Economy & Cost of Living
With millions being invested in regeneration, our towns and cities are thriving and in light of new industries being created, our economy has a new lease of life. There is a new cultural vitality, pride and optimism. Instead of emigrating, our brightest graduates are staying. Tourism is growing at an unprecedented rate too, with visitors discovering our hospitality, humor, beautiful scenery and quality of life.
Building on the region’s rich industrial heritage Northern Ireland’s economy continues to perform well in the current economic climate. The unemployment rate currently stands at 6.9%, slightly above the UK average, but below the Republic of Ireland and EU averages. Outside of London, Northern Ireland is the leading UK region for attracting inward investment; in fact Belfast is the world’s top destination city for financial services technologies investments. The success of such inward investment has led to ver 800 international companies employing in excess of 75,000 people. In addition, expenditure on research and development and levels of entrepreneurship are also on the rise.
Northern Ireland’s excellent business credentials are supported by a strong and resilient infrastructure. The region has the highest availability of superfast broadband in the UK and there are almost 30 daily flights to London and a daily direct connection to New York. Belfast is only one hour from London by air and two hours from Dublin by rail and road.
Cost of Living
Northern Ireland’s population enjoys a low cost of living on many of life’s key expenses for example property prices in Northern Ireland remain well below those in other UK locations and in the Republic of Ireland.
See how Craigavon compares with your local town by using this handy cost of living comparison index.