• DCC Dublin Economic Monitor
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  • DCC Dublin Economic Monitor
    Publications DCC Dublin Economic Monitor

DCC Dublin Economic Monitor

The Dublin Economic Monitor is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

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  • April 2017

    Dublin Economic Monitor April 2017

    The ninth issue of the Dublin Economic Monitor was launched on April 27th 2017. The Monitor contains indicators which show that the Dublin economy is continuing to perform well in spite of domestic challenges in the housing market and international uncertainty surrounding Brexit.

    Key Highlights: 

    • Dublin’s unemployment rate dipped for a second consecutive quarter in Q4 2016, falling below 7% for the first time in over 8 years.
    • Residential rents in Dublin for both houses and apartments rose markedly in Q4 2016, widening the gap between the Capital and the rest of the country.
    • Residential property prices continued to increase at rates in excess of 5% YoY between November 2016 and January 2017.
    • Arrivals at Dublin Airport reached a new peak of over 1.2 million in December 2016 to cap an exceptionally strong year in which 13.8 million passengers arrived overall.
    • Cargo handled at Dublin Port remained close to peak levels with a throughput of 8.8 million tonnes in Q1 2017, but passenger trips fell back in the quarter.
    • Housing completions in Dublin reached just 4,200 across 2016 but increasing commencements point to strengthening supply.

     

    This issue of the Economic Monitor also contains a special report by Ronan Lyons, Assistant Professor at Trinity College Dublin, who assesses the effects of housing on Dublin’s competitiveness. There is also a special article from Colm McCarthy on infrastructural investment.

    Speaking at the publication of this issue, Lorcan Blake, Economic Consultant at DKM Economic Consultants said: “Dublin’s economic performance is gathering pace, with substantial progress made in the labour market and indicators pointing to robust commercial activity, but rising rents and weak housing supply pose significant challenges for many of the Capital’s residents.”

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  • January 2017

    Dublin Economic Monitor January 2017

    The eighth issue of the Dublin Economic Monitor has been launched on Thursday, January 26th 2017.  A joint initiative of the four Dublin local authorities, the Monitor focuses on 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.  These indicators show that mixed economic signals have come to the fore from a combination of domestic and external factors and reflect a strong economy which nonetheless is facing challenges on a number of fronts.

    Key Highlights:

    • Dublin’s unemployment rate dipped slightly to 7.8% in Q3 2016 following an unexpected increase in the second quarter of the year.
    • Employment levels in Dublin continued to rise, with the most significant expansions in the industry and construction sectors.
    • Residential rents in Dublin showed mixed signs in Q3 2016 as rents for houses dipped, but rents for apartments rose in the quarter.
    • Residential property price growth sharpened between July and October 2016 with prices returning to 2009 levels.
    • Passenger arrivals at Dublin Airport reached a new monthly record of 1.17 million in September 2016.

     

    This issue of the Economic Monitor also contains an article by the Managing Director of Future Analytics Consulting Limited, Dr. William Hynes, on The Dublin Regional Enterprise Strategy 2017-2019, and a special feature by Microsoft’s Regional Datacenter Director for EMEA, Eoin Doherty, on the company’s presence in Grange Castle Business Park, Dublin 22.

    Speaking at the publication of this issue, Lorcan Blake, Economic Consultant at DKM Economic Consultants said: “The latest indicators for the Dublin economy point to a strong performance with growth underpinned by an ongoing improvement in the labour market and robust business activity levels.  However, the downward trend in consumer sentiment and stubbornly high residential and commercial rents are of concern.”

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  • October 2016

    Dublin Economic Monitor October 2016

    The seventh issue of the Dublin Economic Monitor was launched on Thursday October 27th 2016.  A joint initiative of the four Dublin local authorities, 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 broadly improving, but challenges related to housing and the unfolding consequences of Brexit remain problematic. 

