American Chamber of Commerce Ireland members continue to view Ireland as an attractive investment location but worry about housing constraints, according to a new survey to mark the Fourth of July.
The new survey of American Chamber members found that 97% of respondents believe Ireland remains competitive to other global economies, and 90% reporting their corporate headquarters view Ireland favourably as an investment or growth location.
Just over five-out-of-ten (52%) of survey participants believe that Ireland’s educated talent pool was the main driver for this favourable perception.
A slim majority (56%) expect to see job growth at their Irish operations in the next year, with a further 41% not expecting to slim their employee count.
Although down from the 49% recorded in the group’s March survey, 40% of respondents believe that housing is the biggest impediment to growth.
Additionally, 59% of those surveyed believe housing is the area needing the most urgent investment from government, comfortably higher than those reporting transport and energy, both on 14%.
Cost competitiveness (19%) and skills shortages (12%) were seen as the next biggest impediments to growth, rising from 10% and 8% from March’s results respectively.
Six in 10 (59%) respondents believe that investing in renewable energy sources is the best solution for climate priorities, with just over a third (36%) believing tax incentives for renewable purposes would be best suited.
American Chamber CEO Paul Sweetman said: “Ireland has continued to cement its position as a destination for investment within the global business environment. This is evident in the findings of our current survey of AmCham members.
“It is also clear that challenges remain within infrastructure, transport, access to talent, and cost competitiveness. Smart policy and investment decisions can sustain Ireland’s reputation as a powerhouse in sustainability, research, talent and digital infrastructure in the years and decades ahead.”
The survey’s findings were released at the group’s annual Independence Day lunch, attended by 500 guests and special attendee An Taoiseach Simon Harris, with sponsorship from PwC Ireland.
Susan Kilty, COO of PwC Ireland, said: “PwC’s 2024 CEO survey showed that 50% of Irish business leaders said that the US is the most important territory for their company’s prospects for revenue growth, more important than any other territory.
“This highlights the strength of US-Ireland relations and investment. With Ireland’s pro-business environment, a highly skilled English speaking workforce with a great work ethic, a super track record and our proximity to mainland Europe, we continue to be a preferred location for foreign direct investment.”
The American Chamber also released details about its pre-Budget 2025 submission, with CEO Paul Sweetman saying it “outlines how we believe Ireland can continue to attract business and people to its shores.”
This includes the recommendations of an increased investment in housing infrastructure, reforms in planning procedure and revising housing targets.
It also called on the government to prioritise transport solutions, such as the Metrolink, Dart+ and increased airport capacities, as well as the accelerated investment in renewable energy and the national grid.
(Pic: NICOLAS MAETERLINCK/BELGA MAG/AFP via Getty Images/Getty Images)
