Cork named fifth best city in Europe for economic potential

Cork city has been named the fifth best city in Europe for economic potential by the influential publisher, the Financial Times .
Cork named fifth best city in Europe for economic potential
An aerial view of Cork.

Cork city has been named the fifth best city in Europe for economic potential by the influential publisher, the Financial Times.

The news comes ahead of Friday's launch of a consultation process for drafting the new Cork city development plan which will shape the growth of the city between 2022 and 2028.

Cork ranked higher than top-tier European cities like Amsterdam, Oslo and Frankfurt, and placed just behind Istanbul, Paris and Dublin, with London taking top spot in the debut Tech Cities of the Future list, which identifies and ranks European cities with the most promising prospects for start-ups, tech and innovation investment.

It looked at 75 cities and examined metrics such as GDP growth, credit rating, economic freedom and labour productivity, and Cork scored highly in each of these areas.

Cork City Council welcomed the news which comes just a few months after the same publisher ranked the city as the second best small European city for economic potential and sixth in the top 10 list of Small European Cities of the Future.

Lord Mayor, Cllr Joe Kavanagh, said despite the challenges posed by Covid-19, Cork remains on track to retain its pool of FDI and expand its economic base.

"This confidence in our collective futures for Cork to thrive is clear in the sustained growth evident with the large numbers of people from overseas choosing Cork City as a place to live and work," he said.

Council chief executive, Ann Doherty, said the council has worked hard with IDA Ireland, UCC, MTU and Enterprise Ireland to make Cork a global investment capital where businesses can flourish and expand.

“Because we are an agile, compact city each investor who comes to Cork City can enjoy focused attention from the agencies to support the needs of business,” she said.

Cork is set to be the fastest-growing city in Ireland over the coming years with projections that its population will reach 350,000 by 2040.

The new development plan will be the first for the expanded city region following last year’s boundary extension, with the location of future housing expected to be one of the major issues facing planners.

And with over €1bn of office, hotel and apartment developments currently underway in the city, another key area will be guiding development of the vast brownfield sites across nearly 180-hectares in the docklands area, which it is estimated could sustain 30,000 jobs and 30,000 residents.

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