'National response' needed to combat national emergency, says Waterford Chamber
Clock Tower in Waterford. Picture Denis Minihane.
Accommodation shortages, labour costs, and a growing population are the key issues facing Waterford ahead of Budget 2024, with renewed calls for support at both a local and national level to help Waterford become a "very strong regional city hub."
In its pre-budget submission, Waterford Chamber noted the "challenging," albeit "positive" economic background to the upcoming Budget, citing stagnant growth in domestic demand and personal spending as the cost of living crisis continues to bite.
Looking ahead, the Chamber said there were "clear opportunities" for the region and city, which last year received Technological University status following the amalgamation of WIT with IT Carlow.
"Investment in SETU (South East Technological University) would bring greater vibrancy to the city and the region, and by halting the brain-drain, would improve the attractiveness for business investment and job creation," said the Chamber.
However, the city's new university status has also brought its challenges, with the chamber warning of the serious lack of housing and declining rental market, making it increasingly difficult to attract students and professional talent.
Already struggling to accommodate its current population, Waterford Chamber warned that the ongoing housing crisis will become increasingly acute given the city's projected population growth, which is expected to increase to at least 80,000 by 2040.
To combat the exodus of private landlords from the housing market, the Chamber has called for a two-tiered tax system which would provide breaks for smaller landlords, with a marginal rate applied to those over a certain net rental income.
Across the housing market, the Chamber said the lack of available accommodation needs to be treated as a national emergency, in the same way as covid-19 was, adding that "A national emergency requires an emergency response."
In an effort to boost the local economy, the Chamber has called for additional support for Waterford's port and airport, adding that the Port of Waterford is "perfectly positioned," to play a part in Ireland's development of offshore wind.
"Significant investment will be required in the Port to handle wind energy components, said the Chamber. "Port of Waterford has the potential to become a gateway for offshore wind energy and a regional trade hub."
In addition, the Chamber called for further "essential development," of Waterford Airport, which it says is imperative to ensure the future development of the South East.
Likely to benefit from increased port and airport activity, Waterford Chamber noted the potential for tourism across the South East. However, it added that existing accommodation shortages posed a serious constraint to the region.
"Branded hotel names do not operate in Waterford," said the Chamber. "There is a serious tourism accommodation supply issue in Ireland, particularly in the regions, with over 3,000 additional bedrooms required to meet demand and allow the tourism economy to fulfil its potential."
Aiming to tackle the issue, the Chamber has called for additional incentives and tax breaks to encourage new development in targeted areas, adding that specific area-based incentives could also be considered.
"The objective is to create a city and region where businesses seek to create employment, and where people want to live, work, and socialise," said the Chamber.
"To achieve its potential, Waterford will require proactive assistance from Government, and Budget 2024 offers a significant opportunity to accelerate the development of the city and the region."
