In spite of a 2% decline QoQ, employment levels in Dublin remained elevated in Q4 2024 at almost 813,000 (SA) residents, as the county’s unemployment rate recorded a second consecutive modest uplift to stand at 4.9% (SA).
Foreign direct investment (FDI) into Dublin increased by 4.4% YoY to $735 million based on a rolling 4 quarter average, as the Capital compared favourably to its European counterparts for FDI per capita.
Dublin business activity recorded it fastest rise in output since Q2 2023, as the manufacturing, construction and services sectors’ Purchasing Managers’ Indices all recorded growth for the second consecutive quarter in Q4.
Housing commencements contracted sharply in Q4 2024 to hit a two-year low, as construction started on fewer than 3,000 units (non-SA) in the quarter, reflecting declines of 54.6% QoQ and 31.4% YoY.
Passenger journeys on Dublin’s public transport network returned to growth in the final quarter of 2024 as usage reached a new record of over 277 million journeys (non-SA) in the year.
Hotel occupancy rates in Dublin continued to fall at the beginning of 2025, dropping to 65% in January.
Welcome to the March 2025 issue of the Dublin Economic Monitor
The Dublin Economic Monitor is a joint initiative on behalf of the four Dublin Local Authorities, and is designed to be of interest to those living and doing business in Dublin or considering locating here. The report is produced by Grant Thornton with inputs from S&P Global.
There are two special feature articles this quarter. The first is from John Quinlivan, Director of Economic, Enterprise, Tourism & Cultural Development for Fingal County Council, and focuses on Fingal's new Skills Strategy and its vision for future skills development. The second article, by Ger Corbett, CEO at Sandyford Business District, concentrates on the impact and importance of foreign direct investment (FDI) in the county.
The Monitor is divided into the following themes for Dublin:
Economy
Business Developments
Retail Hospitality
Labour Market International Rankings
Housing Transport & Travel
For more data and insights see: www.dublineconomy.ie
The next edition will be published in June 2025.
www.dublineconomy.ie
@DCCEconDev
A new era begins
Stepping into 2025 is making 2024 feel like it was the calm before a potential storm. The start of the year has brought a surge in global economic uncertainty. The World Uncertainty Index, which measures uncertainty across the globe by text mining reports of the Economist Intelligence Unit, shot up to its highest reading since April 2022 at the start of this year, having spent much of 2024 at relative historic lows. Concern over global conflicts and fears about tariffs and trade wars are contributing to this renewed unease.
Many forecasters likely have a bit of catching up to do to reflect the new economic realities but the International Monetary Fund (IMF) has come out early, providing a January 2025 update to their October 2024 World Economic Outlook. The IMF sees medium-term risks tilted to the downside. They note that progress in beating inflation is stalling in some areas, specifically services price inflation in the US and the euro area. The IMF’s new forecast does reflect recent market developments but does not make assumptions about tariffs that remain speculation. As a result, global growth is expected to remain stable, but unexciting. At 3.3% in both 2025 and 2026, the forecasts are below the historical average of 3.7%.
In the euro area, growth is expected to pick up but at a more gradual pace than previously anticipated, with geopolitical tensions continuing to weigh on sentiment. Weaker-than-expected momentum at the end of 2024, especially in manufacturing, and heightened political and policy uncertainty explain a downward revision of 0.2 percentage point to 1.0% in 2025. In 2026, growth is set to rise to 1.4%, helped by stronger domestic demand, as financial conditions loosen, confidence improves, and uncertainty recedes somewhat.
In Ireland, the Central Bank of Ireland's Quarterly Bulletin Q4 2024 reports that Modified Domestic Demand (MDD) grew by 3.1% in 2024, surpassing earlier projections of 2.4%. This robust performance is attributed to stronger personal consumption, increased modified investment, and a resilient labour market. Looking ahead, MDD is forecasted to expand by 3.1% in 2025 and by an average of 2.5% annually over 2026 and 2027. The Central Bank highlights significant downside risks to this positive outlook. Unsurprisingly, global trade uncertainties and geopolitical tensions are cited as potential challenges. Any changes by President Trump on corporate tax reductions, incentives for repatriating production, and the imposition of tariffs could all adversely affect Ireland's export-driven economy. To provide context, Ireland’s latest trade statistics for 2024
show that more than a third of our goods exports, worth €72.6 billion, went to the US.
