It is heartening to hear that, whilst many sectors of our economy in Northern Ireland are still deep in trouble, some sectors are beginning to see the green shoots of post pandemic recovery and recruitment is gathering momentum.
Some Parts Of The Economy In Bullish Mood
According to the latest Jobs Report that NIJobs.com have released in conjunction with Ulster Bank, the first quarter of this year has shown a 40% increase in recruitment levels from the previous quarter, which has actually trebled since the nadir of the second quarter of 2020 when the country was deep in lockdown. If you look at the figures on a year on year basis jobs are up over 20%, which is a very good sign some parts of the economy are in a healthy state of mind.
The sectors that are still showing lower levels of recruitment are the hospitality sector of course, which is down over 70% year on year, as well as the retail industry and the social and not for profit sectors. But the top performing sectors right now include nursing and healthcare, along with general services, general management and security trades.
Companies Continue To Invest In IT
IT has been an important part of the Northern Ireland economy for many years now and employers in this sector are very much sought after as companies continue to invest in this area. This is one of the key areas of the economy for the country and so it is vital that big IT companies are still happy to recruit and invest here. There are also many IT start ups making their first steps which is great to see. With Belfast being one of the first UK cities to be involved with the 5G roll-out it could be an exciting time for the industry.
Furlough Payments & Grants Have Helped Considerably
There is no doubt that the financial help given to the economy in the shape of furlough payments and various grants and other funding has helped to keep businesses afloat and importantly workers in jobs, so although we have been in a deep recession the employment levels have not fallen as much as was first feared. This leaves us in a stronger position to grow our economy when all the lockdown restrictions are finally lifted.
So we are not out of the woods yet but there are signs that optimism is returning in some sectors of the economy which is excellent news for us all. Meanwhile if you have a business that could do with some help and advice from an experienced and knowledgeable accountancy firm get in touch with our friendly team here in Armagh on 028 3752 2909.