18,000 Jobs Created Over Last 3 Years as a Result of Invest NI Support
Invest Northern Ireland has released its first ever figures of jobs created as a direct result of its support, revealing nearly 18,000 jobs have been created in the last three years.
Speaking about the new reporting, Chief Executive Alastair Hamilton said: “Historically Invest NI has reported on jobs promoted – the number of jobs a company expects to create as a result of a new project. This has been in line with the targets set for us by the NI Executive as part of the Programme for Government.
“Back in 2011 I briefed the Enterprise, Trade and Investment Committee about our plans to introduce new systems to enable us to measure outputs delivered as a result of our work. The most important of these measures was jobs created.
“We have now put in place processes to enable accurate reporting of the actual number of jobs created as a direct result of those projects which we have assisted. In doing so, Invest NI is the first development agency amongst those in the rest of the UK or the Republic of Ireland to report in this way across all its job support initiatives.
“We now have the ability to analyse all offers of financial support which were “live” at the beginning of our current Corporate Plan period (2011-12) and extract year on year job creation information against these offers.
“This shows that, in 2013-14, 6,158 new jobs were created directly as a result of Invest NI support and that 17,779 new jobs have been created in total since the beginning of our current Corporate Plan period.
“Projects typically take between 3 and 5 years (and for many larger projects up to 10 years) to create the jobs initially promoted at the outset. Therefore, meaningful data on the number of jobs created as a result of jobs promoted during this Corporate Plan period (2011-12 to 2014-15) will not be available for some time. For example, for a job announcement made in 2013-14, it will be 2016-17 before we will begin to have meaningful data on the number of jobs actually created, depending on the conditions of the Letter of Offer.
“Introducing this new system has been a key project for us and I am pleased that we will now be able to provide this level of information.”