An economic advisory report profiling the performance of Limerick has found it is the most affordable urban area in Ireland in which to both rent and buy residential property.

Office space is also more affordable than other cities, and disposable income is higher than that national average, according to the report.

'An Economic Data Profiling Report for Limerick' prepared by EY DKM Economic Advisory was commissioned by the Communications and Marketing department of Limerick City and County Council.

The aim of the report was to review the performance of Limerick over the past four years, in particular after the launch of its ambitious and long term 2030 plan which has spearheaded major changes in the city space.

The report confirmed employment resurgence with 12,000 jobs created in Limerick between 2103 and 2017, 5,000 of those jobs were in the private sector in the city and suburbs.

In addition €2bn worth of building projects have been submitted for planning permission over the past nine years.

While commercial office space is more affordable than in other Irish cities, the report, however, does identify an existing under supply of high quality office space.

But this is being addressed by the construction of the International Gardens site on the city's Henry Street, and the Opera Centre in Patrick Street.

The report found that there are still issues which need addressing if the city is to reap advantages from the employment resurgence. Rural broadband remains a challenge, and the city is seen as an underperformer in tourism terms.

There are still areas of social deprivation and unemployment blackspots, though the proportion of the total population living in these areas is falling steadily.

An analysis of figures from both Census 2011 and 2016 shows Limerick had the largest decline in its unemployment rate of 6.5% than other Irish cities.

In addition, Limerick has a younger population age profile than its international benchmark cities like Portland in the USA and Vancouver in Canada, which is seen as positive in that the city can have greater economic participation for longer into the future.