The Mill claims €37.7m contribution to local economy
The Mill Enterprise Hub has contributed 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 on an annual basis, according to figures released by the Drogheda shared workspace for early-growth phase businesses.
The findings 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 reflects the nature of the activities of the companies and people operating in The Mill, which include foreign-owned companies.
Louth County Council chief executive 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. 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 Mill is one of over 300 hubs within the nationwide Connected Hubs network.
Liam Horan from Connected Hubs said: “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”.