Project Ireland 2040: Waterford - AA Euro Group Ltd.

Project Ireland 2040: Waterford

Project Ireland 2040 will drive investment to all regions within Ireland, driving economic growth and leading to job creation.

By 2040, it is projected that Ireland’s population will increase by one million. The Irish government wishes to meet this population increase by spreading investment more evenly throughout the regions of Ireland. The resulting outcome will see the development of ‘regional hubs’,  allowing the cities and towns of Ireland to realise their full economic potential.

Over the coming months, we will discuss several of these key regional hubs for Project Ireland.

This time we are focusing on Waterford City in Ireland’s South East – a region of enormous potential, as the 6th fastest-growing region in the EU in terms of job creation, with a projected population growth of 14.6% by 2040.

Waterford at a Glance

  • As the main city in Ireland’s South East Region, Waterford is Ireland’s oldest and fifth most populated city.
  • Waterford Port handles approximately 12% of Ireland’s external trade by value.
  • Waterford’s most famous export is the internationally acclaimed brand, Waterford Crystal.
  • The city is home to many multinational companies, including Bausch & Lomb, Sanofi, and Teva Pharmaceuticals.
  • WIT is Waterford’s main third-level institution and is Ireland’s leading Institute of Technology (IoT).

Project Ireland 2040: Waterford

Waterford as a Regional Hub

Cost Savings: Businesses in Waterford make approximately 33% in cost savings per employee, compared to Dublin.

Personal Property: Rental prices are 52% lower and house prices are 65% lower than in Dublin.

Commercial Property: Office space in Waterford’s city centre is around 70% cheaper than in Dublin.

Disposable Income: This is in line with other cities, and is set to grow by 30% by 2040.

Talent Pool: With a highly skilled, diverse workforce, over 90% of school leavers progress to third-level education.

Project Ireland 2040: Waterford

Projections for employment in Waterford are positive, with 40% of new jobs being created in high value-added sectors including high-tech manufacturing, professional & scientific, and ITC sectors. A large part of the Waterford City 2040 Plan is built around investment and regeneration of key areas to drive economic growth.

  • €2bn in strategic projects
  • €500m in Waterford’s strategic North Quays site
  • €35m in the Viking Triangle, creating a cultural quarter
  • €52m to unlock strategic site in Michael Street
  • €28m investment to the Waterford Greenway, Ireland’s longest greenway
  • €100m towards the creation of the Kilbarry Eco Residential Park

As can be seen above, Waterford is a regional hub that offers an excellent quality of life, and a large and diverse talent pool, making it a worthy location to situate in. The investment driven by the Project Ireland 2040 strategy is set to transform Waterford, driving further economic growth and creating jobs across a realm of sectors.

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