Explore the Unprecedented Growth of Ireland’s Business Cities: Dublin’s Financial Dominance, Cork’s Technological Surge, and Galway’s Innovation Hub
For the last ten years, Ireland has returned strong economic growth and this is in no small part to do with it offering an extremely attractive environment for businesses to operate in.
It has one of the lowest corporation tax rates in Europe a well-educated, English-speaking population.
Unlike its neighbour, it is part of the European Single Market. While it was once an outpost on the Westerly fringe of the European Union, it is now an essential stepping stone for many companies into the enormous European marketplace.
Brexit – UK’s loss is Ireland’s Gain
The UK’s Brexit loss has been Ireland’s gain. According to a recent report, Barclays, Morgan Stanley, S&P Global, Thomson Reuters, TD Securities, Coinbase, Equilend, JP Morgan, Goldman Sachs and Bank of America have all moved their bases to Ireland.
Because of the Common Travel Agreement between the UK and Ireland, Brits can still work in the country without facing the problems they do when trying to relocate to other European countries.
This boost has brought both people and prosperity and is also providing additional opportunities for Irish citizens who no longer need to leave the country to find good employment.
Dublin – punching above its weight
While Dublin is where many of the companies have relocated to, this is not the only city that has seen significant growth in the businesses it attracts. However, before looking at some of the country’s other growth cities, it is worth remembering that Dublin is tiny compared to London but is now punching way above its weight.
As well as attracting a good slew of financial companies, it is also an attractive place for gambling companies to set up shop. Ireland’s online gambling laws have recently been updated, and companies like Flutter Entertainment, Bet Duel and Hava Bet are based in Dublin but have a global reach.
These companies can make the most of the tech-savvy Irish population to produce online casinos, betting platforms and gaming software.
As it’s a relatively new online vertical, players need to make sure to stay updated and informed to avoid any pitfalls. Starting with some of the best online casinos chosen by Casino.org is never a bad place to start, and same as almost anything else, there’s a mountain of information out there on the internet if you want to learn more.
Cork – the emerging powerhouse with big brands
Dublin might be Ireland’s most famous city but it is Cork that is the one with the highest business growth. There are many reasons for this, but the city has seen a revival in its fortunes.
Known as the ‘capital of the south’, Cork is Ireland’s second-largest city. It is becoming the location of choice for start-ups and multinationals looking to expand their bases within the EU. As well as more affordable property than Dublin, Cork Port now has direct ferry routes to France and Spain. While Britain was in the EU, many companies used the UK as a land bridge. Now, direct routes allow for easy imports and exports.
In the past, businesses would have chosen Dublin because of its talent base and location, but Cork has recently been named one of the best cities in Europe for economic potential. It is set to be Ireland’s fastest-growing city, and the population is expected to increase by 50% over the next twenty years. It has reinvented itself as a hub for pharmaceuticals and tech, attracting major multinationals, including Amazon, Pfizer and Novartis.
Dublin might be famous for Guinness, but food and drink are also at the heart of Cork’s success, with rival stout brand Murphy’s brewed here. However, it is tech companies that generate the most excitement:
Apple, one of the largest tech giants in the world, has had a base in the city for over 35 years. It currently employs over six thousand people in Ireland and has doubled the size of its team in the last five years. Incredibly, its employees include nationals of more than eighty different countries.
Facebook has opened an office in the city for its virtual reality Oculus products. The expansion created exciting employment opportunities and added to Cork’s claim that it is an attractive place for businesses to call home.
Eventbrite has processed $10 million in ticket sales since its inception in 2006. This global event and ticketing company opened its Irish headquarters in Cork.
Top SME’s – located in Cork also
Cork is not only about mega-global corporations. It is home to many aspiring small and medium enterprises, too. Xanadu won the Cork Chamber of Commerce awards for SME of the Year for its best-in-class betting software. Founded in 2011, it provides services and operational support to one of the world’s leading betting exchanges, Matchbook.com.
According to the latest census data, Cork City’s population increased by 6.6% between 2016 and 2022. There are now close to a quarter of a million people living there.
The city has a large pool of graduates from The Cork Institute of Technology and University College Cork. It has created a business eco-system that is collaborative, innovative and supportive.
The city is central to a strategic plan to develop and strengthen the country’s economy and is set to become an economic powerhouse.
Galway – Ireland’s cultural city is not be forgotten
While Dublin and Cork might be the biggest cities, business is thriving all over Ireland. Galway is an incredibly attractive prospect for both tourists and those looking for business. and ingenuity.
The Galway Technology Centre put the city well and truly on the map. It has an accelerator programme in the medical technology sector and is home to Ireland’s Medtech Company of the Year 2020, Aerogon.
The business played a crucial role in developing Covid-19 treatments across the world.
The Technology Centre recently received $4 million in funding from the Irish Government’s Regional Enterprise Development, which will see it embark on a major expansion project with the construction of a new facility, Academy West, which aims to accelerate and scale up innovation enterprises in the west of the county.
