CEAI Research: Community Enterprise & Innovation Hub Sector Worth €1.8 Billion Annually to Irish Economy

A new report launched by the Community Enterprise Association Ireland (CEAI) has highlighted the value of the enterprise centre and innovation hub sector nationally. Following independent research, the CEAI Economic Impact Report established that the community enterprise sector is worth €1.8 billion each year to the Irish economy, with more 18,600 full time employees.

As the representative and expert voice for the community enterprise and wider enterprise hub network, the CEAI Report analysed the economic contribution of Ireland’s community enterprise centres and hubs, their tenants and clients supported in rural and urban areas across the country.

Speaking at the launch of the research, Chief Executive of the CEAI, Siobhán Finn said, “Today’s CEAI Report highlights the importance of community enterprise centres and enterprise hubs in growing micro-businesses, SMEs and high potential Start-ups (HPSUs) in every county in Ireland. This contribution to regional economic development in rural and urban Ireland is hugely significant, as is demonstrated by the Gross Value Added (GVA) of the sector valued at €1.8bn in 2023. The insights provided in this report highlight the sector’s significance and suggest the importance of continued investment and additional supports for the sector.”

The growth of the community enterprise sector has been underpinned by significant investment from Enterprise Ireland and the Department of Enterprise, Trade & Employment over 30 years as well as more recent funding through the Connected Hubs Network. With an estimated investment of more than €200 million in funding, the sector has delivered over 9 fold return on this investment.

Enterprise centres and hubs operate across all regions in Ireland, contributing to the building of thriving economies at local, regional, and national levels. This is the first report to capture the impact of the sector on Ireland’s economic performance.

While the CEAI Report acknowledges the role played by volunteers in the enterprise centre and innovation hub sector, the report excludes the significant in-kind monetary value of the voluntary input invested in managing and directing enterprise centres and hubs around the country. Also multiplier rates for different sectors vary from 2.5 or 3 for very high tech and knowledge intensive sectors, the conservative impact multiplier of 1.7 was selected in this assessment of economic impact of the community enterprise sector.

The CEAI Research Report was conducted earlier this year on behalf of the Community Enterprise Association Ireland by The Discovery Partnership with Community Engagement Partners and PMG Consult.