A leading Irish economist has said Limerick city is set to become the country's most productive urban area, as it undergoes massive regeneration.

Jim Power, a former Chief Economist at the Bank of Ireland, conducted a report on the future development of Limerick. Mr Power has predicted that construction, in the city, over the next ten years will remain steady, which would go against all national trends.

Mr Power's assumptions are based on €1 billion worth of construction projects, planned for the city centre, going ahead, which are expected to transform the area.

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Some of the investment schemes planned for the city include a new pedestrianised and waterfront walkways, two retail and commercial centres planned for Arthur's Quay and the Opera Centre.

The north and south of the city are set to benefit from the demolition and rebuilding of around 2,000 homes, a regeneration projected estimated to cost over €500m.

Mr Power's report did warn about the Limerick labour market's dependency on the manufacturing and agricultural sectors. The economist also highlighted the barriers created by three local councils operating in close proximity to the area.

The report was designed to provide an overview of the city's potential in the next decade, and was commissioned by developer Ger Clohessy.

(PR/JM)