Dublin’s Role in Ireland’s FDI Future: IDA Strategy 2025-29
While much of the current focus is rightly on concerns about trade and tariffs, Foreign Direct Investment (FDI) can never be ignored. So much of Dublin’s economic success has hinged on phenomenal success in attracting inward investment. Because of this, IDA Ireland’s newly launched five-year strategy, Adapt Intelligently: A Strategy for Sustainable Growth and Innovation, 202529, is an important reference. Encouragingly for Dublin, the new IDA strategy underscores Dublin’s crucial role in attracting and sustaining FDI. As a globally connected city, Dublin remains a cornerstone of Ireland’s investment proposition, offering world-class infrastructure, a skilled workforce, and a dynamic business environment.
The strategy prioritises securing 1,000 new investments, with a clear commitment to fostering balanced regional growth. While 550 of these investments are earmarked for locations outside Dublin, the capital’s continued strength is seen as vital in enhancing Ireland’s overall attractiveness to global investors. Dublin’s reputation as a European tech and financial services hub remains a key driver of Ireland’s success in securing high-value FDI.
With a focus on emerging sectors, including artificial intelligence, semiconductors, life sciences, and sustainable industries, Dublin is poised to remain at the forefront of economic transformation. The city’s ecosystem, underpinned by a strong start-up culture and multinational presence, ensures it remains a prime destination for companies seeking innovation and talent.
Moreover, IDA’s strategy highlights the importance of infrastructure and sustainability investments to maintain Dublin’s competitiveness. Ensuring the city continues to provide high-quality office space, transport links, and digital connectivity, will be key to sustaining investment momentum.
As Dublin continues to evolve as a leading global city for business, its role in Ireland’s FDI landscape will remain pivotal, reinforcing its status as a key driver of economic growth and innovation. There is a lot to ponder in the coming months as the economy moves into a new era. The economic outlook for 2025 and beyond is undoubtedly complex but IDA’s strategy provides a timely reminder that the ambition for Ireland, and Dublin, as a highly attractive economy for FDI, remains undiminished.
New Year Signals New Opportunities for Dublin Economy
Labour Market Remains in Rude Health
Dublin’s labour market remained in rude health in late 2024 and early 2025, with notable jobs announcements across the period. This includes West Pharmaceutical Services’s plans to create 330 jobs at its Damastown site. The company is constructing a new 165,000 sq ft building to address increased demand for manufacturing solutions and drug delivery services to support treatments for chronic diseases such as diabetes and obesity. The jobs to be created are in areas such as automation, process, validation, and quality and maintenance. Mercury Engineering – headquartered in the Capital –has also announced longer-term plans to create 1,000 jobs nationwide across the next five years, while Dublin Airport is recruiting up to 100 new security officers in the coming months.
December also marked a notable milestone for the proposed ‘Dublin Fields’ movie studio which received 10-year planning permission from South Dublin County Council. The studio, which is proposed for a 56-acre site at Grange Castle and includes 20 individual structures amounting to over 74,000 sq m of gross floor space, would support up to 2,800 jobs on and off site when operational. The development is being planned by Lens Media which has stated that the facility “will be unique on the island of Ireland in terms of its scale, spec and location, and amongst the premier film, television and entertainment production facilities in Europe”.
2025 Programme for Government
The 2025 Programme for Government contains multiple priorities of relevance to Dublin’s socio-economic and commercial development for the next five years. These include:
• Implementing the Dublin City Centre Taskforce recommendations;
• Promoting high density residential brownfield development and tackling dereliction and vacancy;
• Developing elective hospitals, surgical hubs and trauma services;
• Lifting the passenger cap at Dublin Airport, and establishing air connectivity between Dublin and Derry City airports;
• Improving punctuality and reliability of inter-city
The 2025 Programme for Government contains multiple priorities of relevance to Dublin’s socio-economic and commercial development for the next five years.
and commuter rail services coming into Dublin, and growing additional capacity;
• Further exploring the continuation of MetroLink from the city to South West Dublin; and
• Developing the full potential of the Dublin-Belfast Economic Corridor.
