Limerick to escape brunt of housing dip

LIMERICK is escaping the brunt of the housing slump and is destined for what a leading economist yesterday described as a “silent revolution” over the next decade.

In a wide-ranging 35-page urban profile, economic commentator Jim Power said investment in the city would surpass that planned for any other part of the country.

Mr Power said: “This places Limerick in a very strong position to outperform most, if not all, areas of the country over the next 10 years.”

Mr Power said that as property had remained less expensive than all other cities, Limerick should fly against the trend of declining construction activity.

Central to his upbeat projection are two planned private retail malls in the city centre, which will represent an investment topping €1 billion.

Mr Power said: “The economic future for Limerick is challenging, just as it is in the rest of the country. However, if the proposed policy framework is fully implemented, there is no reason why the city and environs cannot continue to attract high quality employment and people who want to live in the city.”

While the city’s negative image was not justified, Mr Power also said the message had to be sent out that Limerick was “on the move and open for business”.

But he warned that a number of big obstacles had to be addressed.

These included the governance of the greater city area by three separate authorities; Limerick City Council, Limerick County Council and Clare County Council.

Mr Power said: “It is clear that if Limerick city is to achieve its potential, a single governance structure is essential.”

He also pointed to a relatively high dependence on manufacturing and agriculture employment in the wider region.

“Going forward, there will have to be an increased emphasis on financial services, wholesale and retail and the hospitality sectors as sources of job creation in the region.”

Welcoming the Power report, president of Limerick Chamber of Commerce Sean Lally said the redeveloped Thomond Park had the potential to generate huge tourism revenue for the city.

Mr Lally, who runs the Clarion Hotel said: “When Wasps played Munster at Thomond Park last December, it brought in more than €3.5 million to the city. The new Thomond Park will have more than double the capacity and will be worth up to €8m to the city with each major game.

“There will also be huge potential for concerts and conferences at the new venue.”

Developer Ger Clohessy, who commissioned the report, said: “I felt it was time we had a proper analysis to bring all the projects planned for Limerick together and get a vision of the Limerick we will have in 10 years time. We needed a look at the city with a view to the future and leave a legacy to our children and grandchildren having inherited a great city.”