Galway Chamber Magazine Tester

Galway Chamber

Endings & Beginnings

CEO Kenny Deery will not be seeking to renew his contract.

Galway Chamber

Welcome In this Issue

Galway Chamber is proud to present this second edition of the Galway Economic Monitor. This twice-yearly, data-driven report reflects the economic performance of Galway and its impact on the wider region. As we produce more of these reports, we will be better able to articulate trends, map performance and lobby more effectively at local, national, and international forums. This report presents very positive information in relation to employment growth and sustainability. There are more people employed here from across the globe than ever before. This is feeding into the increased usage of public transport which we welcome, however also considerably higher numbers of commuters daily. This report reflects an increase in housing commencements which is becoming more visible around Galway City, however that number is coming from a low base. Galway Chamber along with our colleagues in the Construction Industry Federation estimate that Galway needs some 3,000 housing units delivered annually for the next decade to compensate for the last decade of under delivery and our increasing population. CEOs in both Galway City and Galway County Councils. I look forward to working closely with both. We will also have local and European elections; I urge all to actively engage with the election process. We need to collectively challenge and understand what the Council candidates stand for in terms of the sustainable growth and ambitions of our city and County. Local Government plays an important role in helping with the delivery of plans. I look forward to working closely with our membership and stakeholders in 2024 with the view of progressing on our collective plans and ambitions.

Best,

Kenny

Kenny Deery

CEO, Galway Chamber

T: +353 (86) 4429090

E: Kennydeery@galwaychamber.ie

Chief Executive Officer of Galway Chamber has confirmed he will not be seeking to renew his contract

March 12, 2024

Chief Executive Officer of Galway Chamber has confirmed he will not be seeking to renew his contract. President of the Galway Chamber, Eveanna Ryan today announces that Kenneth Deery is not seeking to renew his contract as Chief Executive Officer of the Galway Chamber.

“Kenny has provided the Galway Chamber with remarkable leadership over the last five years We are indebted to him for his work and his commitment to the role. Kenny’s many achievements include the establishment of the Greater Galway Forum - a cohesive leadership voice for Galway, A stronger voice in Europe - through funding applications, representation, meetings and advocacy in Europe. In his capacity as the Chairperson of the National Chamber Executive Forum and as a director of Chambers Ireland, he gave us a strong voice at national level.”

Ian Talbot, Chief Executive of Chambers Ireland said “Kenny brought great dynamism and leadership in all his engagements with our network both at national level and with EU policymakers. We offer our thanks for all his efforts, and every success in the future”.

Eveanna Ryan also commented, “we are also grateful to Kenny for the work he has achieved as a member of the Board of Directors of our subsidiaries Platform 94 and PorterShed. On behalf of the board, the team and the wider business community we wish Kenny well in the next steps of his career and thank him for his work, his vison and his dedication to the Galway Chamber.”

Kenny Deery stated “This is not a decision I have taken lightly. I have cherished my time as CEO of Galway Chamber and am very proud of what we – the Chamber team and Board combined – have achieved over the last five years for Galway and for the West of Ireland. I wish Chamber President Eveanna Ryan, Chamber Council and Team the very best as you deliver on the ambitions of your membership. I will continue to support the great work of Galway Chamber.

“ Kenny brought great dynamism and leadership in all his engage-ments with our network both at national level and with EU policymakers”

Kenneth Deery, CEO of the Galway Chamber

National Planning Framework Review: Regional Economic Briefings

March 14, 2024

The Galway Chamber of Commerce is proud to present a comprehensive briefing dedicated to exploring the future of regional economic development in Ireland, particularly focusing on the Northern and Western regions. With the anticipated review of the National Planning Framework (NPF) poised to address rising regional inequalities, this event is timely and significant.

Denis Kelly, Director of the Northern and Western Regional Assembly (NWRA), alongside esteemed NWRA economists John Daly, will provide an insightful analysis into the ongoing revision of the National Planning Framework and the Regional Spatial and Economic Strategy (RSES). The dialogue will delve deep into the economic dynamics of the Northern and Western Region, addressing critical issues of regional disparities and the economic implications these hold for the future.

Attendees will gain a deeper understanding of:

• The review process of the NPF and its potential impacts on regional development strategies.

• The economic performance trends within the Northern and Western Region and how these compare at a national level.

• Detailed examination of regional disparities in Ireland, exploring the causative factors and potential policy responses.

• The landscape of EU funding, particularly the European Regional Development Fund (ERDF), and how it shapes regional economic initiatives.

• Strategic considerations and actionable insights for stakeholders planning to contribute to the NPF review process.

