Latest news with #LimerickChamber
Irish Times
19-05-2025
- Business
- Irish Times
Ireland losing investment because of slow progress on offshore wind projects, Limerick Chamber warns
The slow pace in progressing multibillion Irish offshore wind projects is leading to investment in clean energy and critical skills going to other European countries, according to Limerick Chamber of Commerce. Speaking on behalf of businesses across the midwest and west of Ireland, chamber chief executive Michelle Gallagher has called for immediate action by the Government and clear timelines around development and delivery of designated maritime area plans (DMAPs) 'to unlock the immense floating offshore renewable energy potential available in the Atlantic'. The Government also needed to 'prioritise floating offshore wind as a cornerstone of Ireland's clean and energy secure future', she added. The chamber with prominent businesses based in the Shannon region has been calling for full implementation of the 2024 Shannon Estuary Economic Taskforce report, which recommends establishing a renewables hub in the Shannon estuary to support offshore wind farms, with nearby industry including data centres availing of green power. READ MORE 'We are at a critical juncture,' Ms Gallagher said, 'We must act now to build investor confidence, diversify our energy sector and seize Ireland's Atlantic opportunity ... If we are serious about achieving our climate targets, decarbonising our economy and building energy security, then the west coast must not be left behind. 'Floating offshore wind represents Ireland's single biggest renewable opportunity but that opportunity is slipping away without DMAPs and a timeline industry can rely on,' she added. Minister for Energy Darragh O'Brien last month got Cabinet approval to accelerate offshore renewables development through designating additional zones for offshore development, known as the 'National DMAP'. He has said Shannon Foynes Port would be at the forefront of Ireland's offshore energy development, including floating offshore wind. A new 'climate investment clearing house' is to accelerate progress, while Taoiseach Micheál Martin announced a joint Government-industry forum on offshore renewable energy would be convened 'to scope out the role of the clearing house and how we can best progress delivery of Ireland's offshore renewable energy objectives'. The west coast of Ireland has been identified a location for generation of up 70 gigawatts (GW) of clean electricity using floating technology. Unlike fixed-bottom offshore wind, which is limited to shallower waters and predominantly suited to the east coast, Ms Gallagher said floating offshore wind unlocks deeper, high-wind areas further offshore – 'a perfect match for the west's natural maritime conditions'. Timely delivery of west coast DMAPs was not only a planning necessity but a confidence-building milestone for industry stakeholders, she said. 'Investors and developers need certainty. Delays send the wrong signal and risk displacing capital to other jurisdictions.' Mrs Gallagher said 'slow pace of delivery in Ireland is ensuring we are losing out on investment and critical skills to other European countries'. She said France has already issued winning tenders for its 250 megawatts (MW) Pennavel project off Brittany, while Portugal has 25MW of installed floating capacity since 2020. The Brussels-based EFTA Surveillance Authority had approved Norway providing state aid to its floating offshore wind farm at Utsira Nord, delivering 1.5GW of floating offshore wind capacity, she noted. 'France, Norway and Portugal have already pilot and demo-scale projects operating. Meanwhile Ireland has none. Spain has launched a €200 million fiscal war chest to bring forward testing platforms, build new infrastructure as well as adapting port infrastructure,' the chamber chief said. The UK had one of the largest floating offshore wind initiatives in the world, aiming for up to 4.5GW of floating renewable energy, Ms Gallagher said. EU neighbours, particularly in France and Spain, were also investing in ports to support the sector with a view to delivering the broader economic and energy diversification advantages of floating offshore development.
