Housing remains the top challenge for US firms here

March 21, 2024

Housing is viewed as the top challenge for US firms operating here, a survey of members of the American Chambers of Commerce in Ireland has found.

98% of members cited the availability of residential accommodation as challenging for staff in their business operations in Ireland, with 73% saying it was either extremely or very challenging.

Nearly half said it was a challenge that had to be overcome for their company to invest and expand in Ireland.

Cost competitiveness and personal tax competitiveness came in joint second with 10% of respondents choosing each of these areas as the biggest challenge for Ireland to overcome.

This was followed by skills shortages – 8% of respondents cited this as the biggest challenge threatening the future expansion of their company in Ireland.

About three in five firms said they were currently experiencing a skills gap but that represented a decrease of 10% on the same survey last year.

The biggest gap in skills was in the area of engineering, with over two thirds identifying a deficit in this area, ahead of digital at 24% and 11% for cyber skills.

The AmCham 2024 US Ireland Business Report points to record levels of investment on both sides of the Atlantic with 970 US companies operating in Ireland and employing 378,000 people, directly and indirectly.

It is estimated that they spend more than €41 billion in the Irish economy annually, the report notes.

Ireland is now the ninth largest FDI investor in the US, according to the report, with 500 companies employing 98,000 people across all 50 States

56% of respondents to the member survey plan to increase employee numbers in the next year.

69% said the number of employees in the Irish operations of their organisation increased in the last 12 months.

Article Source – Housing remains the top challenge for US firms here – RTE

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