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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.
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."
