The number of professional job vacancies in Ireland fell by 15.4% in the second quarter when compared to the first quarter, according to the latest Morgan McKinley Ireland Quarterly Employment Monitor. Inflation, the housing crisis and slowing business growth contributed to the decline in hiring.

The Monitor tracks both permanent and contract vacancies in Ireland.

Accountancy and finance vacancies reported a fall of 17.3% over the quarter while projects, transformation and change (-25%) saw the largest quarterly drop in vacancies. In the technology sector job vacancies were down 7.8%, however contract vacancies within the sector saw 11% growth.

Life sciences and engineering recorded an increase of 6%, supply chain and procurement saw a 23% increase over the quarter while banking and financial services showed 16% growth.

Trayc Keevans, global FDI (foreign direct investment) director at Morgan McKinley said there was a 43% decrease in construction opportunities coming to market in this period due to a lag in filling positions caused by a shortage of skills and difficulty in finding accommodation for workers coming from overseas. The sector is currently facing a severe understaffing issue, with one in four construction jobs remaining unfilled,” Keevans added.

Meanwhile, the number of professional jobseekers decreased by 0.8% in Q2 when compared with the first quarter. At the same time, the downturn in the tech sector helped fuel a 20% year-on-year increase in the overall number of job applicants alongside a rise in the number of business support professionals entering the job market.

Keevans also said salaries have remained steady across most areas while other sectors saw reduced wages due to increased expenses.

The Monitor also stated that AI has had a minimal impact on hiring practices in most sectors.

“Emerging technologies such as artificial intelligence have had minimal effects on hiring practices for the majority of sectors during this quarter,” Keevans said. “Companies are gradually adopting automation and technology advancements, which require skilled professionals to oversee and manage automated processes, rather than replacing jobs.”