Irish Examiner
09-05-2025
- Business
- Irish Examiner
Poor access to housing a threat to Mid-West's ability to attract talent
Positives such as the Mid-West's very strong access to quality education and great lifestyle choices are being undermined by poor access to housing across the region. Limerick Chamber's newly published Mid-West Economic Insights (MWEI) 2025 report notes that employment in the Mid-West had reached an all-time high of 274,000 at the time of writing the report, it now sits at 279,000, with unemployment now sitting at 3.4%. The region's third level colleges and research institutes provide a very good local talent pool. The Mid-West also attracts a lot of overseas talent, accounting for 8.3% (1,905) of all national work permits issued. However, the report also warns that low levels of new housing, with prices soaring in tandem with standout regional buyer demand, will prove a deterrent to the Mid-West's ability to attract both investment and talent unless rapidly addressed. The Mid-West saw a 44% increase in home prices over the past five years. House completions are up. Limerick (+29%) and Clare (+34%) compare positively to Tipperary's c.5%, but supply remains far below demand. Limerick completed around 1,000 homes in 2024, while the Housing Commission suggests Limerick could need 2,000 to 4,300 homes to meet demand. Alarmingly, just 5.4% of 'affordable' homes were delivered in Limerick, compared to 61% in Dublin, highlighting a glaring regional disparity. In 2023, non-household entities were responsible for almost 60% of housing purchases across Limerick, while the national figure was almost 42%. Rents rose by 77% in Limerick city over the past five years, and by over 60% in Clare. In this Q&A interview, Seán Golden, chief economist, and director of policy at Limerick Chamber, as well as author of the MWEI 2025 report, looks at the economic opportunities and challenges facing Limerick, Shannon, Clare and the rest of the Mid-West. How do the education options and lifestyle appeal of the Mid-West play into the region's all-time high employment figures? The education piece is huge value-added; it means any business choosing to set up or grow in the Mid-West has access to a large graduate base, with the region producing almost 11,000 graduates per year. With the availability of roles, people are far more likely to stay in the Mid-West after graduating. It is also a great thing to have diversity across the education sector, with more and more apprenticeship programmes being offered each year to ensure that all bases of the education spectrum are covered. We are constantly asked about the 'lifestyle' of the Mid-West when companies are doing site visits on where to set up their business. There is a real drive from businesses to ensure that employees have access to a great lifestyle. In the Mid-West, access to an international airport is great to have for mobility, but so too is travel time between work and home, with Limerick and the wider Mid-West offering shorter journey times than other cities. There's also the selling point of events like 'Riverfest' in Limerick, which are hugely attractive to families, single people and everyone in between. So creating that perfect 'mix' is key to attracting and retaining talented people. What are the key challenges unveiled by the MWEI 2025 report to the region's ability to attract and retain talent? The biggest challenge by far is housing, while the Mid-West increased its overall output in 2024, it is a drop in the ocean of what is actually required — we need to see housing output quadruple in some cases. But it isn't just about unit delivery. We also need to ensure that we are building the right homes for our population, we are seing huge demand for apartments for employees across the Mid-West, and a huge demand for homes for single people, but oftentimes these apartments are bought for public housing by the state. We also have the added challenge of people wanting to live in the city centre, with very little private development, or affordable development coming forward in the short-term in urban centres in the Mid-West. Given what I said previously regarding education, travel times and lifestyle, if we don't have the houses to retain and attract the people, then we will fail to deliver in other areas. What actions are needed to rebalance the region's fluctuation in areas like logistics and haulage? Shannon Foynes Port has huge potential to impact this. Once Foynes is connected by the new N69 Foynes to Limerick Road, the vast majority of Ireland's business centres and GDP will be within a two-hour drive of Shannon Foynes Port — delivering this road is a key. There is also the added value of linking the port up to the rail network to transfer more by rail freight, however, the Government will need to look at reducing the track access charge as it has committed to in the All-Island Strategic Rail Review. This will make rail freight more attractive for logistics operators. Read More Business movers: People starting new jobs in Ireland What actions are leaders in education and business seeking to underpin the future competitiveness of the Mid-West? Engaging with Limerick Chamber through our policy and lobbying is hugely important to leaders across the region. It allows me to develop a data and evidence-based approach to advocate for improvements in the likes of housing and transport, to boost the competitiveness of the region. But they also ensure to raise issues when they are speaking to the Government and wider political stakeholders, ensuring that the region stays at the top of the agenda.
