The Irish Motor industry has registered a phenomenal growth rate, with the creation of 2,800 new jobs in Quarter 1 alone, according to the Society of the Irish Motor Industry (SIMI).
The motor industry is often seen as a key economic indicator of economic growth, as the economy prospers, consumer confidence and consumer income grows, which results in a surge in car sales. Conversely, car sales are one of the first industries to get hit when the economy is in recession as they are seen as an expensive luxury.
For the first five months of the year, new car registrations are up a phenomenal 26% when compared to the same period last year, which is a clear indication that the Irish economy is in recovery mode. Another indicator of strong economic growth is the sale of light commercial vehicles has risen by a phenomenal 26%, indicating a strong growth in confidence in Irelands SME sector.
There are currently 44,700 employed in the Irish motor industry and this figure could easily reach 47,000 by the end of the year if the current sales trajectory continues as anticipated.