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In today’s environment of mobile, financial and human capital, the focus of economic competition is increasingly on city regions.
Over the last two decades there has been an increasing understanding of the importance of cities and city regions as economic, social and cultural focuses, which can drive regional and national economies. In today’s environment of mobile, financial and human capital, the focus of economic competition is increasingly on city regions. This trend is particularly significant for an open economy such as Ireland which is competing in a global market for investment and talent.
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Chapter 1 - Overview
A major economic force in the Irish and European economy
The context for this study includes the delivery of the Limerick 2030 vision
Limerick 2030 Vision: An Economic and Spatial Plan for Limerick
In 2014 Limerick City Council and Limerick County Council amalgamated into one body - Limerick City & County Council. As outlined in the Limerick 2030 Vision: An Economic and Spatial Plan for Limerick report, the objective of this merger was to extend the city boundary to include urbanised parts of the county and was seen as a ‘once in a generation opportunity’ to drive new levels of employment and economic growth.
In May 2017 Limerick City & County Council (LC&CC) appointed EY-DKM Economic Advisory Services with MCJ Lemagnen Associates Ltd to undertake an Economic Profile report of Limerick city (including suburbs as defined by the CSO) and county.
The context for this study includes the delivery of the Limerick 2030 vision, and of the new National Planning Framework Ireland 2040 – Our Plan, which foresees the population of Limerick growing by 50% between now and 2040.
The study addresses the following elements:
Comprehensive economic profiling of the city and county, in terms of performance over the last number of years, and the current outlook.
Forward-looking predictive analysis - this element of the study was addressed via a SWOT analysis, a review of international “megatrends”, and a set of detailed international case studies.
Detailed benchmarking analysis against comparable cities internationally.
Detailed assessment of investment in Limerick in key sectors over the last number of years, and looking forward.
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Chapter 2 - Why Limerick?
Limerick, an economic renaissance
The County to live in, do business, learn in and visit.
This is a County to live in…
194,899 people, Ireland’s 3rd largest city in 2016
#1 Best secondary school in the country
#2 Second highest level of income per person in the state
- Young population age profile
- Gateway to the Wild Atlantic Way
- Disposable incomes higher than national average
- Most affordable urban area in Ireland
- More affordable housing than in other cities
- Affordable residential rents in Limerick
- Lower salary costs, short commute times
- Low congestion levels, walkable compact city
This is a County to do business in...
- Broad spectrum of industries
- Supportive business environment
- Collaborative local engagement
- Broad spectrum of industries
- Supportive business environment
- Collaborative local engagement
- Most important sector for FDI investment ICT/Hardware/ Software followed by Engineering/Medical Technology
- Available, affordable office space coming on stream
Summary
Limerick will become a major economic force in the Irish and European economy, a leading centre for commercial investment, capitalising on the strength of its higher education institutions, the skills of its workforce and its environmental and heritage attributes.
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