We need to do more to tempt people into construction

We will need to grow the number of young people training in this area, not only in traditional trades like block-laying, but also in modern methods of construction.

In Ireland, GNP has now largely been replaced by adjusted gross national income, or GNI*, which strips out additional distorting features of our globalised economy, like depreciation on intellectual property and leased aircraft. However, GNI* will not be available until six months after year-end. The Modified Domestic Demand figure published by the CSO last week probably gives the best read of all the National Accounts measures on how the economy actually did in 2023, showing a growth of 2.

The Labour Force Survey figures also confirm that the economy is at full employment, with no spare capacity: the unemployment rate for Irish-born people last year was a record low of 3.8 per cent, with an overall unemployment rate of 4.2 per cent. Because there will always be people who are between jobs, an unemployment rate of 4 per cent generally signals Ireland is at full employment.

In a fully employed economy, pursuing jobs growth for the sake of it runs the risk of attracting workers or job entrants from other important roles for our economy and society. While changes in relative wages will play a big role in moving scarce labour to where people are most needed, such an adjustment will take time, and will have some negative side effects.

Source: News Formal (newsformal.com)

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