An Economic and Spatial Plan for Limerick Appendices

Limerick 2030 An Economic and Spatial Plan for Limerick
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Future Trends
Looking forward there are four identified major industry trends that are likely to impact on the
Business and Professional Service Sector in Ireland. They include:
Financial Stability: Professional services firms are likely to have an increasingly important role in
promoting sound corporate governance when advising client companies, in both the Financial
Services Sector and across the economy as a whole.
Innovation: The constant demand for excellence, fierce global competition, and increasingly
demanding customer base is likely to boost the development of innovative products and services.
Headquartering of International Firms: Cities and regions that can provide suitable business
environments for regional headquarters are likely to attract other businesses seeking to benefit from
the positive economic environment and agglomeration effects.
Connectivity: The pursuit of links and synergies between traditional clusters and emerging markets is
becoming increasingly significant to the professional-services sector, offering opportunities for growth
and innovation.
Conclusion
Growth in the Business and Professional Service Sector has been depressed in recent years as a result
of the global economic crisis. However, the sector is large and diverse and provides a range of key
services that are instrumental to the success of other sectors in the economy. Limerick has a number
of businesses, both local and global, that are operating out of the City Centre and at Shannon
Airport. There is an opportunity to capture further growth in this sector and part of this will be through
establishing a new City Centre business location where key elements of the Business and Professional
Services Sector can thrive.
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