New report shows Shannon Group generates economic impact of €3.6 billion per year

Mark O'Connell, W2 Consulting and Matthew Thomas, CEO Shannon Group, launching the report Picture: Sean Curtin/True Media

Mark O'Connell, W2 Consulting and Matthew Thomas, CEO Shannon Group, launching the report Picture: Sean Curtin/True Media

A NEW report has shown that the Shannon Group supports 46,000 jobs and has an economic impact of €3.6 billion per year.

The report, by W2 Consulting, also demonstrates that the group contributes €1.1 billion in Exchequer returns annually.

The semi-state company – formed in 2014 – comprises Shannon Airport, Shannon Commercial Properties and Shannon Heritage. The report by the strategic research consultants is based on data from 2016.

Reacting to the report’s findings, Shannon Group chair Rose Hynes said it “brings valuable insights into the catalytic impact of Shannon Group and its critical role in enabling trade and investment.

“There is a growing sense of momentum in our region and we intend to build on this by aggressively investing in key infrastructure and improving connectivity. We are confident that with the right supports and policies, we will play an important role in the successful implementation of the National Planning Framework Project 2040.”

The report also highlights that successful delivery of the Shannon Group’s strategic plan will see the annual impact increase to €4.2 billion, contributing €1.3 billion in Exchequer Revenue and supporting almost 54,000 jobs in 2021.

Shannon Group CEO Matthew Thomas said the €150 million investment plan for 2021 was “a statement of Shannon Group’s intent and our determination to maximise the Group’s impact.

“We are accelerating our investment plans to provide the critical infrastructure that will enable our region to grow. Strong regions and regional cities make for a strong national economy. 

“Investment in the Atlantic corridor from Galway through Shannon, Limerick and onto Cork is hugely important to deliver strategic and focused regional development.

“Such investment will be critical to creating a counter-balance to the growth in the Dublin region.”

Central to achieving the projected economic impact in the next five years will be growth in air connectivity which will support the further development of tourism and FDI, the report concludes.

“We have very strong third-level institutions on our doorstep in Galway and Limerick, forward thinking local authorities, thriving industry, and a superb location on the Wild Atlantic Way, with Shannon Airport at its centre,” said Mr Thomas.

“We welcome the recognition in the NPF that the effectiveness of our airport will be vital to our future competitiveness and its acknowledgement that the need to leverage further international connectivity to drive future growth is crucial.  

“This must now be balanced with policy initiatives that; support us to grow air connectivity and increase funding to support tourism growth, which will enable us to accelerate our investment plans.

“Shannon Group is a proven economic engine for Ireland, supporting thousands of direct and indirect jobs. With the right supports, we are well positioned to drive plans for balanced regional development,” he added.