BreakingNews.ie
28-04-2025
- Business
- BreakingNews.ie
Midwest economy hits record employment despite soaring housing pressures
The midwest economy hits record employment amid soaring housing pressures, finds Limerick Chamber's midwest Economic Insights (MWEI) 2025 report. The report delivers a comprehensive overview of performance across Limerick, Clare, and Tipperary. Advertisement The latest edition of the MWEI, compiled by Limerick Chamber's in-house policy unit, offers a robust, data-driven snapshot of the region's performance across housing, employment, education, transport, and logistics. The report reveals soaring housing prices, with the midwest experiencing a 44 per cent increase in home prices over the past five years. Co Limerick alone saw a rise of nearly €70,000 (22 per cent). While housing completions are up, particularly in Limerick (+29 per cent) and Clare (+34 per cent) compared to Tipperary, where completions decreased by almost 5 per cent, supply remains far below demand. While Limerick completed over 1,000 homes in 2024, analysis by the Housing Commission suggests Limerick could need as many as between 2,000 and 4,300 homes to meet demand. Advertisement Alarmingly, just 5.4 per cent of 'affordable' homes were delivered in Limerick, compared to 61 per cent in Dublin, highlighting a glaring regional disparity. In 2023, non-household entities were responsible for almost 60 per cent of housing purchases across Limerick, while the national figure was almost 42 per cent. Price increases are not solely levied on the purchasing sector, with rents in Limerick city soaring by almost 77 per cent over the past five years. Increases of over 60 per cent in rental costs are also observed in Clare. The housing crisis is undermining competitiveness, hampering talent retention, increasing wage pressures, and forcing workers into long commutes due to limited urban availability. Advertisement Employment in the midwest has reached an all-time high of 274,000 at the time of writing the report, it now sits at 279,000, with unemployment now sitting at 3.4 per cent. The region continues to attract international talent, accounting for 8.3 per cent (1,905) of all national work permits issued. However, the report warns that talent shortages and inadequate infrastructure could stall growth if not urgently addressed. Commenting on the positive figures relating to employment, chief economist and director of policy at Limerick Chamber, Seán Golden said, 'The report also welcomes the continued trend of decreasing live register figures, including youth unemployment. Ireland Number of uninsured vehicles on roads drops after... Read More "The report highlights, despite a slowdown of IDA supported employment at the national level, IDA supported employment in the midwest continues to grow, growing by 2.6 per cent in the previous year to over 27,000 employees.' While the region's educational institutions remain a major draw for investment, third-level enrolments among Irish students are declining. This has, however, been somewhat mitigated by an increase in international students. The report welcomes a surge in apprenticeships, now at over 2,500 for the first time, but flags the urgent need to maintain a strong talent pipeline to support business growth.
Irish Examiner
28-04-2025
- Business
- Irish Examiner
Mid-West house prices up more than 40% in five years as completions fall behind demand
The supply of housing in Ireland's Mid-West remains far below demand with the prices in the region soaring by more than 40% in the past five years. Publishing its Mid-West economic insight report on Monday, Limerick Chamber warned that while completions rise, far more are needed to keep pace with rising demand. According to the report, house prices in Limerick rose by €70,000 since 2020, with just 1,000 new dwelling completed last year despite an analysis by the Housing Commission suggesting it needed up to 4,300 homes to meet demand. In addition, just 5.4% of "affordable" homes were delivered in Limerick, compared to 61% in Dublin, with the Chamber saying this highlighted an "alarming and glaring regional disparity." In 2023, non-household entities were responsible for almost 60% of housing purchases across Limerick, significantly more than the national figure was almost 42%. However, Limerick Chamber warned that price increases are not solely levied on the purchasing sector, with rents in Limerick city soaring by almost 77% over the past five years. It also noted rent increases surpassing 60% in Clare. The housing crisis is undermining competitiveness, the chamber added, hampering talent retention, increasing wage pressures, and forcing workers into long commutes due to limited urban availability. Record high employment Despite these pressures, employment in the Mid-West has reached an all-time high, with unemployment now sitting at 3.4%. The region continues to attract international talent, accounting for over 8% of all national work permits issued. However, the report warns that talent shortages and inadequate infrastructure could stall growth if not urgently addressed. "The report highlights, despite a slow down of IDA supported employment at the national level, IDA supported employment in the Mid-West continues to grow, growing by 2.6% in the previous year to over 27,000 employees," said Seán Golden, chief economist and director of policy at Limerick Chamber. Also touching on the Shannon Foynes Port, the report said this remains a "vital asset," handling over 7.6m tonnes of dry bulk, more than any other Irish port, positioning it as "a key driver of regional growth." 