While Limerick is a long established and proven location for international business, it is also Ireland’s most future focused city, committed to innovation and economic growth. Located on the Gateway to the Wild Atlantic Way, just 20 minutes from Shannon International Airport, Limerick is Ireland’s third largest city, attracting a pool of young, energetic and talented people, which makes it an increasingly competitive location for both domestic and foreign business.
Commercial, office and residential properties are competitively priced in comparison to other European rival cities; our road and rail network reflects Limerick’s accessibility; within 2 hours of Ireland’s other urban centres and Limerick’s location offers a unique opportunity to enjoy a quality of life where city and country living co-exist harmoniously.
We have a track record in attracting and retaining leading global companies, which continue to expand their Limerick footprint, reflecting our globally competitive, talent-driven value proposition.
COVID-19 has caused unprecedented disruption through successive lockdowns; but the prospect of the re-opening of the economy this summer, as well as building back better and more sustainably, provides some cause for optimism for the post-pandemic recovery.
The latest Limerick Economic Monitor, covering the six months to end March 2021, reveals the continued disruption to the local economy. As the economy re-entered lockdown in the first quarter of 2021, over 27,400 workers (32% of employment) in the city and county were reliant on the Pandemic Unemployment Payment (PUP) or Employment Wage Subsidy Scheme (EWSS), as businesses remained closed due to public health restrictions.
This compares to a peak of 34,000 in May 2020 during the first lockdown and was in line with the national average. These schemes are now set to be extended beyond the original June end date, with a cliff edge unlikely as the economy enters the recovery phase.
The most impacted sectors remain retail and tourism. While consumer spending has migrated online to some extent, footfall in Limerick city centre averaged c.40% compared to pre-Covid levels during the first three months of 2021, and businesses remain reliant on Government supports while public health restrictions remain in place. In 2020, over 4,500 Limerick businesses received in excess of €26.5 million in support via the Restart Grant and Restart Grant Plus schemes, while the Local Enterprise Office has approved over €2 million in grants through its various business support schemes.
The economic data also reflect the resilience of many sectors of the economy. As outlined in the labour market section, Limerick has performed relatively well compared to other counties during COVID-19, with the predominance of remote-enabled sectors in the city more resilient to the disruption of the pandemic.
Limerick has shown resilience during COVID-19
- 860 New Jobs Announced for Limerick
- 194 Start-ups Announced for Limerick: Q1 2021
- €250 million Residential Investment Aug 2020 - Feb 2021 in Limerick
Limerick has supported business throughout the disruption:
- Urban Regeneration and Development Fund - €116m Investing in flagship developments for Limerick City
- 270 Shop Limerick Trading Businesses
- €1.25 million worth of Business Continuity Vouchers approved by Limerick Local Enterprise Office in 2020
- €26.6m Limerick approved applications Restart Grant & Restart Grant Plus in 2020
Source: Limerick Economic Monitor - May 2021
Limerick is the mid-west capital and Ireland’s third largest city with a natural hinterland of half a million people living within an hour’s drive of the city centre. A thriving region Limerick is the commercial, administrative and cultural capital of Ireland’s mid-west.
Limerick is the main economic driver for the Midwest region, which has experienced a remarkable resurgence in recent years: 14,000 persons have left the Live Register in eight years and almost 16,000 jobs have been created since 2013.
Limerick’s economic vibrancy is underpinned by progressive strategies being implemented by key stake holders committed to working in synergy for the benefit of the region.
These principle agencies include: Limerick City and County Councils, Shannon International Airport Authority, Shannon Foynes Port Company, University of Limerick, Limerick Institute of Technology, Limerick Enterprise Development Partnership and Limerick Chamber.
Limerick’s metropolitan district boasts an urban population of 100,000 people - 45% of whom are younger than 35 years of age.
The combined population of Limerick city and its rural hinterland is 191,809 (*CENSUS 2011 figures). The larger county Limerick towns of Newcastle West, Kimallock and Abbeyfeale are key centres in the economic fabric of the region.
More than 17,700 people are working in over than 128 overseas companies based in the Mid West, which exemplifies the ‘can do’ attitude of the region’s workforce.