Initial Signs of Office Market Revival
The Capital’s office market showed signs of an initial recovery in 2024. According to CBRE, annual take-up was down by 12.5% on the 10-year average, but rose by 66% YoY from 2023, signifying renewed occupier confidence in the market. The largest leasing deal of 2024 was signed in Q4 by Deloitte which pre-let 14,400 sq m of space on Adelaide Road. ‘Reserved’ space at the end of Q4 totalled nearly 133,000 sq m, largely accounted for by Workday at College Square. Looking ahead to 2025, CBRE considers vacancy rates to have peaked with a decline through 2025 expected. As shown in the chart, vacancy at the end of 2024 stood at 16.8% in the City Centre and 17.3% in Dublin 2/4.
Business Activity Shows Fastest Rise in Output in 18 Months
Dublin’s private sector ended 2024 in buoyant fashion with output growth the strongest for a year-and-ahalf, and was therefore well set for a positive start to 2025. The expansion was broad based in terms of sectors, but particularly strong in the services and construction categories.
The final quarter of 2024 saw a marked expansion of business activity in Dublin. The latest Purchasing Managers’ Index (PMI) from S&P Global showed that activity in Dublin’s private sector continued to expand in Q4 with the rate of growth accelerating to its fastest since Q2 2023. The headline rate stood at a strong 54.7, critically above the 50 mark which denotes growth. This rate was up from 52.8 in Q3 and significantly higher than the 51.9 level seen at the same period in 2023. The Capital also recorded a faster increase in activity than the rest of Ireland (52.0) in Q4 as growth outside Dublin slowed but still remained in expansionary territory.
For the second consecutive quarter, all three sectors contributed to the expansion in Dublin’s business activity. Activity in the construction (59.6) and services (55.1) sectors continued to drive growth in the Capital with both growing at swifter paces than in Q3. While manufacturing production increased (52.7), it did so at a softer rate than the previous quarter (53.7). Across the rest of Ireland, the services sector (55.9) led growth while manufacturing (49.4) and construction (49.9) contracted slightly.
The Dublin New Orders Index remained in steady expansion mode in Q4. At 53.4, it remained at the same level as the previous quarter and was considerably better than Q4 2023’s contractionary level of 49.4. In line with the last quarter, Q4 saw new business again increase more quickly in Dublin than in the rest of Ireland (51.0). One slight concern is the pace of job creation which slowed to the weakest in four years in Dublin and at 50.4 indicated only a marginal increase. The rest of Ireland (50.5) saw employment rise at a similar pace to that seen in Dublin.
Experiential Retail Openings Latest Evolution In Dublin Market
Dublin’s retail sector, which has faced seismic and unprecedented challenges in the pandemic and postpandemic eras, has shown signs of evolution in recent quarters. Notable and significant leases have been signed on major premises, while the growth of experiential and leisure offerings around the city are prime examples of where the sector has adapted to changing consumer preferences.
In terms of the former, CBRE has highlighted notable developments and planned openings at:
• Grafton Street where Swatch, New Balance and Alo Yoga opened in 2024;
• Henry Street where the vacant former Debenhams premises is due to reopen with a Sports Direct store and Ireland’s first Everlast gym;
• Blanchardstown Shopping Centre which saw several new openings in recent months, including The North Face and Hobbs; and
• Dundrum Town Centre where new stores have been opened by Mango and Space NK, and JD Sports has doubled its footprint.
Such openings are counterbalanced by notable closures in recent times. New Look, for instance, closed all of its Irish stores in February 2025 with the loss of almost 350 jobs. The fashion retailer said the business was “no longer viable” and that challenges included cost of living, staff costs and consumer spending moving online. This followed other significant closures in Quiz Clothing, Argos, and Ted Baker which underline the challenging operating environment.
New Openings
Despite such departures, experiential retail brands have entered the market in the Capital in recent months. The brands – which focus on the delivery of experiences over products – include Pitch (indoor golf on Dawson Street), Flight Club (interactive darts, also on Dawson Street), and Supersocial (interactive social games in Leopardstown). The venues represent somewhat of a reinvention of traditional retail and socialising, and are
The venues represent somewhat of a re-invention of traditional retail and socialising, and are expected to be followed by three more venues in virtual-reality experience SandboxVR, ping-pong bar Bounce, and bowling alley Lane7.
expected to be followed by three more venues in virtualreality experience SandboxVR, ping-pong bar Bounce, and bowling alley Lane7. The entrance of several new offerings to a market of the scale of Dublin in a relatively short period of time is considered noteworthy. CBRE have highlighted how “this trend has been in the UK for several years, and operators are now recognising the opportunity in the Irish market”.
