Latest news with #Dublin2040
Dublin Live
3 days ago
- Business
- Dublin Live
Dublin faces €70bn infrastructure investment bill by 2040 with housing top of the list
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Dublin needs €70 billion invested in infrastructure by 2040 to address key needs in housing, transport, energy, water, and climate risk. This is according to KPMG's Dublin 2040 report, which surveyed hundreds of businesses to assess the city's appeal as a place to live, work, and conduct business. The report highlights infrastructure, particularly affordable housing, as the top area for improvement in Dublin, with 24% of respondents citing it as a priority. A significant 60% of businesses identified housing as the biggest challenge, while other areas such as urban appeal, education, and training were also rated as priority areas for improvement. One of the report's key recommendations is to treat housing and real estate investment partners similarly to long-term Foreign Direct Investment. In response to the report, Fine Gael TD James Geoghegan is urging the immediate publication of the Dublin City Taskforce implementation report. The Dublin Bay South TD said: "This report reinforces what people across Dublin already know-our city is under growing pressure and we need serious, sustained investment in infrastructure to meet that challenge. "The Dublin City Taskforce completed its work. What's missing now is delivery. "I'm calling on the Taoiseach to publish the implementation report without delay. The time for action is now. "It is also essential the ambition laid out in the taskforce is matched with investment and I am calling for specific funding to be ringfenced for the delivery of the report's recommendations. Despite challenges such as staffing and rising costs, two-thirds of businesses surveyed believe Dublin remains a good place to operate. "However, the message is clear: the city's future competitiveness depends on the choices made today. Dublin is the engine of our national economy. "We cannot afford to fall behind. The Taoiseach must show leadership and move from plans to progress." On the report, managing partner at KPMG in Ireland Ryan McCarthy said: "Dublin is beyond an inflection point in a number of critical areas and today's choices will determine tomorrow's success as a capital city. Thus, the pace of decision making needs to reflect the urgency of evolving human needs, climate change, population growth, economic shifts and technological advancements. "We need to act now. The findings of our Dublin 2040 report highlight significant areas for improvement and opportunities that we believe are critical for fostering a vibrant and sustainable business environment." Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. For all the latest news from Dublin and surrounding areas visit our homepage.
Irish Times
3 days ago
- Business
- Irish Times
Dublin's €70bn infrastructural upgrade: how it breaks down
Despite the development of the M50 , Luas , Dart and the Port Tunnel, Dublin has outgrown its infrastructure and needs a €70 billion investment in housing, transport, water and energy (over 15 years) to catch up. That's according to KPMG . While the figure was used to showcase the consultancy's Dublin 2040 report, published on Wednesday, highlighting what Dublin-based businesses see as the city's strengths and challenges, it wasn't actually contained in the report. KPMG's corporate finance partner Hazel Cryan, however, told The Irish Times that its €70 billion estimate accompanying the report was derived from an analysis of various Government strategies in housing, transport and other sectors. READ MORE [ Dublin needs €70bn investment in infrastructure by 2040 Opens in new window ] 'We've applied an extrapolation out to 2040 based on those reports and what the known big projects very much an estimate,' she said. It breaks down as follows: €30 billion is needed to upgrade the city's transport network as per the Greater Dublin Area Transport Strategy, which includes mega projects like the proposed MetroLink underground rail project. A further €26 billion is earmarked for housing, mainly on the social and affordable projects and targets contained in current Housing for All strategy and beyond. KPMG also reckons that a further €10 billion is needed to upgrade the city's water infrastructure (which is highlighted as a key block on housing development). An additional €6 billion is also necessary to upgrade the city's energy infrastructure to meet the growing demand for electricity and to support the transition to a low-carbon economy, it says. A further €500 million is also needed to upgrade the city's climate risk and flood defence system. All in, a hefty outlay to get the city fit for purpose. KPMG's Dublin 2040 report is based on a survey 300 Dublin-based businesses and what they see as the key priorities. Unsurprisingly the survey found almost 9 in 10 (87 per cent) believe Dublin is doing poorly in the area of housing, reflecting what the report describes as 'the persistent and ubiquitous nature of the issue'. Housing is flagged as the top concern with 60 per cent of businesses seeing affordable accommodation as a critical infrastructure issue ahead of healthcare (20 per cent), public transport (15 per cent) and technology (5 per cent). 'Dublin is beyond an inflection point in a number of critical areas,' said Ryan McCarthy, managing partner at KPMG in Ireland.
