Salaries lower in south-east, says report

RESIDENTS of the southeast are earning less, and have less disposable income, than the national average due to poor economic performance in recent years, a study has revealed.

At the moment, people in the south-east region can expect to earn only 89.7% of the average income and have only 91.9% of the disposable income enjoyed by the national average.

A report by Deloitte Economic Consultants claims third and fourth-level education “must be delivered in Waterford” if the region is to improve its low economic performance relative to the rest of the country.

According to the report, commissioned by Waterford Chamber of Commerce, the business case for re-designation of WIT as the university of the south-east is “overwhelming”.

The findings highlight that through the successful development of Waterford as the gateway to the region, the entire south-east will be revitalised through significant job creation.

“However, the delivery of long-term sustainable employment is linked to attracting a sufficient number of firms in knowledge based industries which require an educational and economic platform from which the region can grow. The provision of a university is critical to the delivery of the requirements of this type of industry,” it states.

Deloitte say that the future development of Waterford city can be directly linked to the future prosperity of the entire southeast region, a claim that is recognised under the National Spatial Strategy.

Key to the region’s development, says the report, is a strong urban hub at its centre which, through its own development, will generate significant economic uplift to the surrounding area.

The report calls for the “rapid conclusion of existing initiatives and accelerating new activities to address infrastructural deficits, therefore providing a much needed boost to the regional economy”.

Waterford chamber president Andrew O’Neill said that the programme addressing road, rail and air access deficits “are vital to ensure that the region has the required building blocks for future prosperity”.

Chamber chief executive Monica Leech said the report’s finding of an underperforming south east was “disappointing but not surprising”. She said all involved should work collaboratively to ensure the region is not left behind.

“It is imperative that Government acts quickly and designates WIT as a university which, coupled with a focused action plan, will establish a platform from which the entire south east region can grow. If immediate action is taken to address the remaining infrastructure and human capital deficiencies outlined in the report, Waterford can look forward to a very bright future, ” she said.