Limerick economy shows encouraging resilience to coronavirus 

Footfall in Limerick's city centre has returned to 78% of pre-pandemic levels, compared to Cork at just under 40% and Dublin’s O’Connell St at 50%. Picture Dan Linehan

Limerick’s resilience to the economic impacts of the Covid-19 pandemic has been highlighted by the second of this year’s biannual Limerick Economic Monitor.

The EY-DKM monitor shows that while Limerick's economy has been heavily impacted by the pandemic, there are positive signs for the city, county, and region.

Among the key indicators is the recovery of footfall in the city centre. Limerick has returned to 78% of pre-pandemic levels, compared to Cork at just under 40%, and Dublin’s O’Connell St at 50%.

The report also reveals there were 269 new start-ups between March and August of this year, with 1,113 new jobs announced.

David McNamara, Director with EY-DKM Economic Advisory, said in spite of the downturn, the supports in place for Limerick households and enterprises have enabled the city and county begin the recovery phase "on a stronger footing than before.” 

Limerick City and County Council provided restart grants for over 1,891 businesses in the region during the pandemic, with a further 1,833 applications yet to be processed.

"Should the remaining applications be successfully approved, almost €18m should be provided to Limerick businesses to help them get back to business or simply remain trading," Dr McNamara said.

"The Limerick Local Enterprise Office (LEO) awarded 25 grants, almost half of which were for feasibility or innovation, with a combined award of €603,897. LEO also approved €1.25m worth of Business Continuity Vouchers, in addition to 230 Trading Online Vouchers worth €575,000."

The council also waived commercial rates amounting to approximately €15m in savings for Limerick businesses that were forced to close due to public health requirements.

A Shop Limerick virtual marketplace developed by the council in association with Limerick LEO and Limerick Chamber saw 219 businesses listed and 20 businesses set up online trading.

Vincent Murray, director of economic development, Limerick City and County Council, said while the city has been “far from unscathed,” Limerick has shown an encouraging resilience to the pandemic.

“We have a number of advantages, not least around our competitiveness, the level of investment planned for the city with the likes of the Opera Site just about to commence, job announcements this year that will really take effect towards the end of this year and into next and more."

“While we have quite a distance to go on this journey, the resilience so far suggests we’re ready for it.”