Dublin will need investment of €70 billion in its infrastructure over the next 15 years to help secure its future, a new report has found, with housing, public transport, water, energy and managing climate risk among the areas in need of funding.
KPMG’s Dublin 2040 report highlighted housing as a key concern, with 60 per cent of businesses saying affordable accommodation in the city was a critical infrastructure issue. That put it far ahead of healthcare, at 20 per cent, public transport at 15 per cent and technology at 5 per cent.
The report evaluates Dublin as a city to live, work, and do business, with more than 300 businesses contributing to the research.
It found two thirds of businesses believe Dublin to be the same or better in the coming year as a place to do business. But staffing issues, public transport and the rising costs in the capital are the top three challenges facing businesses.
Improvement in infrastructure was names as the most important area for improvement by 24 per cent of businesses, while urban appeal, and education and training were cited by 14 per cent. Governance and leadership was the top concern for 13 per cent, while 12 per cent said talent was a priority.
The report also found 34 per cent believed effective consensual policing was the top urban appeal priority. However, less than 20 per cent of businesses said the city performed well in that regard.
But the city does have some strong points, with 55 per cent rating its global and national connectivity highly, and 70 per cent backing the city’s education and training ecosystem.
Some 58 per cent of those questioned said there was a strong pool of talent in the city, and 65 per cent said it performed well in economic strength.
“Dublin is beyond an inflection point in a number of critical areas and today’s choices will determine tomorrow’s success as a capital city. Thus, the pace of decision making needs to reflect the urgency of evolving human needs, climate change, population growth, economic shifts and technological advancements. We need to act now,” said Ryan McCarthy, managing partner at KPMG in Ireland.
“The findings of our Dublin 2040 report highlight significant areas for improvement and opportunities that we believe are critical for fostering a vibrant and sustainable business environment.”
Among the report’s recommendations are investment to tackle vacancy and dereliction urgently, the reintroduction of Section 23 relief to encourage residential living in the heart of the city, and investment in the energy system. A single recognised innovation hub for start-ups and scale-ups to build a reputation for the city as a top location for founders is also on the wish list.
