THE people have spoken and we have our 108 MLAs elected for this Assembly term, as well as our various ministers chosen - and it is essential they now build on some of the good work done in the last term.
The new Executive has set out its priorities for the next five years, including a considerable focus on the economy, which is welcome. Details have been published in a draft framework for the programme for government, including 42 "indicators", about a third of which relate to the economy.
The framework will now go out to public consultation until July 22 after which detailed action plans will be developed and a final Programme for Government published alongside a budget by the end of 2016.
Of crucial importance will be infrastructure investment, housing supply, and grade A office space, all of which play a central role in our ability to attract inward investment. And the draft framework for the programme for government does indeed make nods in these directions.
Northern Ireland’s infrastructure is aging and in need of significant upgrading. As we have stated in the RICS NI Manifesto, an introduction of domestic water charging and case-specific use of public private partnerships, would be useful means to provide the funding to enable the necessary investment to happen. An independent infrastructure commission to give strategic direction regarding the delivery of major infrastructure projects across Northern Ireland could also provide useful guidance.
We believe the new Executive should also look at the potential for 'City Deals'. Nearly all major cities in Scotland and Wales have agreed billions of pounds worth of additional benefits to boost their infrastructure and wider economies, and even rural areas of Wales are set to benefit. But City Deals have barely even been mentioned in Northern Ireland. The new Executive should begin negotiations with the Treasury on the issue.
Sufficient supply of appropriate office accommodation and workspace is crucial to attracting foreign direct investment. However the supply of grade A space in Belfast is extremely limited. We would urge the incoming Executive to consider prime city centre enterprise zone models as a way to boost office development.
The fast-tracking of planning applications, and development of commercial incentives to upgrade existing space to grade A offices should be high on the agenda as well. Vacant rates relief for new build or upgraded office development, for a set temporary period or until full occupancy is reached is also worth consideration.
In terms of housing supply, Northern Ireland is currently only building less than half of the new homes that it needs, and we would urge the Executive to promote available tools such as financial transactions capital to encourage more joint ventures between private developers and housing associations, boosting the house building sector and delivering mixed tenure development. In addition, letting and managing agent regulation should be introduced to drive up standards, transparency and fairness in the private rented sector to ensure its viability as a housing option.
There will be significant challenges for the new Executive over the next five years; not least in terms of prioritising where the available money will be spent, with more pressures on finance. It is more important than ever that tough but necessary decisions are made to support innovative growth in Northern Ireland through investment in critical areas.
:: Ben Collins is director of the Royal Institution of Chartered Surveyors (RICS) in Northern Ireland, which represents 4,000 cross-sectoral members comprising of chartered and associate surveyors, trainees and students.