    Key Highlights: 

    • Employment growth continued at pace, with 25K new jobs added in year to Q2. Owing to a faster increase in the labour force, the unemployment rate rose slightly compared to Q1 and stood at 7.9% in Q2. 
    • Residential rents in Dublin returned to growth in Q2 2016 with rents for both houses and apartments rising sharply in the period.
    • Residential property prices rose by 3.8% YoY in July to stand at the highest level recorded since September 2009. However this rate of increase was markedly slower than the rest of Ireland. 
    • Arrivals at Dublin Airport continued to increase at a rapid rate and reached a record high of almost 1.14 million in May 2016, evidence of continued strong performance of the tourism industry. 
    • Passenger trips on Dublin’s public transport system fell back to 50 million in Q3 2016 on foot of the strikes and closures in the LUAS service. 
    • Housing completions in Dublin remained subdued in Q2 2016. 

     

    Speaking at the publication of this issue, Ciara Morley, Economic Consultant at DKM Economic Consultants said: “The latest set of indicators presented in the Dublin Economic Monitor show that the Capital’s economy is performing well, though an increase in the unemployment rate in Q2 2016 coupled with ongoing issues in the housing market suggest there remains room for improvement.”

    Austin Hughes, Chief Economist at KBC Bank Ireland said: “The weakening in the Dublin Consumer Sentiment Index largely reflects notably increasing uncertainty about the economic outlook. The UK Brexit referendum played a significant role but so too did worries about layoffs at Intel and a number of high profile industrial relation disputes that weighed on consumer thinking about the jobs market in Dublin.”

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  • July 2016

    Dublin Economic Monitor July 2016

    The sixth Dublin Economic Monitor was launched on Thursday, July 28th 2016.  It is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

    The Dublin Economic Monitor will be published online every quarter at www.dublineconomy.ie.  To register for future issues, please visit: http://j.mp/SubscribeDEM

    Key Highlights from Issue 6:

    • Dublin unemployment rates fell sharply in Q1 2016 to 7.0%, the lowest level since Q3 2008;
    • Residential rents in Dublin reached new peaks in Q1 2016 with average rents for both houses and apartments increasing, albeit at slowing rates.
    • Residential property prices returned to growth in Dublin between March and May 2016, following declines around the turn of the year.
    • Passenger trips on Dublin’s public transport system in Q1 2016 climbed to over 50 million for the first time in the series (commenced Q1 2010)
    • Dublin’s population recorded robust growth of 5.7% between 2011 and 2016 to stand at 1.35 million in April‘s Census.
    • The Dublin MARKIT PMI signalled a further increase in business output in Q2 2016, but the rate of expansion was the weakest since Q2 2013.
    • Dublin KBC/ESRI Consumer Sentiment in Dublin fell in Q2 2016, reflecting consumers’ greater uncertainty about the economic outlook and job prospects.

     

    Speaking at the publication of this issue, John Lawlor, Director at DKM Economic Consultants said, “The April 2016 Census points to the focus of population growth in Dublin, as the population in Dublin and its commuter belt increased at over twice the rate experienced in the rest of the country. More broadly, Dublin, along with the rest of the developed world, is coming to terms with the potential fallout of Brexit. This holds both challenges and opportunities, albeit they are shrouded in uncertainty until the exact form Brexit takes begins to crystallise.”

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  • April 2016

    Dublin Economic Monitor April 2016

    The fifth Dublin Economic Monitor was launched on Friday, 29th April 2016. It is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

    Key highlights from Issue 5:

    • Dublin unemployment rates remained stable at 7.8% in Q4 2015 as total employment increased marginally in the Capital.
    • Residential rents for Dublin continued to rise in Q4 2015 as average apartment rents reached the highest level recorded since Q3 2007.
    • Dublin house completions accelerated in February 2016 with over 440 units completed in the month.
    • Dublin Airport’s arrivals again exceeded one million in December 2015 to cap a year of remarkable growth (+15.1%).
    • Dublin Port maintained significant momentum in the first quarter of 2016, handling over 8.6 million tonnes of cargo.
    • The Dublin MARKIT PMI data continued to increase sharply in Q1 2016 with the strongest expansion in business activity occurring in the construction sector. 
    • The Dublin KBC/ESRI Consumer sentiment Index for Dublin improved in Q1 2016, driven principally by more positive consumer assessments of financial circumstances. 

