Economic Impact Assessment Reveals Substantial Loss to Drogheda's Local Economy Following Visitor Accommodation Reduction.
The Economic Report can be downloaded here.
Love Drogheda BID recently commissioned an Economic Impact Assessment that has revealed significant economic repercussions for Drogheda following the loss of visitor accommodation in the town centre. The assessment indicates a direct revenue loss of €6.18 million and an indirect impact of €15.88 million to the local economy based on available data.
Currently the fastest growing town in the country according to the most recent census data. The population of Drogheda is due to increase by circa 15,000 – 20,000 residents within the next decade due to the rapid level of housing development (5000+ units) on the Northern Environs of the town facilitated by the Port Access Northern Cross Route. Tourism and hospitality are one of the main industries, with the town also functioning as a gateway to attractions including Bru NaBoinne, Mellifont Abbey, Oldbridge House and Emerald Park.
Prior to 2020 Drogheda had 231 visitor accommodation bedrooms in the town of Drogheda across 5 venues. This figure has been reduced by 56% decrease. The findings of the assessment highlight the long-term adverse effects on Drogheda’s ability to host large-scale events and attract new investment. The loss of accommodation has not only diminished the town's capacity to welcome visitors for festivals and events but also pro-vide accommodation for business delegates.
"The results of this assessment are deeply concerning for the future of Drogheda," said Niall Kierans, Love Drogheda BID Chairperson. "The loss of nearly €22 million in combined direct and indirect revenue is a stark indicator of the critical need for intervention."
Sarah Taaffe, Drogheda BID and Drogheda Festivals “Tourism is a cornerstone of our community, supporting countless businesses and jobs. The projected losses highlight the urgent need for comprehensive mitigation measures to safeguard our economic stability and support those affected."
Love Drogheda BID is calling on central government to work collaboratively with local stakeholders to implement targeted measures aimed at mitigating the adverse effects of removal of visitor accommodation. These measures may include financial assistance, business support programs, and strategic area focused tax initiatives to promote potential investment in the town for the development of visitor accommodation.
Trevor Connolly, CEO Love Drogheda BID has requested that “In response to these findings, we are calling on the government to establish a dedicated revitalisation taskforce for Drogheda that can help focus investment into the one of Irelands largest and fastest growing towns so that it can reach its potential. This taskforce would be charged with developing and implementing strategies to revitalize the town, attract new investment, and reduce vacancy rates. Key objectives would include enhancing the town's infrastructure and riverfront, supporting local businesses, and promoting Drogheda as a prime location for investment, tourism and events.
Nichola Kelly, Manager Scotch Hall Shopping Centre continued "We urge the government to recognise the urgency of this situation and take swift action to support Drogheda. A dedicated taskforce can help mitigate the economic damage, revitalise the town centre, and ensure a sustainable and prosperous future for Drogheda."
For further information or to arrange an interview, please contact:
Trevor Connolly, trevor@lovedrogheda.ie , 0872402767
The Economic Report can be downloaded here.
