€70bn of investment is required for the key infrastructure areas of housing, transport, energy, water and climate risk in Dublin by 2024, KPMG Ireland has projected.
The total is derived from publications by key stakeholders combined with future projections by KPMG and comes as the Big Four giant publishes its inaugural Dublin 2040 report, a comprehensive business research-based index evaluating the city to live, work, and do business.
The report, for which KPMG consulted over 300 business leaders and owners in the capital, assesses various critical indicators, including infrastructure, talent, urban appeal, governance, economy and sustainability.
Infrastructure was rated as the most important area for improvement in Dublin, receiving 24% of total focus from business, followed by urban appeal and education & training (both 14%).
Governance and leadership (13%), talent (12%), economic strength (12%) and sustainability (11%) rounded out the list.
The distribution highlights a strong consensus that while multiple areas need attention, infrastructure and especially affordable housing are the most urgent priority.
With infrastructure, 60% of respondents cited housing as the most critical issue ahead of affordable healthcare (20%), public transport (15%) and technology (5%)
Businesses rated Dublin's global and national connectivity highly, with 55% saying the city performs well in this area, and 70% expressed confidence in the city's education and training ecosystem.
Additionally, 58% of respondents felt Dublin offers a strong talent pool, and 65% rated the city positively for its overall economic strength, underscoring its appeal as a business hub.
“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," said Ryan McCarthy, managing partner at KPMG Ireland.
"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."
Some 66% of businesses expect Dublin as a place to work and do business to be the same or better in the coming year.
The research also found that 47% feel Dublin performs well on strong city identity & culture, and that 30% believe the city performs well in governance and leadership, despite 52% rating it as very important.
Effective consensual policing was the top urban appeal priority (34%), but only 19% of businesses feel the city performs well in this area.
The report recommends that the government treat housing and real estate investors similar to long-term foreign direct investment, and that investment be made available to tackle vacancy and dereliction.
It also suggests the reintroduction of targeted Section 23 relief to promote residential living in central Dublin, as well as significant investment to upgrade the ageing distribution and transmission grids, and transition to a two-way energy system.
Additionally, KPMG has recommended that the Shannon water scheme be accelerated as a matter of urgency to alleviate the risk to Dublin's water supply, as well as the creation of a single recognised Dublin innovation hub for start-ups and scale-ups.
Finally, the report calls for the development of a cohesive city narrative and vision with updated branding to define Dublin’s unique identity and strengthen its global presence.
The research was carried out for KPMG by Ipsos B&A in March, and respondents were asked to assess a series of public policy initiatives on the basis of their importance to businesses and how well they felt they were being achieved.
(Pic: Getty Images)
