According to a report by Red C on behalf of Cork and Limerick Chambers, the 80km road would play a key role in creating the Atlantic Economic Corridor incorporating a three-city region of Cork, Limerick, and Galway.
One of the key findings of the study is the motorway would have the potential to support 4,000-5,400 direct jobs in the region and, depending on the nature of investment attracted, could provide an annual gross exchequer impact of €128m.
The report also found the motorway would increase the labour force within a 45-minute commute of major employment centres by 23%, as well as reducing the journey time between Blarney and Patrickswell by 16 minutes to 47 minutes.
The study claims the motorway would prevent about 118 crashs every year as well as improving the quality of life for commuters. The motorway has long been mooted but planning was halted in 2011 when the Government said the €1bn price tag was too expensive.
CEO of Cork Chamber Conor Healy said the motorway can no longer be put on the long finger by the Government.
“It is in the national interest that our regional economies expand for Ireland to remain competitive and to complement growth in Dublin,” he said.
“With the right road network linking them, Cork, Limerick and Galway could effectively become one large labour and customer market -place improving opportunities and choice for employees and businesses, while also enhancing safety for all users of the road, improving Ireland’s external connectivity and competitiveness.”