     

    Speaking at the launch of this issue, Lorcan Blake, Economic Consultant at DKM Economic Consultants said: “The Dublin economy remains buoyant with positive trends across most of the main economic indicators.  The 1916 Commemorations will have given a boost to the city region in the first quarter of 2016, but significant domestic and international uncertainty is of concern.”

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  • January 2016

    Dublin Economic Monitor January 2016

    The fourth Dublin Economic Monitor was launched on Thursday 28th January 2016.

    Key highlights from Issue 4:

    • Employment:  Dublin unemployment rates fell to a 6-year low (7.8%) in Q3 2015 driven by exceptionally strong job growth across all sectors of the Capital’s economy.  Employment in Dublin’s services sector is at the highest level (528,000) since the series began in Q1 1998.
    • Housing:  Residential rents in Dublin maintained an upward trajectory in Q3 2015 to reach the highest level recorded since 2008.  Dublin housing completions totalled almost 2,900 in 2015, 11.5% below the 2014 completion level as the long awaited recovery in residential construction remains elusive.
    • Travel:  Dublin Airport’s exceptionally strong year continued through to September 2015 as passenger arrivals in the month increased by 14.4% year-on-year.
    • Trade:  Dublin Port handled over 32 million tonnes of cargo in 2015 with both exports and imports increasing.
    • Consumer Sentiment:  Consumer sentiment in Dublin strengthened in Q4 2015 principally due to improved consumer assessments of household finances, and greater optimism regarding the jobs market.  
    • Business Output:  Dublin PMI data recorded a further strong improvement in business confidence in Q4 2015, supported by growth in new orders and a sharp increase in construction sector output. 

     

    Speaking at the launch of this issue, John Lawlor, Director of DKM Economic Consultants said: “Employment figures and consumer and business sentiment continue to improve as Dublin enters a landmark year in its history, but there is no relief in sight on housing pressures. The external environment is broadly positive, although uncertainties are growing in the global economy.”

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  • October 2015

    Dublin Economic Monitor Autumn 2015

    The third Dublin Economic Monitor was launched on Friday 23rd October 2015. It is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

    The Dublin Economic Monitor will be published online every quarter. To register for future issues, please visit: http://j.mp/SubscribeDEM

    Key Facts:

    • Employment: Unemployment rates in Dublin fell rapidly in Q2 2015 as job creation accelerated. The most recent unemployment rate in Dublin is 8.1%.
    • Housing: Residential rents for Dublin houses and apartments increased for a 9th consecutive quarter.  Supply shortages continued to affect the market, and house completions remained weak with just over 1,500 completions in the first half of 2015.
    • Airport Arrivals: Passenger arrivals at Dublin Airport recorded strong growth in the first half of 2015 with over 6 million arrivals over the period (seasonally adjusted).
    • Car Licensing: New cars licensed in Dublin in August 2015 were one-fifth higher than for the same period in 2014.
    • Population: Latest estimates indicate that Dublin’s population expanded strongly by 2.4% (+27,300) in the year to April 2015 with over 1.3 million people now residing in the Dublin Region.
    • Consumer Sentiment: KBC/ESRI Dublin Consumer Sentiment in Dublin weakened somewhat in Q3 2015 from the record high in the previous quarter as consumers expressed caution around big-ticket purchases and the jobs market.
    • Business Output: MARKIT Dublin PMI data showed continued strong growth across the board in Q3 2015, with improved business confidence and greater workloads boosting employment.

     

    At the launch of the Autumn 2015 issue, John Lawlor, Director of DKM Economic Consultants said: "Dublin is continuing to lead the national recovery with a number of key economic indicators starting to approach peak levels. Despite pressures on the real estate and residential rental markets, Dublin is performing strongly and will benefit further from the major infrastructure projects announced as part of the Infrastructure & Capital Investment Plan 2016 – 2021".

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  • July 2015

    Dublin Economic Monitor Summer 2015

    The second Dublin Economic Monitor was launched on Thursday 23rd July 2015 at the IBM Smart Cities Lab in Mulhuddart, Dublin 15. It is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

    The Dublin Economic Monitor will be published online every quarter. DKM Consultants were engaged to produce the Monitor. KBC/ESRI were engaged to develop the Dublin consumer sentiment data and MARKIT to develop a new Dublin Purchasing Manager Index (PMI).