This briefing is an essential platform for all interested parties, including public and private sector stakeholders, policymakers, and academic researchers, to engage with the nuances of Ireland’s regional economic planning. The NWRA’s commitment to informing and guiding the review process highlights

the collaborative effort needed to foster sustainable regional growth and address the challenges of inequality.

We invite you to join this critical conversation, offering your perspectives and contributing to a shared vision for Ireland’s economic future. Together, we can shape policies that ensure balanced regional development and a prosperous Ireland for all.

Your engagement and insights at this briefing will be invaluable as we collectively navigate the complexities of national planning and regional strategy. Don’t miss this opportunity to be at the forefront of shaping Ireland’s economic landscape.

Key Topics:

• National Planning Framework Review & RSES Revision

• Economic performance of the Norther and Western region

• Regional Disparities in Ireland and Implications

• EU Funding Landscape (ERDF)

• Considerations for Future NPF submissions.

4 out of 5 Galway businesses say lack of accomodation impacting ability to hire

April 24, 2023

70% say it is impacting staff retention. 7 out of 10 have reduced their hiring targets due to housing issue 4 out of 5 businesses in Galway say the lack of accommodation is impacting on their ability to hire staff. That was the result of a new survey conducted by Galway Chamber on the impact of housing on the local business community. For local businesses in the tech sector as many as 9 out of 10 are finding their hiring practices affected by the limited supply of housing. 7 out of 10 Galway businesses also say the low level of housing is impacting their ability to retain staff.

While more than half businesses in Galway (56%) say that accommodation issues are ‘regularly’ cited by potential hires when considering a role with their business, with an additional 1 in 8 businesses saying that issue is ‘always’ mentioned.

72% of businesses in Galway say potential hires or existing staff have cited the inability to find accommodation since the turn of the year. 3 out of 4 businesses (77%) say existing staff or potential new hires have said rent locally is too expensive during the same period and a further 54% have been told by staff/ potential hires there are no properties for rent in their price range.

2 out of 5 businesses have been told that there are no properties for sale in their price range, while 36% say staff/ potential hires have cited the poor quality of available accommodation.

Almost 1 in 5 (18%) of Galway businesses say that staff or new hires have told them that they are looking at other professional opportunities due to better accommodation options.

As a result of the accommodation shortage, 7 out of 10 Galway businesses say they have reduced their hiring targets for the next 12 months, while 55% say they are concerned about retaining staff over that same period. 47% of Galway businesses also say the difficulties recruiting and retaining staff due to limited accommodation will ‘definitely’ impact on their plans to invest in Galway and a further 36% said the investment would ‘possibly’ be impacted.

85% of Galway businesses also said that if public transport to Galway’s commuter towns was more frequent or reliable it would assist their hiring and retention efforts.

The survey was conducted by Galway Chamber over two weeks in early April 2023. Just over 200 businesses from across Galway City and County participated.

Speaking about the survey results, Galway Chamber CEO Kenny Deery said, “As these survey results lay bare, the housing crisis is having a real impact on business in Galway and the local business environment.

As these survey results lay bare, the housing crisis is having a real impact on business in Galway and the local business environment.

The problems people are facing finding accommodation for themselves and their families are making it increasingly difficult for our local businesses to secure and retain staff. These aren’t isolated stories, this has become the norm and it is impacting businesses of all shapes and sizes – from start-ups to multinationals and from tech and pharma businesses to professional services and retail. Everyone is feeling the accommodation pinch.

“When you consider that almost half of the Galway business community say the lack of accommodation and the knock on implications for staffing will definitely impact their plans to invest in Galway, clearly this should be a major cause of concern for everyone in the public policy space as well as the entire business community.

“If we want to keep investment flowing west then this issue needs to be tackled. We must find solutions –both in the short term and the medium term because otherwise businesses and their staff will suffer. All options for addressing this issue need to be on the

Please see below the questions and results from the survey. Just over 200 businesses from across Galway City and County participated. The survey ran over the course of two weeks in early April 2023. All results have been rounded to the closest percentage point.

Q – Is the lack of accommodation impacting on your business’s ability to hire staff?

Yes – 80%

No – 20%

Q – Is the lack of accommodation impacting on your business’s ability to retain staff?

Yes – 70%

No – 30%

Q – How often are accommodation issues cited by potential talent as a factor when they are considering a role with your business?

