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Economy of Cork

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The Elysian in Cork City, the third tallest building in the Republic of Ireland and tallest in Cork.

The second largest city in Ireland, Cork, has an economy focused on the city centre, which as of 2011, supported employment for 24,092 people.[1] According to 2006 figures, the top five employers in the area were public sector organisations, and included Cork University Hospital, University College Cork, Collins Barracks, Cork City Council and Cork Institute of Technology. Apple Inc. was the sixth largest employer, followed by Supervalu / Centra Distribution Ltd, Mercy University Hospital, Bon Secours Hospital and Boston Scientific.[1]

Industry and workforce

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See also: County Cork § Economy

Most of the industry in Cork is concentrated around the Greater Cork area, taking in Cork city and its hinterland. The immediate Cork city area has a population of almost 209,000 including the suburbs.[2] Around 42,000 workers travel into the city and suburbs to work every day.[3] The majority of those commuters come from Cork County (91%), Waterford City and County, and Kerry (2%).[3] Some of the companies within this area include Pfizer (Pharmaceutical), GlaxoSmithKline (Pharmaceutical), Johnson & Johnson (Pharmaceutical), EMC (Data Storage), Apple Inc. (European HQ), Avery Dennison (Financial Shared Services), Siemens Group (Third party multi-lingual tech support) and the Marriott Group (Shared Services and Customer Service Contact Centre), Centocor (Biopharmaceutical Manufacture), McAfee (Security Software, EU Operations Centre), VMware (Enterprise Software and International Support/Shared Services Centre), Clearstream and Amazon.com (Customer Services – On line Retail Activities).

There are two key third-level institutions in the city, Munster Technological University (MTU) and University College Cork (UCC), which are the sixth and third largest employers in the city respectively[1] - the latter employing approximately 2,800 people.[4]

Information Technology and pharmaceuticals

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Cork County Hall

Information Technology multinationals such as Apple, Amazon, EMC, IBM, McAfee Ireland Limited, SolarWinds, Siemens and VMware INC have a presence in the city. As of 2017, there are about 140 multinationals operating out of Cork, which employ almost 32,000 people.[5]

The area around Cork is home to a number of pharmaceutical and bio-pharmaceutical companies, with a number of pharmaceutical companies located in Little Island and Ringaskiddy.

Retail

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Mahon Point Shopping Centre is County Cork's largest shopping center, having opened in 2005. Infrastructural investments in the Mahon area included the extension of the N40 dual carriageway via a €137 million tunnel, the Jack Lynch Tunnel, which opened in 1999. Construction began on the shopping centre in 2000, and opened in 2005. Other larger retail centres in the city's suburbs include Wilton Shopping Centre, Blackpool Shopping Centre, and two centres in Douglas.

Offices and business parks

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Larger office buildings in the city include Half Moon Street, Penrose Dock and One Albert Quay in the city centre, with Linn Dubh and The Atrium in Blackpool, and City Gate Park in Mahon.

The larger IDA business parks in Cork City and surroundings include Little Island Business Park and Cork Airport Business Park. Other smaller parks include Cork Business and Technology Park, Kilbarry Business and Technology Park, Carrigtwohill Business and Technology Park and Ringaskiddy Business Park.

Recent city centre office developments have included One Albert Quay, consisting of 175,000 sq ft of office space over seven levels on Albert Quay. Opened in March 2016, it is home to Johnson Controls, PricewaterhouseCoopers, and Investec,[6] and described by its developer as "Ireland's smartest building".[7] In the city centre, a 46,000 sq ft office development was completed in January 2019 on the South Mall, and has KPMG and Forcepoint as tenants.[8]

Planned developments

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As of December 2019, several developments were underway within the city, with over 1,000,000 square foot of offices reportedly under construction or in the planning stages.[9] This included the proposed €150 million development of accommodation, offices, retail and an event centre at the old Beamish and Crawford brewery site.[10][11] While a "sod-turning" event was held on the site in 2016,[12] as of 2018, construction had commenced only in certain areas of the development,[13] with construction of the event centre delayed.[14]

As of 2020, ongoing developments in the city included a €90 million office scheme at "Navigation Square" on Albert Quay,[15][16] and a €400 million office, hotel, retail and residential development at Horgans Quay and Cork Kent railway station.[17][9]

Planned developments outside the city include a proposed data centre in Little Island,[18][19] and several projects around Cork Harbour.[20] The latter included a €40m redevelopment of Spike Island as a tourist attraction, with a further €40m to clean up the former Irish Steel/Irish Ispat site on Haulbowline Island.[21]

See also

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References

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  1. ^ a b c Cork City Employment & Land Use Survey 2011 (PDF) (Report). Cork City Council. March 2012. Archived (PDF) from the original on 18 December 2017. Retrieved 3 February 2016.
  2. ^ "Census 2016 Sapmap Area: Settlements Cork City And Suburbs". Central Statistics Office. Archived from the original on 30 July 2017. Retrieved 27 November 2018.
  3. ^ a b "Census of Population 2016 – Profile 6 Commuting in Ireland. Working in Cork, Limerick, Galway and Waterford. Daytime Working Population of Cork". Central Statistics Office. Retrieved 27 November 2018.
  4. ^ UCC Strategic Plan 2013 – 2017 (PDF) (Report). UCC.ie. Retrieved 25 February 2017.
  5. ^ "From Apple to Pepsi, Cork is a host of global ambition". The Business Report. January 2017. Retrieved 14 July 2017.
  6. ^ "One Albert Quay - Occupiers". Onealbertquay.com. Retrieved 24 February 2017.
  7. ^ "Ireland's 'smartest building' opens on Albert Quay in Cork". Independent News & Media. 7 March 2016.
  8. ^ "NEW OFFICE BUILDING: 85 South Mall is fully let". thecork.ie. 16 September 2018.
  9. ^ a b "Kevin O'Neill: Developments in Cork City centre promise to transform city image". irishexaminer.com. Irish Examiner. 27 December 2019. Retrieved 24 October 2020.
  10. ^ "Request For Extra €12 Million For Cork Event Centre Criticised". Red FM. 21 February 2017. Archived from the original on 22 February 2017.
  11. ^ "Deal agreed for stalled €73m Cork events centre". Irish Examiner. 12 February 2018. Retrieved 14 February 2018.
  12. ^ "Event centre build may not start until 2023". irishexaminer.com. Irish Examiner. 13 February 2021. Retrieved 1 September 2021.
  13. ^ "Construction begins on former brewery's Counting House". eveningecho.ie. Evening Echo. 22 October 2018.
  14. ^ "Cork event centre worth €80m 'will still happen', Coveney says". irishtimes.com. Irish Times. 22 August 2018.
  15. ^ "Work to begin on Cork's largest office development this summer". Evening Echo. 29 March 2017.
  16. ^ "Extra floor approved for Navigation Square in the Cork Docklands". Irish Examiner. 24 September 2020. Retrieved 24 October 2020.
  17. ^ "Docklands plan on track". Evening Echo. 20 February 2018. Retrieved 22 February 2018.
  18. ^ "Press Release - JCD as a part of a joint venture are developing a data centre campus in Little Island, 5 miles to the east of Cork City". JCD Group Property Development. Retrieved 20 April 2017.
  19. ^ "T5 Data Centers is coming to Europe with a campus in Ireland". DataCentre Dynamics. Retrieved 22 February 2018.
  20. ^ "Cork harbour to get 'Sydney of Europe' makeover". Independent News & Media. 28 February 2017.
  21. ^ "Cork City Developments: Eight dynamic projects giving the city a facelift". Irish Examiner. 6 April 2015.
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