The Government must play to Ireland's strengths and help Dublin to continue to grow, according to Dublin Chamber of Commerce. Dublin Chamber issued the call following the release this morning of the first Dublin Economic Monitor, which shows that the Dublin Region continues to lead the national economic recovery. The Chamber said Dublin's strong performance should be viewed as a huge positive for the country.
Gina Quin, Dublin Chamber CEO, said: "Dublin is the economic engine that drives Ireland and is the country's main link to the world economy. Given its importance to Ireland as a whole, we must do everything we can to ensure the Dublin region remains attractive to business and competitive on the world stage. Dublin accounts for 42% of Ireland's GDP. To put that in context, London accounts for 21% of the UK economy. Failure to invest in the Greater Dublin Area would be a body blow to Ireland's recovery. This means building new homes and offices, improving connectivity, upgrading transport infrastructure, and fostering an environment in which businesses can expand, thrive and create jobs."
Dublin Chamber said that the findings of the Economic Monitor, mirrored the Chamber's own quarterly poll of its 1,300 member companies which has shown an increase in business activity for 13 consecutive quarters.
The Chamber said one of the biggest positives shown by the Economic Monitor is that the growth and positivity being seen in the economy is translating into new jobs.
Ms Quin said: "Ireland as a country is striving to recover from a substantial economic slump. A buoyant Dublin is good news for the wider economy and should be viewed as such. Dublin is the only Irish city region with a seat at the global economic table. When it comes to attracting vital FDI to Ireland, the country's trump card is the Dublin region. The majority of companies want to invest in cities of scale, meaning that Dublin is not competing with other city regions in Ireland for investments, but rather the other relatively small number of magnet cities around the world. Put simply, if a company can't be accommodated in Dublin, their second choice won't be Longford or Limerick, but Zurich or Amsterdam."
The Dublin Economic Monitor highlights that Dublin's housing market is showing signs of stabilisation, with residential rents also continuing to climb.
Dublin Chamber said that ensuring there is enough affordable housing to meet the demands of Dublin's ever-expanding workforce must be a priority for Government.
Ms Quin added: "FDI continues to flow into the Greater Dublin Area at an encouraging pace, with hundreds of new jobs being announced each month. If Dublin is to remain attractive to foreign investors and emphasis must be placed on ensuring that a steady flow of new residential units start coming on stream as soon as possible. Growth is coming for Dublin and for Ireland and as a country we must make sure we are ready to embrace it. The longer it takes to build new and upgrade existing infrastructure, the more it will cost and the less competitive the city will become."