FDI investments in 2024 to create 13,500 jobs, says IDA Ireland

234 investments from this year are estimated to create 13,500 jobs in the near future, according to the agency.

A record level of research and development (R&D) investment valued at €1.9bn across 64 projects was approved by IDA Ireland during 2024, according to a new report.

The report, which was published today (17 December) by the agency, showcased IDA Ireland’s annual performance for this year and explored investment and employment across the foreign direct investment (FDI) sector.

According to the agency, which works on behalf of the Irish Government, 234 investments in Ireland were secured in 2024, a slight drop from 248 last year. Investors include well-known companies such as Eli Lilly, Brystol Meyers Squibb, Microsoft, IBM and West Pharma. These investments are projected to create 13,500 jobs in the near future.

IDA Ireland CEO Michael Lohan said that the stability in employment levels by FDI clients “highlights the sector’s resilience and consistent growth”. He added that the investments are helping to “pave the way for sustained long-term growth and development”.

Of the reported investments, IDA Ireland said that 59pc were in regional locations outside of Dublin, marking an increase in regional investments from 53pc last year.

A total of 69 investments originated from new name or first-time investors, including companies such as Calypso AI, Evernorth, Sirius XM, and UKG.

Another finding showed that nearly half of all investments in 2024 were underpinned by factors such as innovation, digitalisation, sustainability focused on decarbonisation, developing advanced cutting-edge technologies, and driving talent and skills development.

Employment levels

IDA Ireland said that 302,566 people were directly employed this year by more than 1,800 of its client companies across a variety of sectors – the third consecutive year of IDA client employment levels above 300,000. The agency says this figure represents a slight increase (0.2pc) in client employment and accounts for 10.8pc of overall national employment.

The report also recorded job growth in areas like modern and traditional manufacturing, with an increase of 0.8pc in the former and 0.4pc in the latter.

Employment in business, financial and other services also reported an increase of 1.7pc, while information and communication technologies (also known as ICT) jobs saw numbers decline at 1.2pc.

Commenting on the report’s findings, Minister for Enterprise, Trade and Employment Peter Burke, TD said that despite many global repercussions stemming from Brexit, the Covid-19 pandemic and the war in Ukraine, Ireland “continues to be seen as a location of choice” for both long-established and new investors.

Burke added: “In 2024, Ireland ranked fourth place among 67 economies measured for their global competitiveness in the 2024 IMD World Competitiveness Ranking. This is the second consecutive year Ireland has been placed in the top five economies globally.”

Feargal O’Rourke, chairperson of IDA Ireland, also announced that the agency has been formulating a new five-year strategy for the organisation, which is set to be launched early next year. He said that the plan “will focus on building opportunities for growth for Ireland in a highly competitive environment for FDI”.

Last week, IDA Ireland made headlines after it released its latest Labour Market Pulse report, which found that the demand for green skills in Ireland is outpacing supply.

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