    Key facts:

    • Employment: Unemployment rates in Dublin continue to fall year on year albeit there has been some stabilisation in the first quarter. The current unemployment rate in Dublin is 8.9%.
    • Housing: Residential rents for Dublin houses reached their highest point in over six years while rents for Dublin apartments are now at 2008 levels. Excess demand continues to affect prices.
    • Airport Arrivals: Dublin Airport arrivals reached a record high in April 2015, breaking the monthly 1 million passenger mark for the first time, and repeating this again in June (seasonally adjusted). Passenger arrivals of 1.007m through the airport during April 2015 represents a year on year increase of 15.1%.
    • Dublin Port Traffic: Cargo likewise reached an all-time high, handling 8.1 million tonnes in the second quarter of 2015 representing an increase of 4% on same period in 2014.Tonnage at Dublin Port is now at its highest level in the past 9 years.
    • Car Licensing: Statistics continue on an upward trend reflecting the general economic upturn over the past two years. The number of new car registrations in May 2015 was 3,452, an increase of 29% on May 2014.
    • Consumer Sentiment: KBC/ESRI Dublin Consumer Sentiment is the highest in the history of the series. It continues to rise from its 2003 base figure of 100 to148.9 in Quarter 1 2015, and has risen again in Quarter 2 to 155.6.
    • Business Output: MARKIT Dublin PMI data points to strong accelerating expansion of output during Quarter 2, primarily driven by Services, but with the Construction sector also featuring; however the rate of job creation has slowed. Dublin PMI averaged 61.7 in Quarter 2, up from 59.5 in Quarter 1 where an index base reading above 50 indicates an overall increase in that variable and below 50 an overall decrease.

     

    At the launch of the Summer 2015 issue, John Lawlor, Director of DKM Economic Consultants said: “The economic recovery initially led by Dublin is increasingly filtering out to the rest of Ireland.  Volumes of traffic through Dublin Airport and Dublin Port are at record levels, and labour market conditions are continuing to improve. The construction sector is now beginning to see greater activity, which will help to address accommodation supply shortages over time”.

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  • April 2015

    Dublin Economic Monitor Spring 2015

    The first Dublin Economic Monitor was launched on Thursday 23rd April 2015. It is a joint initiative of the four Dublin local authorities. The Monitor, the first of its kind to look exclusively at the Dublin City region, tracks 15 key economic indicators, capturing data from the height of the boom to the economic crash and the subsequent recovery.

    The Dublin Economic Monitor will be published online every quarter. DKM Consultants were engaged to produce the Monitor. KBC/ESRI were engaged to develop the Dublin consumer sentiment data and MARKIT to develop a new Dublin Purchasing Manager Index (PMI).

    Key facts:

    • Employment: Unemployment in Dublin is down to 8.9% from a high of 13%. Employment in services, which dominate the Dublin economy, is almost back to peak levels.
    • Housing: Dublin’s housing market is showing signs of stabilisation on the foot of Central Bank intervention; however residential rents continue to climb.
    • Commercial Property: Office rents are up strongly, while office vacancy rates have fallen significantly.
    • Public Transport: Increase in public transport trips reflects the improving economy.
    • Airport Arrivals: Dublin Airport arrivals are returning to peak levels.
    • Port Traffic: Dublin Port traffic back at peak levels.
    • Consumer Sentiment: KBC/ESRI Dublin Consumer Sentiment Index is at its highest level in the 12 year history of the series. 68% of Dublin consumers expect the economic situation to improve in the next 12 months.
    • Business Output: MARKIT Dublin PMI signals a sharp increase in business output during the first quarter 2015; new business orders have now risen in ten successive quarters for Dublin based firms.
    • Job Creation: Dublin companies continue to increase staffing levels with strong levels of job creation recorded in Q1 2015.

     

    Upon the launch of the Spring 2015 issue, John Lawlor, Director of DKM Economic Consultants said: “The Economic Monitor captures Dublin as it re-emerges from the worst recession in a generation. Leaner and more competitive, it is reasserting its role as the powerhouse of the Irish economy, and one of the most vibrant cities globally.”

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