Investment in Limerick is set to surpass that planned for any other part of the country over the next 10 years, an economic report on the future of the city has predicted.
The report by Friends First economist Jim Power suggests that an unprecedented level of public and private sector development already underway and planned for the next decade means the construction activity in Limerick will remain "vibrant", bucking the national trend and triggering significant post-development employment.
"This places Limerick in a very strong position to outperform most if not all areas of the country over the next decade," Mr Power said.
"The reality is that Limerick City is currently in the middle of a silent revolution that is gradually transforming it into a modern, dynamic European city," he said.
The Limerick - a City of Opportunityreport was commissioned by Limerick-based developer Ger Clohessy with a view to getting an economic profile of the city prior to a series of high-profile investments.
The report's positive outlook is based largely on two major private developments - totalling around €1 billion - planned for the city centre.
The first is a €500 million scheme along an eight acre site from Sarsfield Bridge to the Hunt Museum which includes several established retail outlets alongside restaurants, cafes, a park, a cinema complex, extensive underground car parking and an outdoor performance space.
The second €500 million development is the Opera Shopping Centre on Patrick Street which is set to regenerate the retail potential of the city centre.
The report notes that in addition to these retail developments, there are a number of other proposed developments in the city centre area, ranging from a new City Library to office and residential developments on Henry Street.
It also said that the planned public investment in regenerating areas such as Moyross, Southhill and Ballinacurra-Weston will have a very significant impact as well in terms of the overall investment in the city.
In his report, Mr Power did, however, criticise the governance structure in the city which he said was poor with three councils involved in a geographically small area.
He said: "This has proved inefficient and ineffective, and has certainly prevented the city from developing its real potential. It is clear that if Limerick City is to achieve its potential, a single governance structure is essential."
He also highlighted the mid-west region's high dependence on manufacturing, and agricultural employment and suggested that policy makers "will have to strive to ensure that job losses in these sectors in the mid-west region will be replaced by high-quality jobs in other areas of activity".
