NI Water to pour £2.5 billion into local economy by 2021
NI WATER is to pump up to £2.5 billion into the local economy by 2021 according to a new report from Ulster University.
Analysis from the Ulster University Business School indicates that the water company, which employs over 1,300 staff, is pouring £440 million per year into Northern Ireland's economy. It further predicts that over a six year period to 2021 NI Water will add £2.5 billion to the local economy, positioning itself as a major contributor to Northern Ireland's Gross Value Added. (GVA).
The Ulster University Business School estimates that for every £1 invested by NI Water, the knock-on effect in the local economy is almost double.
"In the case of NI Water investment, the ripples don't just reach their own employees and suppliers," Dr Mark Bailey, senior lecturer in Economics at Ulster University explained.
"They are felt by a wide range of other businesses from agri-food production, to new house construction, to tourism development.”
NI Water CEO Sara Venning said the report was of significant interest to the business community.
"NI Water has delivered over £2 billion of investment over the last ten years, provided record levels of service to customers and reduced its day to day running costs by £65m. This has enabled the company to close the efficiency gap with top performing water companies in England and Wales from 50% to below 13%.
"Our services are essential for a modern regional economy and we are committed to working with government to secure the necessary medium term funding to underpin our delivery of investment in better services for all our customers," she added.