This shift towards experiential retail has its roots in the pre-pandemic period. As far back as 2017, writing in the Dublin Economic Monitor, Don Nugent of Dundrum Town Centre pointed out how amongst retailers “a major focus for many will be on experiential shopping, providing enjoyable and compelling experiences which cannot be replicated online […] Consumers are looking for experiences and retailers are offering personalised instore service like never before.”
This is intertwined in the rise of eCommerce, which has accelerated since the onset of the pandemic five years ago, and has presented bricks-and-mortar outlets in Dublin with challenges and opportunities in terms of attracting customers back in-person, by making their shopping experience more attractive and less ‘transactional’.
Hotel occupancy rates sluggish in early 2025
Dublin Hotel Supply & Occupancy Rates
Slow start for restaurant bookings in 2025 HOSPITALITY
Seated Diners at Dublin Restaurants (% Change Relative to 2019)
Hotel occupancy rates in Dublin continued to fall at the beginning of 2025 as activity remained sluggish in the sector. The Capital’s occupancy rates stood at 65% in January, a decline of 2 percentage points (pp) MoM. Occupancy rates also declined MoM in November (-7.5pp) and December (-13.7pp) to stand at 80.7% and 67% respectively. Average Daily Rates fell across the same 3-month period to stand at €132 in January 2025 but were 1.5% higher than in January 2024. Supply to the market reached new highs in 2024, remaining strong across the Christmas and New Year period, with an index reading of 135.4 in January. This represented a 1.9% increase YoY.
The volume of seated diners at restaurants in Dublin fluctuated at the beginning of February 2025, following the traditional spikes across the Christmas and New Year period, and the January downturn. Volumes stood at 1.2% above the 2019 baseline on the second Saturday of February. This followed a strong festive period which saw the number of diners rise 129% above the 2019 baseline in the week between Christmas and New Year. Nationally the performance of the sector has had a stronger start to 2025, where seated diners increased 37.9% above the baseline on the second Saturday of February. The industry continues to face operating challenges including the reinstated 13.5% VAT rate and increases in labour costs.
Fingal’s New Skills Strategy Positions the County for Future Growth
John Quinlivan Director of Economic, Enterprise, Tourism & Cultural Development, Fingal County Council
A highly educated workforce with skills to meet the current and future needs of employers is a key differentiating factor in Dublin’s economic offering. This has evolved over many decades, spurred by the efforts and activities of multiple organisations – including Local Authorities.
Fingal County Council has been a driver in this sphere, developing the first Local Authority Skills Strategy in the country in 2019. Significant change has occurred in the intervening period and the Council has recently developed and launched a re-vamped Skills Strategy to 2029.
This strategy has been developed in collaboration with multiple stakeholders, and has been informed by several key factors, including:
• Engagement with the European Union Interreg Project SKYLA to inform best international practices;
• Broad-based consultation, including with the county’s dedicated Skills Strategy Implementation Group (SSIG);
• Surveys and engagements with local employers and unions; and
• Forecasting of skills demand and supply, and associated ‘skills gaps’ to 2029.
In terms of the latter, significant gaps are forecasted to arise in several sectors. These include the wholesale and retail trade (a net requirement for 1,800 people per annum), industry (1,400) and human health and social work (1,300).
Annual Net Requirement by Sector (2024-2029)
In order to address such ‘gaps’, and prepare the Fingal labour force for a future in what is a rapidly evolving economic environment, the new iteration of the county’s Skills Strategy has been developed. The Strategy has been informed by the above factors and also reflects ‘megatrends’ which will be influential in terms of skills needs in Fingal in the years ahead. These include:
Building on the guidance which the Future Fingal: Economic Development Strategy and Fingal Local Economic and Community Plan (LECP) have provided, the 2024-2029 Skills Strategy sets out five key pillars to target in the years to 2029. They are:
1. Access to real time labour market intelligence: To better understand Fingal’s labour market, and specifically identify existing and emerging skills needs.