Irish Times
4 days ago
- Business
- Irish Times
Dublin needs €70bn investment in infrastructure by 2040, report says
Dublin will need investment of €70 billion in its infrastructure over the next 15 years to help secure its future, a new report has found, with housing, public transport, water, energy and managing climate risk among the areas in need of funding. KPMG's Dublin 2040 report highlighted housing as a key concern, with 60 per cent of businesses saying affordable accommodation in the city was a critical infrastructure issue. That put it far ahead of healthcare, at 20 per cent, public transport at 15 per cent and technology at 5 per cent. The report evaluates Dublin as a city to live, work, and do business, with more than 300 businesses contributing to the research. It found two thirds of businesses believe Dublin to be the same or better in the coming year as a place to do business. But staffing issues, public transport and the rising costs in the capital are the top three challenges facing businesses. READ MORE Improvement in infrastructure was names as the most important area for improvement by 24 per cent of businesses, while urban appeal, and education and training were cited by 14 per cent. Governance and leadership was the top concern for 13 per cent, while 12 per cent said talent was a priority. The report also found 34 per cent believed effective consensual policing was the top urban appeal priority. However, less than 20 per cent of businesses said the city performed well in that regard. But the city does have some strong points, with 55 per cent rating its global and national connectivity highly, and 70 per cent backing the city's education and training ecosystem. Some 58 per cent of those questioned said there was a strong pool of talent in the city, and 65 per cent said it performed well in economic strength. 'Dublin is beyond an inflection point in a number of critical areas and today's choices will determine tomorrow's success as a capital city. Thus, the pace of decision making needs to reflect the urgency of evolving human needs, climate change, population growth, economic shifts and technological advancements. We need to act now,' said Ryan McCarthy, managing partner at KPMG in Ireland. 'The findings of our Dublin 2040 report highlight significant areas for improvement and opportunities that we believe are critical for fostering a vibrant and sustainable business environment.' Among the report's recommendations are investment to tackle vacancy and dereliction urgently, the reintroduction of Section 23 relief to encourage residential living in the heart of the city, and investment in the energy system. A single recognised innovation hub for start-ups and scale-ups to build a reputation for the city as a top location for founders is also on the wish list.
RTÉ News
4 days ago
- Business
- RTÉ News
Projected €70bn required to shape Dublin's future by 2040
An investment of €70 billion will be required to shape Dublin's future by 2040, according to a new report by KPMG Ireland. The investment will be needed in the key infrastructure areas of housing, transport, energy, water, and climate risk in Dublin over the next 15 years. The announcement comes as KPMG released its inaugural Dublin 2040 report, a business research-based index evaluating Dublin as a city to live, work, and do business. Infrastructure was rated the most important area for improvement in Dublin, receiving 24% of the total focus from businesses. This was followed by urban appeal and education and training, both at 14%. Governance and leadership (13%), talent (12%), economic strength (12%) and sustainability (11%) rounded out the list. KPMG said this distribution highlights a strong consensus that while multiple areas need attention, infrastructure - especially affordable housing - is the most urgent priority. Treating housing and real estate investment partners similar to long term Foreign Direct Investment is a key recommendation in the report. The report emphasises that policy certainty is attractive to long term investment, as reactive shorter-term measures can have significant negative impacts on investor confidence. Ryan McCarthy, Managing Partner, KPMG in Ireland, emphasised the importance of collaboration for Dublin's development. "Dublin is beyond an inflection point in a number of critical areas and today's choices will determine tomorrow's success as a capital city," he said. "Thus, the pace of decision making needs to reflect the urgency of evolving human needs, climate change, population growth, economic shifts and technological advancements. We need to act now. "The findings of our Dublin 2040 report highlight significant areas for improvement and opportunities that we believe are critical for fostering a vibrant and sustainable business environment." Despite these challenges, the research also reveals several strengths that position the city for future growth. Businesses rated Dublin's global and national connectivity highly, with 55% saying the city performs well in this area. The city's education and training ecosystem also stood out, with 70% of businesses expressing confidence in its performance - particularly in accessible education (55%). Additionally, 58% of respondents felt Dublin offers a strong talent pool, and 65% rated the city positively for its overall economic strength, underscoring its appeal as a business hub. Dublin holds key advantages over other cities which will be harder to exploit if some of the key issues highlighted are not addressed urgently. Hazel Cryan, Corporate Finance Partner, KPMG in Ireland said, "Dublin 2040 takes a close look at the city's strengths and challenges, giving us practical insights that can help policymakers and business leaders make better decisions for Dublin's future. We're proud to share the report and look forward to seeing how it contributes to the city's growth."
Irish Examiner
4 days ago
- Business
- Irish Examiner
Dublin needs €70bn infrastructure investment, says report
Dublin will need a capital investment of €70bn in the key infrastructure areas of housing, transport, energy, water, and climate risk over the next 15 years, according to new estimates by consultancy KPMG. The projections come as KPMG released its inaugural Dublin 2040 report, based on surveys of more than 300 business owners and leaders in Dublin, evaluating Ireland's capital as a city to live, work, and do business. Infrastructure was rated the most important area for improvement in Dublin, receiving 24% of the total focus from businesses, with the need for affordable housing the urgent priority. This was followed by education at 14%, and urban appeal also at 14%. In terms of urban appeal, effective consensual policing was the top priority, with only 19% of businesses feeling the city performs well in this area. Governance and leadership (13%), talent (12%), economic strength (12%) and sustainability (11%) rounded out the list. Businesses rated Dublin's global and national connectivity highly, with 55% saying the city performs well in this area. Some 58% of respondents felt Dublin offers a strong talent pool, and 65% rated the city positively for its overall economic strength. "Dublin is beyond an inflection point in a number of critical areas and today's choices will determine tomorrow's success as a capital city. Thus, the pace of decision making needs to reflect the urgency of evolving human needs, climate change, population growth, economic shifts and technological advancements. We need to act now,' said KPMG in Ireland managing partner Ryan McCarthy. 'The findings of our Dublin 2040 report highlight significant areas for improvement and opportunities that we believe are critical for fostering a vibrant and sustainable business environment." KPMG itself employs 3,000 people in Dublin and is opening its new headquarters on Harcourt Square next summer.
