LIMERICK’S status as one of Ireland’s most attractive business and visitor locations has been advanced by its latest economic monitor, which shows that 2019 was another major year of progress for the city and county.
The Limerick Economic Monitor (LEM) involves the analysis of Limerick’s economic and fiscal status annually by EY-DKM Economic Advisory. It incorporates a number of key economic indicators, including employment, enterprise, investment, housing, consumer sentiment, and commercial property.
The 2019 economic monitor published today has revealed that 2,450 jobs were created during the year, with live register figures down by 18 per cent in the 12 months and are now the second lowest in the country after Dublin. There was a 68 per cent drop in the live register in Limerick from January 2010 to November 2019.
FDI investment announcements included commitments from Johnson & Johnson, Regeneron, Edwards Life Sciences, Cook Medical, Northern Trust and Nautilus.
The indigenous labour market also thrived in 2019, with 561 new start-ups.
Disposable income was €21,979 – the highest outside the capital.
The report found that affordability remains a major competitive advantage for Limerick when it comes to attracting and retaining talent and investment.
In addition to high disposable income, another key aspect is the relatively lower housing costs.
The LEM was also positive regarding housing prospects, citing the recently submitted plans for a €60 million redevelopment of the Horizon Mall site which could see an additional 245 residential units added to the stock. When plans for developments at Canal Bank, Castletroy and Mungret are taken into account, there is potential for an additional 1,000 plus residential units to be added to the stock over the coming years.
The local authority is also making strides in public housing development with €12.1 million worth of housing currently on site across Limerick.
The report found that a strong focus for Limerick City and County Council in 2020 will be to tackle both urban and rural dereliction and a major refurbishment plan will see around 5,500 homes upgraded. Revitalising the city centre is also a key priority for it and it has established a group to address underperformance in the city centre.
From a private investment perspective, the report points to the planned €60 million redevelopment of the Arthur’s Quay retail complex which is set to be the largest ever private mixed-use development in the county. Added to this, UL’s plans for a city centre campus at the former Dunnes Stores site and the €180 million Opera site development.
The range of city centre developments and the growing workforce of local and global firms is driving the momentum of Limerick’s resurgence, and its capacity to act as a counterbalance to Dublin.
