The Leader of Fianna Fáil in Dublin City, Cllr Paul McAuliffe is calling for the creation of a Strategic Investment Fund for Dublin to tackle the major bottlenecks in the economy which are impacting people living and working in Dublin. The call comes on the back of the publication of the Third Dublin Economic Monitor published today which outlines serious pressure points for the city. “It is clear from this report that as the city grows, we are struggling with the issues of housing, transport and office space. I fear that as the economic recovery takes hold, this city will face real bottlenecks and those living and working in the City are going to see the cost of living escalate further.” said Cllr McAuliffe “For eleven months, I have been highlighting the infrastructure issues in the city and it is now apparent that Government has no big vision or strategy for investing in Dublin. The recent capital investment programme lacked imagination or a recognition that Dublin cannot wait decades. “Minister Paschal O’Donohoe and his government colleagues seem to have just dusted down the projects which had been developed before they came into office . We cannnot use ‘turn of the millennium plans’ for mid twenty first century Dublin. “I am calling for the Government through the National Treasury Management Agency to set aside a strategic Investment fund for Dublin. This would bring private and public investment together, unlock funding opportunities from global investment funds and from agencies like the European Investment Bank.” Highlights from the Dublin Economic Monitor published today
- The pressure on the city’s real estate continues to intensify as the economy strengthens, new supply lags demand as the population grows strongly
- City centre office rents accelerated (+7%) in Q3.
- Dublin residential rents likewise continue their relentless progress back towards the peak, and house prices also appear to be growing again as housing completions in the Dublin region remain weak.
- Public transport demand continues to grow strongly, with the number of trips up by 600,000 in the latest quarter (seasonally adjusted).
- Dublin Airport continues to experience strong growth in volumes, with the latest observation breaking the previous record.
Extracts from the Dublin Economic Monitor “The recently published Infrastructure & Capital Investment Plan 2016 – 2021 features a number of infrastructure projects for Dublin, including a metro link from the city centre to the airport and Swords, to be operational by 2026/2027. These are long term projects they will not have an impact on capacity for several years into the future. Likewise the plan includes support for the Social Housing Strategy 2020, but how much of this will impact Dublin and how much will involve actual new stock are unclear.” “Dublin consumer sentiment captures some of the concerns regarding the economy. Austin Hughes, chief economist at KBC Bank Ireland, comments on the latest survey: “It seems that consumers in the capital are taking a cautious view of what is still an uncertain world. It is important to note the survey suggests that, on balance, Dublin consumers remain positive about the outlook for the economy, jobs and household incomes. Lately, however, worries about the global economy, the high profile closures of Clery’s and Boyer’s and pressure on living costs in areas such as rents and insurance may have made them more concerned about the uneven nature of the upturn.”