This week’s publication of the Magee Taskforce’s report and action plan for the expansion of Ulster University’s Magee campus to 10,000 students marked a welcome and optimistic end to 2024.

The Taskforce was established by the Economy Minister Conor Murphy in March to develop a plan to deliver on the New Decade New Approach agreement reached between the British and Irish Governments and local parties in 2020. 

The Taskforce say its plan requires an investment from the Executive, including £291 million for new developments, property purchases and refurbished buildings and public realm. Investment in student places will grow from £2.5 million in 2024 to £35.4 million in 2032.

However an economic impact report performed by KPMG estimates a return on investment as early as 2029, with a £258 million annual return on the investment for each year beyond that and an estimated total of more than 4,600 jobs across Northern Ireland, with more than half of all jobs concentrated in the North West economy.

The Taskforce also state confirmation by the Western Health and Social Care Trust, that the plan will ensure workforce stability for the health and social care system and improve health outcomes and life expectancy for people across the West.

The publication of the report and action plan closes out a positive 2024 for Derry and the North West that has seen the region become distinguished as a region of economic opportunity. Since the return of the political institutions, we have seen progress on the Derry and Strabane City Region City Deal, the A5, the expansion of City of Derry Airport services, and the recommendation to improve connectivity in three different directions for the region by the All-Island Strategic Rail Review.

It is clear that Derry and the North West are poised for rapid economic growth in the near future, with significant private sector investment now essential. As we welcome home family, friends, and members of our global diaspora this Christmas, this is our moment to share the optimism and potential of our region. The North West is on the cusp of an economic resurgence, with 2025 marking the beginning of an exciting new chapter – spread the news!