'Given Shannon Foynes' status as a national logistics hub, we need to ensure that Ireland expands it beyond this, and follows in the footsteps of France, by investing in the port to harness offshore renewable energy," Mr Golden said. "Speaking at the launch of the new report, Golden concluded: 'This year's report sends a clear message: the Mid-West is thriving in employment and enterprise, but our economic momentum is at risk if we fail to act decisively on housing, infrastructure, and skills. For investors, employers, policymakers, and communities alike, the report underscores the region's potential as a growth engine for Ireland, but also warns that continued disparities with Dublin and Cork could widen if immediate action isn't taken. 'This year's MWEI is a clear call to action. Without targeted investment in housing, transport, and indigenous enterprise, the Mid-West risks being left behind. Government must move swiftly to implement regional commitments under Project Ireland 2040.'
RTÉ News
28-04-2025
- Business
- RTÉ News
Housing supply in Limerick city critically short
An economic insights report by Limerick Chamber has found that new housing supply is critically short to meet demand, and that rents in Limerick city have soared by almost 77% over the past five years. Only 5.4% of affordable homes delivered in cities across the country were in Limerick, ranking fourth behind Dublin, Cork and Waterford. The crisis in housing demand and supply is outlined in the Mid-West Economic Insights Report 2025, published by Limerick Chamber. It examines the economic health of the midwest region looking at indicators such as employment, housing, transport, education and logistics, providing crucial information for business leaders, investors and academics around decision making and policy. While 1,000 homes were completed in Limerick last year, analysis by the Housing Commission suggests it could need between 2,000 and 4,500 homes to meet demand. In addition, the report warns of the impact of "massive" State interference in the private housing market across the midwest, with approved housing bodies and other state entities purchasing homes. Thus, removing the potential for owner-occupiers to own their own homes. In 2023, non-household entities were responsible for almost 60% of housing purchases across Limerick, compared to 42% nationally. When it comes to affordable homes built in cities across the country, just over 5% were delivered in Limerick. Dublin gets the bulk of affordable homes built at 61.5%, Cork at 25.5% and 5.5% in Waterford, just ahead of Limerick. This, along with a number of other "concerning" factors, work to cut out low and middle income workers from buying their own homes - such as the continued dependence of the State on the private sector to provide homes, the decrease in the direct building of social homes, and providers engaging with private landlords and builders to provide housing. This has a wider impact on the competitiveness of the region and the ability of employers to attract and retain employees, with businesses losing staff or potential recruits due to the housing shortages. In addition, there is the upward pressure on wage demands and higher salaries to combat the increased cost of living, longer commutes with poor public transport links. Ultimately the report warns, that this is a perfect storm for Ireland to become less competitive in attracting international investment and encouraging indigenous growth. On the education front, the midwest is a popular location for college, with 30,155 students enrolled at the University of Limerick, the Technological University of the Shannon, Mary Immaculate college and others. Enrolment is down slightly by 0.1% compared to last year, but boosted by a large rise of over 18% in the numbers of international students enrolling in the region year-on-year since 2021/2022. Most welcome the authors said, are the numbers of apprenticeships delivered, which has reached 2,500 for the first time, delivered by the Education and Training boards of Limerick, Clare and Tipperary. Employment has also hit 279,000 - a regional record and employment rates are at 3.4%. However, there is a warning that the midwest is heavily reliant on the manufacturing sector for generating its Gross Value Added (GVA) to the Irish economy. Almost half of its GVA of €31.4 billion in the region is from the manufacturing sector, which leaves it more prone to shocks. However, the manufacturing sector is highly diverse.