Never – 7%

Occasionally – 25%

Regularly – 56%

Always – 12%

Q – Which of the following have been cited by potential hires/ existing staff since the turn of the year? (Please tick all that apply)

They can’t find accommodation – 72%

Rent locally is too expensive – 77%

There are no properties for sale in their price range –

39%

There are no properties for rent in their price range –54%

The quality of accommodation is poor – 36% They are looking at other professional opportunities due to better accommodation options – 18%

Q – How has the limited availability of accommodation factored into your hiring plans for the next 12 months?

It has had no impact – 30% We have reduced our targets – 16% We are worried about staff retention and have reduced our targets – 54%

Q – If unresolved, are difficulties recruiting or retaining staff due to lack of housing/ accommodation likely to impact your businesses’ plans to invest in Galway?

Definitely – 47%

Possibly – 36%

No – 11%

Don’t know – 7%

Q – If public transport to Galway’s commuter towns was more frequent/ reliable do you believe it would assist your hiring and retention efforts?

Yes – 85% No – 15%

Galway Chamber Business Awards 2023

Nov 24, 2023

The eagerly awaited Galway Chamber Business Awards of took place recently in November 2023. It was an evening of prestige and celebration within Galway’s dynamic business community. This event stood as a distinguished platform to bestow recognition upon companies for their extraordinary achievements, exceptional talent, and pioneering innovations. We were proud to honor the examples of excellence in our community.

Galway Chamber and Grant Thornton launch galway economic monitor

May 10, 2023

Galway Chamber and Grant Thornton have launched the Galway Economic Monitor – a new publication tracking all the latest key economic indicators for the county.

The publication will be produced twice a year, with the data to be tracked and contrasted from publication to publication as well as on a monthly, quarterly or annual basis depending on the source of the information. The data analysis is conducted by Grant Thornton.

Highlights from the first monitor included details on the labour market, housing and transport.

Average daily road traffic volumes in Galway surpassing pre pandemic levels and reaching 92,942 (SA) in April, were among the details included in the first edition of the monitor.

These traffic numbers represented an 8% increase year on year, while peak morning traffic volumes were up by 2.2% over April 2022, and peak evening traffic was also up 2.3% year on year. The monitor also highlighted that average daily traffic volumes reached a new high in March, hitting 113,414 journeys (SA) per day.

The Galway Economic Monitor also included the latest employment data, highlighting a reduction of people in Galway on the Live Register in March. The figures show that 8,785 people in the county were signing on that month, a 3.8% drop from the previous month.

There is also positive news about the total number of people employed in the wider region, with the latest data showing that 225,700 people were employed in the West in Q4 2022 - a new peak for the area. This was up 3.9% on the previous quarter and represented a jump of 11,848 on the same period the previous year.

On the housing front, the Galway Economic Monitor also shows there were a total of 269 residential property transactions (SA) in Galway in January. This was slightly down (-0.3%) on the number of sales in January 2022. There are also details on house prices in the West region which were down by 1.2% in January on the previous month but up 9.6% year on year.

Residential rents in Galway also hit a new peak in Q3 2022, according to the latest data, with the average rent reaching €1,269 per month. This was up by 0.9% on the previous quarter.

The Galway Economic Monitor was launched at the inaugural West in the Capital – Galway Chamber Dublin Reception which took place in Bank of Ireland, College Green this week.

Speaking about the publication of the Galway Economic Monitor, Kenny Deery, CEO of Galway Chamber said, “This is an important tool which we believe will be of use to all of those concerned with public policy and the economic performance of Galway. For the first time we will have a data driven report which will bring together all the information tracking the key indicators in one location.

“It will effectively act as a dashboard for how Galway’s local economy is performing. It will shine a light on the local aspects of success as well as those elements which may require further attention. We hope it will help provide a greater understanding of both the challenges and opportunities facing the city and county over the years ahead,” he said.

Aengus Burns, Partner with Grant Thornton said, “We are delighted to be working with Galway Chamber on the Galway Economic Monitor, which will provide a regular overview of the key economic data for Galway. As anyone in business or directing public policy knows, when you’re making decisions, you need to have all the information available. The data matters and that data should be easily accessible. That is what we are seeking to achieve with this new publication and our hope is that it will become a useful tool for all the key decision makers throughout Galway and the wider region over time.”

