A novel approach to undertake a socio-economic impact assessment of a major urban regeneration project

Urban regeneration investments, particularly those involving multi-million-euro allocations, require diverse evaluation methodologies to comprehensively assess their impacts. This paper aims to evaluate the effects of a substantial urban regeneration investment in Limerick, a county in west of Ireland, characterized by significant deprivation. The case study examined is the Limerick opera house, a major mixed-use development comprising office space, a public library, hotel accommodation, and leisure facilities. This project offers an exemplary context for analysing a complex urban regeneration initiative characterised by multiple, interrelated objective. Utilizing a hybrid, downscaled multi regional input output (MRIO) analysis alongside impact analysis, this study examines the economic, environmental, and social impacts of the project. The results indicate that the project generated 1676.43 jobs during the construction phase and 2400 jobs in the long-term phase. However, the employment opportunities created did not substantially benefit deprived areas, primarily due to a mismatch between the skill sets required for the jobs and those available within the local population. This study highlights the necessity for supplementary training and upskilling initiatives to effectively target these communities. Future research may focus on refining the model from an environmental perspective, incorporating more robust methodologies for carbon pricing and cost-benefit analysis.