Bitesize Business: Limerick expansion, growth forecast and UCD partnership

By Business & Finance
12 December 2016

Business & Finance brings you the day’s Irish business news in brief.

Growth forecasts revised down, but positive jobs outlook


Ibec’s Q4 Quarterly Economic Outlook has revised down its 2016 GDP growth forecast to 3.7% from 3.9%, and the 2017 forecast to 2.8% from 3.2%.

The group said increased global and European economic and political uncertainties brought into sharp focus the need for sensible economic and labour market policies at home.

Despite the downward adjustment, jobs growth is set to continue, with employment levels expected to return to 2006 peek levels by the end of next year, with employment growth approaching 2.4% for the full year in 2017. 

Irish start-up signs deal Manchester University deal


StudyBundles, an Irish start-up, has signed a deal with Manchester University to develop a wellbeing mobile app.

The company is based in IT Sligo’s Innovation Centre and has an office in Manchester. StudyBundles has created a new way to connect with students, to get their attention and to forge a bond with them.

Declan Sweeney, chief executive, StudyBundles, commented: “This is major validation for us as a young business and an opportunity to build on the success of our core product, CampusConnect. The fact that Dan and I are Manchester graduates makes this all the more pleasing and we’re excited to get started.”

Visitor expenditure up 9.4% for first nine months


Data published by the CSO today confirms strong revenue figures from overseas visitors this year.

The detailed figures from the CSO show that spending in Ireland by overseas visitors (excluding fares) for the first nine months of the year rose by 9.4% compared with the corresponding period of 2015.

The data also shows that the number of trips in the key target market of holidaymakers rose by 8.0%. The figures confirm significant growth in revenue across all our main market areas.

SIRO to invest €150m in 2017 rollout in Carrickmines


SIRO’s new offices in Carrickmines, Co. Dublin have officially need opened with reports of 60 new jobs created by the company over the past 12 months.

SIRO will now employ 120 people as it ramps up the construction of Ireland’s first 100% fibre-optic broadband network to 500,000 premises in 50 towns nationwide.

The company also announced that it will invest €150m in its network rollout in 2017, which will support 400 subcontractors working on the project around Ireland.

EY opens new expanded office space in Limerick city


Professional services firm EY has announced the opening of its new expanded office space in Limerick city.

The firm, which employs over 50 people in the city, has moved to a modern and open plan office space in Riverview House, Harvey’s Quay in order to facilitate its ongoing expansion following continued market leading growth.

EY Limerick’s expanded office has the capacity to support the firm’s ambition to grow to a headcount of at least 100 people by 2020.

Origin announces €17.6m research partnership with UCD


Origin Enterprises and University College Dublin are pleased to announce the establishment of a dedicated digital, precision agriculture and crop science collaborative research partnership supported by Science Foundation Ireland (SFI).

The five-year development programme underpinning the research partnership will be financed by a €17.6m investment which is co-funded by Origin and SFI.

The aim of the programme is to build digitally based and user driven advisory tools that provide rapid and localised decision support for agronomists and farmers.