In recent years Cork has seen an influx of investment with many leading organisations basing their European operations in the Southern region. 2016 saw employment at the highest level on record, with the past two years noted as having record growth and this trend looks set to continue, good news all around!
So why has Cork suddenly seen such an increase in foreign direct investment?
Cork has a young workforce and a strong talent base – the city alone has a student population of over 30,000 which is a big factor in the emergence of research clusters in the areas of technology, science, pharmaceuticals and global business services. Cork was also ranked #1 for business friendliness in a list of leading European cities. This coupled with Ireland’s low corporate tax rate of 12.5%, EU membership and strong track record with large organisations make it a perfect place to do business. Cork has a strong relations with large and well established organisations like Apple, Pfizer, J&J, PepsiCo, BNY and Stryker which is a key factor in cementing its place as a leader and base for many of the world’s best overseas companies.
Along with inward investment in the Southern region, the city has also seen steady development in housing, although work still needs to be done on it’s availably. Overall, the cost of living is significantly lower in Cork - rent prices in Dublin are on average 60.79% higher. Traffic is relatively quieter in Cork compared to the capital and has many public transportation options for people to and from the city. The city also has a range of restaurants, pubs and clubs and as the city continues to grow and becomes more diverse, it has developed an international flair and still manages to hold onto its charm.
The job market in Cork continues to see steady improvement across the board with a number of sectors predicting their best year since 2007. Demand continues to be solid in engineering and manufacturing as well as the life sciences sector. The IT market remains very strong and the improvements in the financial services sector highlights the strength of the current Cork job market. Brexit is having a slight impact on the pace of recruitment. Overall the signs are still very positive for the year ahead.