An increase in business activity has been recorded for 46 straight months in Northern Ireland with growth higher than the UK average and a new survey record for the number of new jobs. The surge included the manufacturing sector. Full report here. Will this produce a political feel good factor?
Ireland is in the middle of a boom – a running boom. Chances are, even if you have never run a step yourself (apart from some painful P.E. classes many moons ago), someone you know has taken up running over the last little while. Road races in Northern Ireland and in the Republic have seen [...] read our review »
A silly media row about racism just had to figure in the riots’ post mortem. Was the Tudor history expert David Starkey racist on Newsnight when he said: The whites have become black. A particular sort of violent, destructive, nihilistic, gangster culture has become the fashion. And black and white, boy and girl, operate in [...] read our review »
More good new. (doubtless we will have the usual knockers who wish to run the place down)
I was wondering what percentage of the new businesses are being set up by immigrants and if they are more active than the indigenous population. Certainly they are becoming more noticeable in many quarters and seem to be seeking work (as self employed) in all sorts of sectors. I have even seen adds in Post Offices for native Polish and Russian speaker to give lessons in said language. Given the decision of the Swiss resort to limit the number of Russian tourists do I see a potential opening for the tourist industry?
GOod news.
Another useful health indicator for the NI economy is that the migration into NI from GB (published quarterly by uk statistics) has been net positive since about 2000 – i.e. those arriving exceed those leaving. International migration has also been on the increase as Crataegus suggests.
Crataegus: “I was wondering what percentage of the new businesses are being set up by immigrants and if they are more active than the indigenous population.”
Immigrants likely have the greater share, at least from most economic studies I’ve seen, although, I confess, I’ve never seen one on NI before.
On the downside, this prosperity will cause the real-estate boom to continue — increased wealth chasing a static number of properties. IOW, an auction.
Dread
I think you are right about the activity of immigrants. Definitely positive.
The real estate boom is largely self inflicted. If you are under building dwellings year on year from between 3000 and 6000 (I think it is worse) and then introduce policies that severely restrict the development land available what can one expect.
As far as I am concerned the more well educated, self motivated Polish etc that decide to move here the better, pity there wasn’t a modern Botany Bay for some of the locals. Olympus Mons would seem suitable roll on Mars mission!
Not that I want to fuel the property argument … but … lack of supply is not the problem, its over demand. The housing market is irrational. The avergage yield in buy to let in Belfast is 2% pa (which is still better than Dublin at 0%) – in other word investors think that investing in property is a sure thing despite the evidence that putting your money in a savings account would be better. We could concrete Belfast to Buncrana and the market would *still* be irrational.
Crataegus: “The real estate boom is largely self inflicted. If you are under building dwellings year on year from between 3000 and 6000 (I think it is worse) and then introduce policies that severely restrict the development land available what can one expect. ”
Inflation, as increasing money chases too few goods. Followed by blood on the floor, in the form of increased rates and increased fore-closures, usually in that order. Some will no doubt try other options — is it called “Loyalist lightening” over there, I wonder?
There will be those who scream and squeek for more subsidized housing, which will create their own problems.
That is what you can expect.
Crataegus: “As far as I am concerned the more well educated, self motivated Polish etc that decide to move here the better, pity there wasn’t a modern Botany Bay for some of the locals. ”
Whatever you do, get them out early — once the wealth arising from entrepeneurial efforts starts, the inevitable resentment will be sure to follow.
However, the prices will not go down as quickly or as far as they went up.
Dread
Get them out fast
Whilst we wait for Mars I thought we could atone for the wrongs of the slave trade by selling them into slavery in Nigeria! Deals with two issues at one stroke and there is a few coins to be made.
Sure as hell I resent paying tax to keep some of them in the indolent life style they have chosen.
Crataegus: “Sure as hell I resent paying tax to keep some of them in the indolent life style they have chosen. ”
I was amused, in my usual fashion, at the euphemism “voluntary poverty” used to describe them.
Boom, boom and more boom?
Interesting headline given the history of NI.
Reminds me of the sign in the Belfast army surplus store window just after the first ceasefire:
“Bomber jackets half price”
Art Hostage: “Boom, boom and more boom?
Interesting headline given the history of NI. ”
Was wondering how long until someone felt the need to state the obvious.
Much nicer context, however…
cratageous.isnt olympus mons some intimate part of the female anatomy ? as a holy roman cattlick i dont know about such things so must learn from a heretic on such matters.