It is great to be in Sligo today. And it is a particular pleasure to be with you to unveil a plaque to celebrate the completion of the building contract with John Sisk and Son on the Quayside Shopping Centre. This development, at a cost of €30 million, represents the latest example of the real transformation urban renewal schemes are bringing about in city and town centres throughout the country. In particular, the creation of 350 new jobs in the centre once it is up and running is a most welcome development.
Ireland’s unemployment rate is virtually the lowest in the EU and strong labour market performances are evident throughout most of the country. Employment increased by 54,400 or 3% last year alone, with the BMW region seeing growth of 24,900 or 5.3%.
These figures are good news both nationally and regionally and are a far cry from the dark days, in 1997, when unemployment in the Border region was 11.8%, compared with today’s figure of just 5.4%.
The superb quality of design of this centre, by Eugene O’Neill, has been matched today, by the commitment of builders, John Sisk & Son. I would like to commend you and your sub-contractors on your excellent work.
Attracting as it will 35 leading Irish and international retailers, I am confident that this centre will transform Sligo into a major shopping destination in the North West. The international flavour, which shoppers can expect from Quayside can be gauged by its anchor tenants - NEXT and T.K. Maxx. To my mind, this is a clear vote of confidence by them in the future of Sligo. I would like to convey my best wishes to all the other companies that will be setting up in Sligo next August as well.
For local businessmen, Séamus O’Dowd and Anthony Murray, today highlights their vision and long-term forward planning. They deserve our highest praise for coming together, as they did, as far back as 1997 to develop this complex. It takes a great deal of commitment and planning to turn one’s vision into bricks and mortar. But I am glad to see that the Government’s tax incentive schemes facilitated the entrepreneurial spirit of both Séamus and Anthony.
Tax incentive schemes often get a hard time in the media, too often described as just tax shelters for the rich. Of course the truth is far more complex. The basis for the various urban renewal schemes introduced over the last 20 years was to use tax incentive measures to lever private investment into neglected areas of our cities and towns.
Since then numerous areas across the country, which were run down, derelict and unable to compete in the open market, have been transformed. This has stimulated further development, not just in the targeted localities, but also in the surrounding areas.
A key aim of these schemes was not just to attract commercial investment, but also to generate real growth in residential development. I know, for example, that there are 89 apartments included in this development. Not alone have these schemes brought additional supply to the market, they have reversed the tide of steep population decline in particular areas. Successful and sustainable communities can now exist in the heart of our towns and cities, enabling people to live and work in the same area.
Sligo has had its fair share of notable achievements under these schemes. You will all be aware of the development in the Rockwood Parade area and of course the successful developments facing the river along the Garavogue. At all times the driving force behind the promotion of the schemes has been Sligo County and Borough Councils. They deserve great credit for bringing together landowners, developers, investors and the community in this regard.
As you will be aware all the tax schemes are currently under review by the Department of Finance and the Revenue Commissioners. We await the outcome. Irrespective of the future of these schemes however, I believe history will judge them as a decisive turning point in the development of our urban areas.
In order to maximise the benefits of new developments like this, quality infrastructure is needed to facilitate businesses and customers alike. Whilst contributing to road safety levels, I am confident too that the opening of the N4 Inner Relief Road later this year will facilitate the development of the town centre. This high quality road should also facilitate the growth of further retail, industrial and residential facilities in the future. And it will play an important part in helping Sligo fulfil its development gateway role, identified in the National Spatial Strategy.
Today is certainly a great endorsement of Sligo’s future potential. I wish you all every success with the ongoing development of the Quayside Shopping Centre.
Thank you.
ENDS.