Pictured at yesterday's announcement of thr results of an economic impact assessment on The Mill Enterprise Hub are (from left): Ronan Whitty (Director of Business, Innovation and Enterprise), Louth County Council Chief Executive Joan Martin, Drogheda Camber of Commerce President Hubert Murphy, Co-chair of The Mill, Shona McManus, and Labour TD Ged Nash. Photo: Andy Spearman.
The Mill Enterprise Hub, Drogheda’s principle shared workspace for early-growth phase businesses, currently contributes a total of 231 jobs, €37.7 million in overall gross value added (GVA) revenue and €6.6 million in exchequer revenue to the local economy every year.
These figures have been confirmed in a recently conducted economic impact assessment the results of which were made public yesterday at an event hosted at The Mill, which is one of over 300 hubs within the nationwide “Connected Hubs” network.
The event was attended by Louth County Council Chief Executive Joan Martin, Connected Hubs Executive Liam Horan, Enterprise Ireland, The IDA, Local TD Ged Nash and by multiple local businesses.
At the event, Joan Martin said “Having been involved in the early planning stages of The Mill as far back as 2010, it is extremely gratifying to see not only the project come to full fruition but excel beyond all expectations in terms of the contribution it has made and opportunities it has created in terms of employment, the development and nurturing of new businesses, and inward investment into the North East Region.
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“The Mill is now an integral ingredient in the future growth of our local economy and will contribute hugely to how our local business landscape widens its horizons going forward”.
The findings of the assessment were presented by economist Dr. Pat McCloughan from PMCA Economic Consulting, who outlined both the robustness of the study in terms of data sources and methodology used to conduct the research, and the degree of knock-on economic impacts in the Irish economy as a direct result of The Mill, most of which will arise in the immediate area of Drogheda and Counties Louth and Meath. Dr. McCloughan stressed that the magnitude of the impact, which is significant, reflects the nature of the activities of the companies and people operating in The Mill, which include foreign-owned companies.
The Mill is also a member of “Connected Hubs” and was selected as the flagship venue for their national launch in February 2022 with 200 hubs listed on the network at the time, and currently has over 300 hubs now registered on the platform. Liam Horan from Connected Hubs commented, “This report shows irrefutable evidence of the positive impact that hubs can make in their communities, not only in terms of job creation and economic growth, but also in terms of community development. I am confident that the report will play a crucial role in shaping the future of hubs in Ireland”.
The event also served to launch The Mill’s new website, www.themilldrogheda.ie, which has been enhanced to act as a wide-ranging resource for grant aid, mentorship, staff training and other useful business supports. These resources will be key strategic aids in the future footprint of The Mill and its next phase of growth, with the economic impact study underlining the success story to date.
The survey revealed the following positive impacts on the local economy directly attributable to The Mill: