A survey of the 36 member companies comprising the Geoscience Ireland (GI) business cluster has shown that 271 net new jobs were created in the six months leading up to 1st July 2018; 81 of which were created by small and medium-sized enterprises (SMEs). The GI companies reported a total turnover for 2017 of over €926M, of which the SME cohort accounted for €260M; 38% of total turnover was generated in overseas markets.
Commenting on the results, Sean Kyne TD, Minister of State for Natural Resources, welcomed Geoscience Ireland companies' "continued success in creating export-orientated jobs in the highly-skilled sector of geoscience".
Minister Kyne continued to say "activities in Ireland's exploration and extraction industries have strengthened over the past year, and the construction and infrastructure sectors are growing strongly; though we must maintain a focus on the export potential for Irish geoscience and engineering SMEs to sustain job creation. My Department, along with Enterprise Ireland, will continue to support the Geoscience Ireland initiative, which has seen the creation of over 1,100 new jobs since its inception in September 2012."
Key metrics emerging from the survey revealed that:
· Since 2012, GI companies have created 1,103 net new jobs (SMEs account for 835 jobs),
· The total employed by GI companies exceeds 3,600 (SMEs account for 2,000 jobs),
· Turnover by GI companies in 2017 totalled €926M, an increase of 12% from 2016 (€827M),
· 61% of GI companies reported growth in job numbers, while 25% reported no change and 11% reported job losses,
· 38% of turnover came from overseas activity.
The member companies are optimistic in their outlook but note issues such as Brexit and currency fluctuations, shocks to international trade agreements and policies, and labour shortages as headwinds. GI will continue to support its members in building resilience in the face of such challenges; in doing so, GI will continue to work with its members to identify opportunities in overseas markets, strengthen linkages in these target market and promote collaboration between member companies in terms of sharing market knowledge and/ or co-bidding on tenders.