Balanced regional development has long been a key plank of Ireland’s economic policy. American firms are increasingly establishing operations in Irish regions due to cost optimisation, talent access and risk mitigation, says Damien Flanagan, R&D incentives practice lead with KPMG. “Regions provide lower real-estate and labour costs than Dublin, and enable firms to engage with clusters like medtech in Galway, Mayo, Sligo, and pharma in Munster. The clusters provide a ready-made talent pool which new entrants can dip into.”
Ireland’s regional hubs are essential for economic resilience, says Andrew Clifford, associate director at Davy. “Expanding employment outside Dublin helps balance the economy and gives Dublin time to catch up on capital spending, reducing systemic risk from over-concentration.
“The success of these hubs in creating new wealth across Ireland has led us to place a greater emphasis on regions beyond Dublin in recent years, with a new regionalised structure and increased footprint across regional offices. This allows us to provide financial planning and investment advice wherever our clients are based.”
For a regional cluster to thrive, several key conditions are essential, says Cian Kelliher, consulting partner, KPMG. “Access to a skilled workforce via strong educational institutions is critical, along with quality infrastructure that supports business operations. Universities and research institutions foster innovation and R&D collaboration, while a network of local suppliers enhances efficiency.”
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Ireland has made great progress in developing its regions, and there’s a real sense of momentum, especially in places such as Galway, agrees Sharon Walsh, Ireland regional leader and senior vice-president, technology management, with Fidelity Investments. “What will really help us scale high-value roles is continued investment in things like housing, transport, and digital infrastructure. These are the pieces that make it easier for people to live, work, and grow their careers locally.”
“The Future Mobility Campus in Shannon is attracting a lot of attention globally, and certainly in the US market, and with local universities tailoring their offerings to meet the skills of the future requirements, I think we will see a strong pipeline of R&D engineering jobs in the midwest over the coming years,” says Anthony O’Halloran, partner, tax and legal, Deloitte.
The biggest winner will be the region that can bring together national government agencies, local government, third-level institutes and local industry leaders to ensure conditions are in place to provide a place to call home for the next wave of talent to support global R&D projects, he adds.
There has been great progress in boosting regional competitiveness, but there’s still room to grow, says Walsh. “Improving transport links between regional cities and expanding housing options would make a big difference. It’s about making it easier for people to live and work where the opportunities are. Just as important are policies that fuel innovation – things like research funding, support for start-ups, and incentives that bring industry and academia together.”
John Paul Construction managing director Liam Kenny, too, sees advantages in choosing a regional location. “Interestingly, in contrast to the Greater Dublin Area, we have recently found that it is often easier to build regionally,” he says. “A fundamental reason is the large proportion of our supply chain located regionally, offering critical materials and expertise in steel, MEP [mechanical, electrical, plumbing] and building Furthermore, there’s a benefit in that we can utilise a local workforce which, during the project, reduces traffic and strain on accommodation while also providing a boost to the local economy.”
John Paul clients in the life-sciences sector have three clear priorities in regional builds: safety, quality, and sustainability, he adds.
“Safety is an absolute non-negotiable and at John Paul Construction we pride ourselves in investing in processes and technology that constantly raise standards. Quality is crucial in any project but is particularly stringent in the life-sciences sector – understanding those demands and how best to meet the required levels is crucial in building trust.
“Finally, from a sustainability perspective, our clients are incredibly nuanced in their understanding of the collective responsibility in managing sustainable construction. This extends from the environmental measures put in place to reduce impact during the build phase to the techniques and materials employed to ensure that the project’s long-term environmental impact is minimised.”
One of those clients is medtech company Dexcom, which announced a €300 million investment in Ireland in May 2023. “We looked at the west region’s strong cluster of world-leading medtech companies already in place and in particular its wide talent pool,” says Dexcom vice-president of operations, EMEA, Adrian Furey. “We firmly believe people in the local area and wider region have the necessary skills for the range of roles we will have available once the facility is operational.
“It is also key that the area offers excellent accessibility and connectivity to the whole of the midlands region and beyond thanks to excellent road and rail connectivity. Collaboration is also an important element of our local and regional engagement, and it is our intent to forge strong links with local third-level institutes in the region to build a mutually beneficial relationship.”
That partnership approach extends beyond skills. “Our positive engagements with the local authority in Galway and IDA Ireland were major factors in our decision to locate here,” Furey adds. “Galway County Council, over its three county development plans, identified our location as a Strategic Economic Corridor for high-value employment, and IDA Ireland invested substantially in the strategic site where we are locating, including in developing access and services infrastructure required for a site of that size.”
Establishing a base in the southeast region has proven to be a strategic decision that strengthened the foundations of Shorla Oncology’s global ambitions, says chief executive and founder Sharon Cunningham: “We have benefited enormously from the support of the Local Enterprise Office and regional development initiatives, particularly those that facilitate transatlantic collaboration and network expansion in the US.”
The southeast has evolved into a vibrant life-sciences hub, and that has been fundamental to our growth, Cunningham adds. “Strong research links have opened doors to both local and international collaboration, accelerating our pipeline development. Regional universities offer highly efficient and accessible pathways for pharmaceutical research, creating a seamless interface between industry and academia.”
