The centralisation of DIT’s Grangegorman campus will strengthen Dublin’s brand as a global centre for higher education, according to Dublin Chamber of Commerce.
It was announced as part of the Government’s €2.25bn stimulus plan that it would be supporting the DIT (Dublin Institute of Technology) project at Grangegorman campus, which is "shovel ready" with planning approval since May.
The project will see the relocation of more than 20,000 students and 2,000 staff from 39 separate locations across the city to a new 73-acre DIT campus on the Grangegorman site.
A ten-year construction program on the site will provide accommodation, lecture halls, libraries, laboratories, and office and administration facilities for students and staff.
Aebhric McGibney, Dublin Chamber director of policy, said: "Bringing the various DIT campuses together under one roof will further strengthen the educational sector in Dublin, which is competing with university cities around the global.
"In doing this, the project will help in selling the region to SMART economy focused multinationals who are looking to invest in skilled workers that are driving the future global economy. The move is particularly significant given that one in ten higher education students in the country attend DIT."
"The investment in Grangegorman also makes sense in terms of the Government’s jobs agenda as the north inner city area has suffered from persistently high unemployment and low levels of educational attainment."
In the past decade the number of globally mobile students has increased by 57%, according to OECD figures.
There has also been a doubling of cross border-science collaboration since 1990.
Mr McGibney said: We need strong institutions to compete internationally to attract, retain and build talent in students and staff."