Fingal County Council has been a driver in this sphere, developing the first Local Authority Skills Strategy in the country in 2019.
2. Sector skills support: To target skills needs in priority sectors, ensuring adequate learning and development pathways are established to meet sectoral skills demand.
3. Increasing awareness: To increase awareness of available skills supports and provisions across the county through targeted marketing and communication.
4. Improving labour market participation: To unlock a wider talent pool by increasing labour market participation and supporting people to enter employment.
5. In-work progression: To support upskilling and reskilling needs and the continuation of lifelong learning, supporting access to skills development initiatives.
Through ongoing collaboration with our partners from across the economic and education landscapes, Fingal County Council will continue to innovate and pursue initiatives to further enhance the skills offering in the Dublin region. This includes the annual ‘Xplore Your Future’ Transition Year Expo, and the empowering of sectoral sub-groups to pursue specific measures which are tailored to local needs.
The Fingal Skills Strategy provides a focal point for the future development of the Fingal talent pipeline – and is a stimulant for the betterment of the wider labour market in the Capital.
Future Fingal: Fingal Skills Strategy 2024-2029 is accessible at www.fingal.ie.
Dublin’s unemployment rate records modest uplift
DUBLIN & NATIONAL UNEMPLOYMENT RATE % (SA)
Dublin’s unemployment rate recorded a second consecutive modest uplift in Q4 2024. The unemployment rate increased marginally by 0.1 percentage points (pp) QoQ to stand at 4.9% in the quarter. In contrast, this represented a YoY decline of 0.2pp from the rate of 5.1% recorded in Q4 2023. At the national level, the unemployment rate declined by 0.1pp to 4.2% (SA) in Q4 2024. The Dublin and national labour markets are expected to remain resilient in 2025 in spite of global uncertainties.
Employment levels decline QoQ in Q4 but remain
Employment levels across the Dublin economy fell in Q4 2024, following 4 consecutive quarters of growth. Total employment amongst the Capital’s residents stood at almost 813,000 (SA) in the quarter, up by 1.9% YoY (+15,000 SA) but down by 2% QoQ (-17,000 SA). Employment fell modestly QoQ across construction (-3.8%), the private sector (-3%) and industry (-2.8%). The public sector was the only sector to record QoQ growth, increasing by 0.6% to 219,000 (SA). In spite of the QoQ decline, employment levels remain elevated at over 810,000 (SA) - levels first reached in Q1 2024.
Employment by Broad Sector '000s
Dublin job postings continue to plateau
Job Postings on Indeed (Feb 2020 = 100)
The number of Dublin job vacancies posted on the Indeed website in mid-February 2025 remained below the February 2020 baseline, reaching a plateau following a period of minor fluctuations. Postings were down by 9 percentage points (pp) versus the baseline, and were below this threshold for the first 11 months of 2024. This may be reflective of the Capital’s greater exposure to the tech and professional operations sectors which have recorded declines in job postings. In contrast, job postings across Ireland remained above the baseline (+19pp) having also stabilised in recent months.
FDI into Dublin falls QoQ in Q4 2024
Foreign direct investment (FDI) into Dublin continued to fall QoQ in Q4 2024. Average capital investment declined by 14.3% QoQ to $735 million. In contrast, YoY growth of 4.4% was recorded. The number of FDI projects in Q4 remained stable QoQ, with 28 projects recorded. Job creation stood at 2,513 in the quarter and was the only metric to increase both QoQ (+5.5%) and YoY (+9.7%). Dublin compared favourably to its European counterparts for FDI per capita ($639) and had an average project value of $27 million - $2 million more than London which ranked second for this metric.
Dublin Remains Amongst Top Cities for Quality of Living
Internationally published benchmarks are a useful means of measuring a city’s performance relative to its peers, and recent indicators for Dublin confirm the city’s strong showing across a range of dimensions (see table opposite).
Quality of Living Remains a Hallmark
Mercer’s 2024 Quality of Living city ranking placed Dublin in 43rd position, down once place on 2023 but still within the top 30 cities in Europe. Noel O’Connor, Principal of Mercer Ireland, outlined how "Dublin’s strong position in this year’s index, 26th in western Europe and 43rd globally, once again demonstrates its attractiveness as a destination for expatriates”. The report also demonstrated Dublin’s characterisation as a city where a high cost of living (41st globally) is counterbalanced by its similar ranking for quality of living.
