The number of available jobs in Northern Ireland has fallen to the lowest level in two years, according to new research.
The NIJobs Report with Ulster Bank showed job vacancy numbers fell by 8% in the first quarter of 2023, a slide which has beaten expectations for a steeper decline and underpinned continued strength in the local labour market despite wider economic jitters.
Advertised job numbers on the online website fell in 28 of the 39 categories measured by the analysis but overall activity remains more than 40% above the levels recorded in the first quarter of 2020.
“These insights demonstrate that despite earlier gloomy predictions, the NI job market is performing strongly with plenty of jobs available sector wide,” Sam McIlveen, Managing Director at StepStone Ireland, parent company of NIJobs, said.
He said the market is likely to see demand for labour grow in the years ahead on the back of an inward flow of US investment.
“Looking ahead to future recruitment developments, the US Presidential visit reiterated that Northern Ireland has a huge economic growth opportunity going forwards if the Executive is restored,” he said. “We already know that we have much to offer in terms of skills and talent. US companies currently employ around 30,000 people here and there is an upward trend of significant investment from American firms including Proofpoint and ShopKeep who are all hiring with the support of NIJobs. “
The detail of the report showed the most active recruitment category was retail, one which has benefitted from the weakness of the pound which has drawn shoppers across the border from the Republic.
Richard Ramsey, Ulster Bank’s Chief Economist, said the local job market’s future will be dependent on the wider economy, one which is facing challenges from a range of areas.
“One of the biggest challenges facing the local economy concerns the outlook for the public finances,” he said. “Stormont Departments face their biggest squeeze on public expenditure since devolution back in 1998. The lack of a functioning government simply makes a bad situation worse.
“Public sector employment and aspects of the economy reliant on public expenditure will be vulnerable.”
