Economic Regeneration & Employment
Ireland has a dynamic knowledge based economy and is ranked as the top destination globally for quality and value of investment. It has developed strategic clusters of both inward investment and indigenous expertise in niche sectors through its offering of a unique combination of advantages including access to key markets, a pro-business environment, a strong talent pool and quality of living.
Dublin is one of the most attractive global locations for Foreign Direct Investment (FDI) and is ranked as the best location globally for availability of skilled workforce, investment incentives and openness. It is an open and connected hub in the global economy, particularly through its advanced services economy as a world leader in IT and Financial Services.
Dublin, as the capital city, generates almost half the national Gross Domestic Product (GDP) and so its performance is essential to the success and competitiveness of the national economy. Dublin, in its role as the engine of the economy, needs to develop a sufficient critical mass to compete at an international level. Docklands given its location at the core of the city region, its capacity to deliver a significant supply of modern commercial space and its high levels of accesssibility, has the potential to fulfill this strategic role and consolidate itself as a global economic hub.
The International Financial Services Centre (IFSC), located in Docklands, is one of the major economic success stories of Dublin and Ireland. It has become a world leading investment location with global recognition as an important location for financial services. The IFSC incorporates more than half of the world's leading financial service companies generating in excess of 32,700 jobs, two thirds of which are based in IFSC Dublin (22,000).
The IFSC has also become one of the major centres in the world for the aviation sector, leasing over half of the world's fleet of aircraft, as well as playing a very significant role in the development of aircraft financing and leasing business on a global level. Other emerging specialisms include Islamic finance as facilitated by recent government legislation and green finance under the Green IFSC Initiative.
Docklands is now considered a prime office location comparable with the traditional office core or central business district of the city, attracting quality development and high value economic activity. This is apparent from the strong presence of multi-national enterprises, as well as a significant headquarter presence of indigenous corporate entities. The high-profile move of the Central Bank to North Lotts further endorses the area as an attractive employment hub.
There is also evidence of emerging spatial clusters of economic activity in Docklands, such as financial, legal and digital-media which, according to research, is a benchmark indicator of specialisation and innovative performance. The success of the internet and the social media cluster at Grand Canal Basin, with high-profile entities such as Google, Facebook, Dogpatch Labs, Windmill Lane Studio and Pulse College, is such that the area has become known as 'Silicon Docks'.
There is a strong enterprise culture in the immediate area with long-established organisations providing low-cost incubator space and essential soft support skills such as the Liffey Trust, Pearse Street Local Employment & Enterprise Centre, St. Andrew's Resource Centre, Dublin Business Innovation Centre and IDA Enterprise Centre. Business parks in the wider Docklands area can also fulfill an important role in accommodating start-ups such as East Point Business Park, Docklands Innovation Park and Castleforbes Business Park. This is especially relevant for supporting economic activities which may have no need to be in a premium office location.