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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.'
