. Similar to last year, 2018 looks to be a buoyant year for Finance, Pharmaceuticals and Technology in Ireland.
High demand for talented professionals in these areas is in part due to continued Foreign Direct and indigenous investment which is allowing businesses to expand and open new facilities across Ireland.
Our 2018 Salary Guide reports moderate increases almost across all sectors, with top growth in the following industries in 2018 in Ireland:
Accounting, Finance & Funds
Financial Services, Telcos & Tech had experienced considerable growth last year, and the trend is set to continue in 2018.
Ireland continues to attract, retain and develop in these areas thanks to continued Foreign Direct Investment. The impact of Brexit has been felt mostly in Financial Services, but we expect this to expand into other sectors in the coming months.
The pharma industry is developing quickly in Ireland with new start-ups, steep competition and high demand for the same skillsets.
Over the last year, Biologics has been the fastest growing sector within the pharmaceutical industry with several new start-ups and expansions taking place. In addition to this, we have seen more commercial offices have been set up on Irish shores. Research and Development in the Medical Device space is another specialised area booming in Ireland.
The tech sector is thriving in Ireland as a result of an increase of companies choosing Ireland, and more specifically Dublin, as their EMEA HQ. We are also seeing more and more financial and fintech companies moving to Dublin due to Brexit.
Sourcing candidates within the Irish market is hugely competitive at present and demand for top talent has never been stronger. Companies have to be extremely competitive when attracting top tech talent.
The construction industry, with the majority of movement in the commercial sector, escalated in 2016, and this momentum is forecasted to continue into 2018.
While Brexit and the global geopolitical climate may lead to considerable uncertainty, the impact of this on the construction and property sector is yet to be seen. In fact, Brexit has led to a spike in inquiries from the UK with regards to commercial office space in Dublin.
All indicators suggest that the Legal & Compliance market is looking forward to another strong 12 months with areas such as Corporate, Funds, Aviation & Banking once again lead the way. More international firms are anticipated to enter the market in 2018, and this will lead to some big moves and increasing activity within the legal market.
The compliance market has once again been busy in areas such as AML and KYC, especially within the corporate banking scene. GDPR has become a top priority with the law coming into effect this year.