Report highlights 'stubbornly high' youth unemployment and effect of Dublin's housing shortage

Youth unemployment stands at 12.7% - more than double the overall unemployment rate, the quarterly labour market report released on Monday by national recruitment and HR services group Collins McNicholas states.

The report stresses the need for the creation of a new internship programme for young people to tackle youth unemployment.

"Despite laudable progress in reducing unemployment over the last three years, the level of youth unemployment remains stubbornly high," said Niall Murray, managing director of Collins McNicholas.

"The longer this segment of the population remains out of work, the greater the long-term impact on their career and quality of life.

"It is crucial for young people to quickly gain a foothold in the employment market so that they can acquire as much experience as possible and develop a strong set of hard and soft skills that will make them more employable in their careers."

The report also said a new apprenticeship model should have a clear focus on areas of skills shortages so that young people could be equipped with employable skills and satisfy demand in the job market.

Mr Murray added: "A new internship programme needs to be put in place at the earliest opportunity.

"It is essential that the new programme is properly monitored, with appropriate remuneration and training provided."

The report also warns that Dublin's housing market is placing job creation in the capital at risk.

It said that while Dublin has thrived in recent years, the capital was "at risk of being a victim of its own success".

According to the report, the housing crisis is making it increasingly difficult for people to find suitable accommodation.

It warns that if professionals are unable to source affordable housing, it will make job openings more difficult to fill.

Mr Murray added: "Dublin has a fantastic opportunity to lure companies from London that are interested in relocating due to Brexit.

"But if they cannot source sufficient talent to work in these companies, because people cannot afford to live in Dublin, they will miss out on an opportunity that will not come along again.

"Job creation will slow if the cost of living makes it too difficult for companies to source talent."

The report noted that one option to overcome the cost pressures of the Dublin market was for companies to locate their business in a regional city.