A strong and diverse economy
CDP principle: Support Cork City’s role as the economic driver for the region and the creation of a strong, resilient, diverse and innovative economy. A strong and diverse economy
• Cork’s creative sector has strong potential to grow from its base, with demand likely highest amongst young people, both as workers in the sector and as consumers of its products. Sector activity increases footfall, adds to the city experience, and results in occupancy of otherwise underutilised spaces. Growing the sector aligns with overall growth of a diverse economy and with the principle of supporting a city of culture and learning • Cork can take learnings from Dundee: there, a 30-year programme of cultural regeneration transformed the city, with a wider range of key projects realised (Dundee Contemporary Arts Centre, Victoria & Albert Dundee, Eden Scotland 2025). There are opportunities in Cork to engage the creative community across the city through the development space in digital hubs in city centre and environs, provide opportunities to showcase talent in city centre • The Professional Services sector in Cork has grown strongly over the past several years. The region’s higher education institutions produce a significant number of graduates of commerce, financial, and economic courses. As industries such as ICT and Life Sciences grow, professional services in Cork will grow in tandem. This potential growth highlights the need for an increased quantum of city centre office space and residential offering. Remote working hubs will also play a part in accommodating this sector
• Trends in professional services by 2025 will include ‘Hyper-Personalisation’, greater digital transformation, fintech collaboration, AI, and a focus on the user experience. Many of these projects can be developed in city centre offices located in innovative ecosystems. Projects like the Shandon Exchange can be mirrored in other locations in the city • The Information & Communications Technology (“ICT”) sector has been a strong sector in Cork. Over the period to 2025, further opportunities can be built upon, especially as technology is increasingly permeating other sectors, such as life sciences, pharma, MedTech, agri-tech. There is generally an insufficient quantum of appropriate space in the city centre for ICT firms to grow • Potential actions to address this in the short-term will include upgrading first floor space above shops and connecting small start-ups with available space. Further, there is a view that sourcing funding for development projects is a challenge, and in some cases that available space is too costly for smaller firms. The development of co-working space will be required to provide an adaptable offer to growing firms in the sector.
Stakeholders: Bord Bia, CORE Group, Enterprise Ireland, Fáilte Ireland, IDA Ireland, Munster Technological University,, University College Cork, Cork City Council, Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media, Arts Council, Tourism Ireland, Culture Ireland, Irish Film Board, Heritage Ireland
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