The Capital has also been ranked in 41st position in Resonance’s World’s Best Cities report for 2025. The ranking highlighted how Dublin achieved a Top 25 spot in the overall Prosperity index, including 18th position for Fortune 500 firms located in the city. According to Resonance, “the magnetism is obvious in places like the Docklands area, called Silicon Docks, home to big tech and digital players including Alphabet, Meta, Amazon, Apple and Airbnb […] They come for some of the world’s lowest corporate taxes and stay for homegrown economic development initiatives like Ireland’s Local Enterprise Office’s mentoring, training and financial grants.” Dublin’s universities, cultural amenities, and nightlife were cited as strengths, though affordability remains a challenge.
Varied Findings on Cost of Living
Cost of living comparison website, Numbeo, has found Dublin to be the 19th most expensive city in Europe in which to live. Rental costs were a key driver with Dublin ranking 4th most expensive – behind only London, Zurich and Geneva. Grocery costs were more affordable in Dublin (41st), especially when compared to Cork (20th) and many other cities across Continental Europe. Dublin’s restaurant price index reading placed it at 18th in Europe, comparing favourably to London (12th) and Amsterdam (15th) but more expensive than Cork (23rd) and Belfast (24th).
Congestion Issues
Traffic congestion in Dublin remained an issue in 2024. The Capital was the third most congested city in Europe, and the 15th most congested in the world according to Inrix, a transport data and analytics company. It moved up one place from 16th in the global congestion rankings as drivers were delayed by an average of 81 hours due to congestion in the city in 2024, a 13% YoY increase. Traffic delay times in the city had increased in each of the past three years. Galway was ranked as the 9th most congested city in Europe (67 hours of delays on average) in the research which found Istanbul to be the most congested city globally (105 hours).
DUBLIN'S INTERNATIONAL RANKINGS
Housing transactions surge in December
Dublin Residential Property Transactions (SA)
Dublin’s residential property market ended 2024 on a high, with a surge in housing transactions recorded in December. Total transactions in the month reached a new peak of 2,693 (SA), representing MoM and YoY growth of 17.7% and 21.7% respectively. New build dwellings accounted for 44% of sales in the month, a more than twofold YoY increase. Q4 was the strongest quarter of 2024, with transactions growing by 42.3% MoM in October and remaining stable through November. Nationally, housing transactions increased but at a slower rate, up both MoM (+12.9%) and YoY (+6.6%) in December. Limited newbuild and second hand supply does remain a challenge for the market, however.
Residential property prices reach new peak in Q4 2024
Residential Property Price Index (2015 = 100)
Residential property prices in Dublin increased in Q4 2024, reaching a new peak in November which was maintained in December. Prices climbed to an index reading of 166.5 in November, having increased by 0.7% MoM and by 9.7% YoY. December was the sole month in 2024 where no MoM increase was recorded as prices remained flat at 166.5. This did however represent YoY growth of 8.3%. Outside of Dublin, house prices increased MoM in every month in 2024, to reach a new high of 216.8 in December (+0.8% MoM). YoY growth stood at 9.1%, in what is an indication of soaring house prices. Potential interest rate cuts in the coming months could drive further price inflation.
Average residential rents continue to climb
Residential rents € per month
The average rent for a residential property in Dublin reached a new peak in Q2 2024 (latest data available), having risen for a tenth consecutive quarter. Rents climbed to €2,071 in Q2, increasing by 0.3% QoQ and by 5.1% YoY. In spite of this, both QoQ and YoY growth rates in the Capital slowed in the quarter. Across the Greater Dublin Area (GDA), average rents reached €1,520, having increased QoQ and YoY by 0.2% and 7.5% respectively. The strongest growth rates were recorded outside the GDA. Rental prices increased by 0.8% QoQ and by 10.3% YoY to reach €1,100. As housing costs continue to rise, affordability remains an issue for both city and rural renters.
