An Economic Impact Assessment commissioned by Love Drogheda BID has revealed direct loss of €6.18 million and an indirect impact of €15.88 million to the local economy for Drogheda following the loss of visitor accommodation in the town centre.
Already the fastest growing town in the country, according to the most recent census data, the population of Drogheda is set to increase by circa 15,000 – 20,000 residents in the next decade due to the rapid pace 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 five venues. This figure has been reduced by 56%.
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 provide accommodation for business delegates.
“The loss of nearly €22 million in combined direct and indirect revenue is a stark indicator of the critical need for Intervention” said Niall Kierans, Love Drogheda BID Chairperson.
Sarah Taaffe, Drogheda BID and Drogheda Festivals said “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 programmes, 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 said: “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 Ireland’s 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.
The manager of Scotch Hall Shopping Centre, Nichola Kelly, said: “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.”
