An Economic and Spatial Plan for Limerick Appendices

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Limerick 2030 An Economic and Spatial Plan for Limerick that are at the leading edge of technology and where productivity and creativity are contingent on skills, capability and flexibility of the labour force. Ireland has adapted to the changing market conditions and many manufacturing facilities have moved up the value chain and include ancillary activities in design and R&D. A number of businesses have linked with UL, which includes the Department of Mechanical and Aeronautical Engineering. Future Growth In broad terms the future growth of advanced manufacturing is the continued automation of production that is driven by ever smarter software. Specific developments in the sector will depend on the industry to which they are being applied but manufacturing process advances will range from the genetic modification of viruses for use in batteries to 3D printers making gearboxes for cars. For Limerick, advanced manufacturing will play an important role in the development and existence of manufacturing industries in the City. Continued development of manufacturing processes will require continued collaboration between business, third level institutions and government institutions. Conclusion Advanced manufacturing is beginning to reach a state in which the cost of labour is no-longer a significant factor. Extensive automation of production and the high knowledge content that goes into each product produced and each production process used has meant that employment is less and less on the factory floor. In order for Limerick to maintain a manufacturing base, skills and innovation are key as are building the linkages between businesses and research institutions. Employment in the advanced manufacturing sector will be in the design and R&D stages as well as downstream in the services and after sales care provided to customers. Business and Professional Services Industry Trends The Business and Professional Services is the largest economic sector in most mature economies and the sector is seen by many as the current and future motor for economic growth and innovation. According to the European Parliament Economic and Scientific Policy Department 17 there are two categories of service, those that are provided direct to customers and those that are provided to other businesses. Services encompassed by the sector are extremely broad and include accountancy, audit, legal services, information technology, property management, architecture, 17 European Parliament Economic and Scientific Policy Department: ‘New Professional and Business-Related Services Status and Prospects’ June 2013 52
Limerick 2030 An Economic and Spatial Plan for Limerick advertising and management consultancy. While large companies often have in-house lawyers and accountants, many small and medium-sized companies rely on the services supplied by firms that specialize in these areas, or else outsource the work to contractors. Big global companies will outsource many functions to external suppliers. Management consultancy and services in areas such as architecture, for example, tend to be supplied by external firms or contractors that focus on these areas. Business and Professional Service firms in developed economies tend to be large sectors and amongst the fastest growing. The diversity of activity within the sector also adds to the wider diversification and thus resilience of an economy. Ireland and implications for Limerick The Service Sector in Ireland has grown rapidly over the past two decades and is now a significant part of the Irish economy, accounting for two-thirds of Ireland’s workforce and 60% of value added. In addition, the Service Sector in Ireland is also a significant exporter, making Ireland the 10th highest exporter of services in the world. 18 As employment in manufacturing continues to decline as a proportion of total employment in Ireland, the Service Sector is becoming increasingly dominant and is more and more entwined with other sectors. For example, Service Sector activities within manufacturing companies, including order fulfilment, customer satisfaction, help desk support and logistics are becoming increasingly important. Ireland and Limerick have long served as the gateway to the EU for North American firms. As shifting global capital flows increase the importance of emerging markets, there is now the need to begin to attract investment from India and the Far East. As the economy in Limerick struggles to find traction the domestic demand for business and professional services will remain depressed. There is therefore a need for the Service Sector in Limerick to look to export a greater quantity and range of its products to customers in growth economies. Limerick already has a collection of Business and Professional Service firms located in the City and at Shannon Airport. Complementing this, UL offers a number of undergraduate courses in business and the social sciences including: Business Studies with a European language Economics Finance Law & Accounting 18 http://www.connectingireland.com/ireland-in-anz/industry-sector-profiles/internationally-traded-services.aspx June 2013 53
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