Kenneth Deery CEO, Mr Stanislav Vidovič, Liam Moloney and Deputy Éamon Ó Cuív TD

Latvian Ambassador to Ireland Juris Štālmeistars and President of the Galway Chamber Eveanna Ryan

Uplift in airport passenger numbers in the first half of 2023

Knock Airport recorded a strong first half of 2023 for passenger throughput. In Q2 2023, passenger numbers increased by 2.2% QoQ to reach a new post-pandemic peak of 203,500 (SA) passengers. In Q1 2023, passenger throughput increased by 1.1% QoQ to reach 199,200 (SA). The airport recently announced new services to London Heathrow, Lanzarote and Tenerife. Passenger throughput at Shannon Airport in Q2 2023 declined 3.1% QoQ, however YoY comparison showed growth of 34.1%. The number of passengers passing through the airport reached a new peak of 488,514 (SA) in Q1 2023, an increase of 9.3% QoQ and 83.6% YoY. The Airport has reported that the first half of 2023 was its busiest period in over a decade. Its busiest day in seven years was recorded on June 23rd, 2023, with 8,565 passengers passing through the airport.

Knock Airport

Source: CSO. Seasonally adjusted by CSO.

Note: Data re-adjusted since last issue.

Shannon Airport

Port activity increases year on year

The volume of throughput at Galway Port dipped in H1 2023. The port handled 265,998 tonnes (SA) of throughput in the first half of the year, representing a 1.2% decrease from H2 2022. There was however YoY growth of 6% or 15,081 tonnes. Imports remained the main driver of total throughput in H1 2023. Despite a 9.8% decline from H2 2022 to 145,573 (SA) tonnes, there was YoY growth of 10.2%. Exports increased at a rate of 9.9% versus H2 2022 and by 1.3% YoY, with 119,558 tonnes (SA) handled at the port. As a major hub for the wind turbine sector in Ireland, Galway Port processed a 48 MW cargo project for the Moanvane Wind Farm in H1 2023. Despite inflationary pressures both domestically and globally, the wind turbine project pipeline remains strong.

Shannon Airport Exports Imports

Source: Galway Port. Seasonally adjusted by Grant Thornton.

- Knock Airport

Galway road traffic volumes reach new peak

Traffic volumes on the Galway road network remained at elevated levels in Novemeber 2023. An average daily traffic count of 108,954 journeys (SA) was recorded on seven main thoroughfares in Galway in the fourth week of the month, representing a 5.6% increase YoY. Peak morning traffic increased by 4.2% YoY and peak evening traffic increased by 6% YoY. Growing congestion is a symptom of the pressure on the road network and remains a significant issue for residents, businesses and visitors. GALWAY AVERAGE DAILY TRAFFIC COUNT (‘000S, SA)

Source: TII. Seasonally Adjusted by Grant Thornton. Data is weekly. Galway includes city and county.

GALWAY

AVERAGE DAILY TRAFFIC COUNT (000S, SA)

Source: TII. Seasonally adjusted by Grant Thornton. Data is weekly. Galway includes city and county.

Average Daily Traffic Count (SA)

Year on Year % Change Peak Volume Count

Nov 2023

108,954

8,495

Galway public transport usage recovers in Q3

Public transport usage in Galway increased in Q3 2023, following a minor dip in the second quarter of the year. A total of 2.8 million journeys (SA) were undertaken by bus and rail in Q3, reflecting a 3% increase QoQ. The increase of 82,600 journeys (SA) was attributable to growth rates of 2.6% and 4.4% on bus and rail services respectively. On a YoY basis, bus journeys rose by 17% and rail journeys by 9.8% - contributing to an overall increase of 15.3% YoY. Growth in employment, increasing numbers of workers returning to offices, and more visitors to the county are likely drivers in this regard. 1 4 1 Source: NTA. Seasonally adjusted by Grant Thornton. Note: There has been a change in how the NTA data is calculated and presented since the last monitor as rail data has moved from cumulative to quarterly figures. Future monitors will proceed with this method of calculation.

PUBLIC TRANSPORT THOUSAND TRIPS (SA)

Source: NTA. Seasonally adjusted by Grant Thornton.

Dublin Transport Thousand Trips (SA)

Quarter on Quarter % Change

Ambassadorial Visits to Galway Chamber

March 20,

This afternoon marked a significant stride in enhancing Galway’s global outreach as the President of the Galway Chamber Eveanna Ryan engaged in a fruitful meeting with the Latvian Ambassador to Ireland Juris Štālmeistars. We delved into the rich tapestry of opportunities that lie between our vibrant region and Latvia, a nation celebrated for its cultural and economic vibrancy.

During this meaningful exchange, we discussed the latest insights from the Galway Economic Monitor issued last month, exploring how these findings could pave the way for enhanced cooperation and shared prosperity between our regions. The conversation was enlightening, focusing on potential connections and what Galway can embrace and learn from our Latvian counterparts.

