Latest Dublin Economic Monitor shows Dublin’s economy maintains momentum but housing challenges persist

News Type 
Thursday, February 1, 2018
dlr County
Intro Text 

The 12th issue of the Dublin Economic Monitor was launched today. The Monitor is a joint initiative of the four Dublin local authorities and focuses on key economic indicators for the Dublin region. The current issue shows that while Dublin’s economy maintains momentum, longstanding issues remain in the area of housing.

For the first time, the Dublin Economic Monitor includes data from Mastercard’s SpendingPulse, a new partnership with Mastercard which uses their SpendingPulse reports to better understand retail spending and tourism expenditure patterns. The SpendingPulse data is drawn from anonymised and aggregated card transaction data, as well as other means of payments such as cash and cheques. This data will help the city to develop new insights on the spending patterns of Dubliners and tourists, as well as comparing the Capital’s performance to the whole of Ireland . The SpendingPulse shows strong retail sales growth in Dublin, with a +7.7% YoY increase in household goods sales signalling a confidence and willingness among Dublin consumers to spend on big-ticket items. Total tourism spend in Dublin increased by 5.9 YoY, with spend from USA tourists up 16% but a reduced spend from British and Chinese visitors.

The Monitor shows that issues remain in the area of housing in our Capital. The impact of the region’s housing supply problems was reflected in the Expat City Ranking 2017 where Dublin was placed 47th out of 51 cities globally. Residential rents in Dublin gathered pace in the Q3 2017 and residential property prices recorded YoY growth of more than 10% for a fifth consecutive month in October 2017. Housing completions overall in Dublin were up to 620 in November 2017 but commencements followed a more inconsistent pattern. Finally, Dublin’s unemployment rate continued to decline in Q3 2017 to reach 6.1%.

The full report can be accessed at  http://issuu.com/256media/docs/dublineconomicmonitor-feb2018?e=16581915/57943216