Housing commencements contract in Q4 2024
Dublin House Commencements & Completions
Dublin housing commencements contracted sharply in Q4 2024, as the volume of residential units under construction hit a two-year low. Fewer than 3,000 units (non-SA) were commenced in the quarter, reflecting declines of 54.6% QoQ and 31.4% YoY. Completions of units also declined by 8.1% QoQ as the number of new units entering Dublin’s housing stock fell to 3,548 (SA) in the quarter. This was in spite of YoY growth of 5.6%. In total, the number of units completed in 2024 declined by 13.5% YoY to 10,892 (non-SA). In contrast, construction commenced on over 20,700 units (nonSA) in 2024, representing a 52.4% increase on 2023. These units are likely to continue to feed into supply in the coming quarters.
SOURCE: CSO, DHLGH
TRANSPORT & TRAVEL
New record in public transport usage in 2024
Public Transport Million Trips (SA)
Passenger journeys on Dublin’s public transport network returned to growth in the final quarter of 2024, following a dip in Q3. A total of 70.5 million trips (SA) were recorded in Q4, representing increases of 2% QoQ and 8.8% YoY. QoQ growth was mainly driven by Dublin Bus, which recorded an additional 2.2 million (SA) journeys (+5%). There was also an increase for Bus Eireann with an expansion of 390,000 (SA) journeys (+16.3% QoQ). In contrast, both Irish Rail and the Luas recorded QoQ declines of 5.7% and 5.2% respectively. 2024 was another record year for public transport usage in the capital as over 277 million journeys (non-SA) were undertaken, up by 25.6 million or 10.2% YoY.
Road traffic volumes rise MoM in early 2025
Average Daily Traffic Count '000s (SA)
Road traffic volumes in Dublin increased in the early stages of 2025, following the traditional Christmas period trough. Average daily traffic counts on eight main thoroughfares in the Capital stood at over 677,000 (SA) journeys in the third week of February, representing at 2.5% increase MoM. In contrast, volumes were down YoY by 7,600 (SA) journeys or 1.1%. Peak morning traffic remained stable YoY, increasing by a modest 0.1%. Evening journeys declined by 1.4% to almost 51,000 (SA). Higher toll rates were rolled out in January at the Dublin Port Tunnel and on the M50, thus increasing the cost of travel on the Capital's road network.
Dublin
TRANSPORT & TRAVEL
Passenger throughput at Dublin Airport dips in Q4
Dublin Airport Passengers '000s (SA)
Passenger numbers at Dublin Airport declined marginally in the final quarter of 2024. Almost 8.5 million passengers (SA) travelled via the airport in Q4, a decline of 1.9% QoQ. This did, however, represent minor YoY growth of 0.7%, or an additional 55,000 passengers. Dublin Airport welcomed 33.3 million passengers (nonSA) through its terminals in 2024, representing a 4% increase on 2023 and the strong demand for air travel domestically and internationally. According to aviation data consultancy OAG, Dublin to London Heathrow was the second busiest international air route operated within Europe in 2024.
Dublin Port activity slips in Q4 2024
Dublin Port Tonnage Million Tonnes (SA)
The volume of throughput at Dublin Port fell in Q4 2024, largely driven by a drop-off in export volumes. A total of 8.5 million tonnes (SA) of cargo was handled at the port in the quarter, representing declines of 5.9% QoQ and 2.6% YoY. Exports declined to the greatest extent QoQ (-7.6%) and YoY (-4.6%) in Q4 to stand at 3.1 million tonnes (SA). This was reflective of a 258,000 tonne drop in volumes compared to Q3 2024. Imports also reduced, falling by 4.4% QoQ, but remained relatively stable YoY (-0.8%). Dublin Port and associated partners recently received funding to explore the establishment of a Green Shipping Corridor between Holyhead and Dublin, which is currently the busiest roll-on/roll-off route between the UK and Ireland.
Sandyford Business District: Progressing Ireland’s Largest Business District
Ger Corbett CEO of Sandyford Business District
Sandyford Business District (SBD), located in Dún Laoghaire-Rathdown (DLR), provides an unrivalled environment for business. It combines a unique blend of strategic location, exceptional talent, and an unequalled quality of life. Many organisations from sole traders and SMEs to multinationals have chosen SBD as their home, benefiting from unparalleled access to top-tier talent, robust infrastructure, amenities, a pro-business environment, all in a sustainably focused ecosystem. Since the opening of Stillorgan Business Park in 1977, SBD has added Sandyford Business Park, South County Business Park and Central Park. The area now hosts over 1,000 national and multinational companies who employ over 26,000 employees. SBD is a leading hub for economic development and will continue to be a key location for start-ups and foreign direct investment
(FDI) for the foreseeable future. This influx of daily commerce supports a diverse range of sectors, including retail, motor, construction, hospitality, and professional services.