Beyond the formal dialogue, the meeting was enriched by the exchange of meaningful gifts, reflecting the deep respect and camaraderie between our regions. The Galway Chamber gifted the Ambassador specialty chocolates from Hazelnut Mountain Chocolates ( https://lnkd.in/eAyk-ZdZ ) and the ‘Old Ireland in Colors’ book by John Breslin, a tribute to our culture and scenic landscapes.

As we embark on this promising journey to strengthen Galway-Latvia connections, we are excited about the prospects for shared growth, knowledge exchange, and lasting collaborations.

Gemma Costello LIB QFA

Lilita Cirule

April 13, 2024

We were honored to host His Excellency, the Ambassador of Slovenia to Ireland, Mr Stanislav Vidovič at the Galway Chamber. Alongside Liam Moloney and Deputy Éamon Ó Cuív TD, we engaged in a fruitful conversation covering the burgeoning tourism and trade opportunities between Ireland and Slovenia. This meeting marks a significant step towards strengthening our ties and exploring collaborative ventures.

“...We are excited about the prospects for shared growth, knowledge exchange, and lasting collaborations.”

Kenneth Deery CEO, Mr Stanislav Vidovič, Liam Moloney and Deputy Éamon Ó Cuív TD

Latvian Ambassador to Ireland Juris Štālmeistars and President of the Galway Chamber Eveanna Ryan

Galway Chamber were delighted to host a virtual lunch event to celebrate International Women’s Day, kindly sponsored by MJ Conroy. The theme for International Women’s Day 2024 is #InspiringInclusion

The aim is to open a conversation about what each of us can do to challenge the status quo to ensure gender-balance across all aspects of society, from government to the media, boardrooms to the sports field.

March 8, 2024

Marilyn Gaughan Reddan (Moderator)

Marilyn Gaughan Reddan is an experienced Cultural Programme Manager, with over 20 years-experience in arts and cultural management, European programmes and in programme design and delivery. She is an advisor to many organisations in the area of European programmes, policy, planning and strategic organisational development and sits on numerous boards. She has been involved in several European designations for Galway including the European Capital of Culture and UNESCO City of Film designations. She is a member of the EMPOWER advisory board and is passionate about supporting women in every way.

Panelists:

Anne Graham

CEO National Transport Authority

Anne is Chief Executive Officer with the National Transport Authority. The Authority is responsible for the provision, regulation and integration of public transport services, the provision of supporting infrastructure for sustainable transport and for driving the greater use of sustainable transport as a mode of choice. She previously worked with the Authority as Director of Public Transport Services on the regulation and provision of public transport services nationally. Prior to joining the NTA, she worked in the Dublin local authorities as a chartered civil engineer in the drainage, roads and traffic divisions; as a project manager on the redevelopment of Dublin’s O’Connell Street area and as an Area Manager in the South West area of the city.

Dr. Orla Flynn

Dr. Orla Flynn took up the role of President of GalwayMayo Institute of Technology (GMIT) in March 2020, having been Vice President for External Affairs at Cork Institute of Technology (CIT) for the previous six years. Earlier management roles in CIT included Head of CIT Crawford College of Art and Design, Head of School of Humanities and Head of Department of Media Communications. She was a lecturer in the Department of Mathematics and Computing for 13 years prior to that. Dr Flynn served as a Director on the board of Cork Chamber of Commerce for four years and has a keen interest in driving strong relationships between GMIT and industry/business.

Dorothy Creaven #InspiringInclusion

Dorothy Creaven is Vice President, Managing Director and site lead at Rent the Runway’s European software engineering headquarters in the Claddagh area of Galway City. Specialising in scaling companies from rapid-growth greenfield sites to global technology and software delivery organisations, Dorothy is an Electronic Engineering graduate from NUI Galway, and has 20 years experience in enterprise software, technology startups, digital transformation, management and leadership for SMEs and multinationals alike.

Listed as one of Ireland’s top 25 women in engineering, Dorothy also co-founded her own multiaward winning technology startup - an enterprise marketing automation company, Element Wave, successfully operating from Galway between 2010 and 2017 with an international customer base. Her extensive corporate background also includes international giants Google, Abbott Vascular, as well as EPAM Systems, a US publicly-listed Forbes Fast 25 Tech company.

International Womens Day

• Date: Friday, March 8, 2024.

• Time: 12:30 PM - 2:00 PM GMT.

• Location: PorterShed, Market Street, Galway.

Noreen Coleman, Min hildegarde Naughton, Trisha McHale,Eveanna Ryan, Dorothy Gallagher, Marie Flannery