SBD also significantly contributes to State revenues through income and corporation taxes. The district's diverse workforce generates an estimated €200 million in income tax annually. Furthermore, the businesses contribute approximately €150 million in corporation tax each year.
SBD also benefits from the clustering effect, where the close proximity of businesses and employees leads to increased collaboration, innovation, and efficiency. This agglomeration of talent and resources further strengthens the area's economic resilience, ensuring long-term sustainability and prosperity for both the workforce and the local community.
SBD has established itself as:
1. a World Class Destination for establishing businesses, working and residing,
2. a Smart Place to Work,
3. a Vibrant Community of Businesses and residents with a unique identity, and
4. a Smart District where working, living and spending leisure time is appealing.
SBD supports a varied and talented business ecosystem, attracting a wide array of industries including tech, finance, biopharmaceuticals and professional services. One Microsoft Place, the flagship premises for Microsoft’s Irish operations, constitutes a €134 million investment. This impressive tech campus exemplifies the trust global leaders place in SBD. Microsoft's commitment to SBD was further compounded last year with the announcement of 550 new engineering and R&D roles to pioneer the development of AI technologies.
Bank of America and Mastercard are two key US financial institutions that have established a strong presence in the area, leveraging Sandyford’s strategic location and business-friendly environment to serve their European and global operations.
Communications is key to the success of every sector, and SBD is home to Vodafone, a leader in bridging digital divides through connectivity. This diversity of industries in DLR contributes to its economic resilience and attractiveness for international investment. SSE Airtricity, Ireland’s leading energy supply and services company, is also based in SBD and continually empowers residents and businesses to source cost effective electricity and gas solutions on the national roadmap to net zero.
Sandyford benefits from a well-developed infrastructure which is continuously being advanced, including a reliable power supply, high-speed broadband, and efficient transport links. Multiple bus routes and the Green Luas light rail service provide convenient commutes and easy access to Dublin City Centre and other areas. Its proximity to the N11 and M50 motorways ensures efficient connections to national road networks and Dublin Airport.
SBD and the surrounding area also boast a highly educated and skilled workforce, with access to graduates from top-tier institutions like University College Dublin (UCD), the largest university in Ireland, and the Institute of Art, Design, and Technology (IADT). The strong collaboration between SBD and these institutions has led to the establishment of Memorandums of Understanding aimed at fostering innovation, research, and talent development.
The district is much more than a business district as it
SBD is a leading hub for economic development and will continue to be a key location for startups and foreign direct investment (FDI) for the foreseeable future.
boasts over 6,000 residents and growing. With a central location in the heart of Dún Laoghaire-Rathdown, between the Dublin and Wicklow mountains and the picturesque coastline, it offers an incomparable life balance that enhances its appeal for businesses, employees and residents. SBD offers leisure, hospitality and tourism activities, including Naomh Olaf GAA, a golf course and the internationally recognised Leopardstown racecourse.
SBD continues to advance initiatives in infrastructure, development and sustainability through a number of multidisciplinary projects. It is the leading proponent of Irelands first Digital Twin - a digital platform converting technical data to accessible, user-friendly formats for planning, designing and communicating potential infrastructure and environmental changes.
Project CircularPSP has united 8 procurer cities, representing 45 million citizens, to invest €5.64 million in R&D. Funded by the EU, the end goal is to support business processes and workflows to plan, procure, and implement innovative circular economy solutions across Europe. SBD was selected as one of the procurers in this European project with the objective of designing, developing and testing a digital public service platform that enables municipalities to transition to circularity, utilising taxonomies, AI and NLP.
The Sandyford Green Infrastructure Project is a collaborative effort between SBD and DLR County Council, which aims to transform 0.8 hectares of land into an SBD Civic Park. This undertaking will enhance the quality of public spaces and is an integral part of the Interreg North-West Europe Programme (NWE) known as IB-Green.
