Rejected Galway Airport plans cost local economy €450 million annually
Under the plan, the long-term, total employment impact across direct and indirect jobs was projected to reach up to 6,000 positions, with an immediate target of 865 direct jobs by year five
Galway has missed out on an annual injection of €450 million into the regional economy after its local authorities snubbed a proposal by a private investment group to transform Galway Airport into an aviation, advanced manufacturing and life sciences campus.
Innova Investment Holdings had earmarked €11 million to buy the 118-acre site in Carnmore for Project BioSky, which it claims would have provided 2,500 direct jobs across three co-located commercial hubs.
The company was one of six parties that recently submitted expressions of interest for the redevelopment of the site to Galway City Council and Galway County Council before both local authorities decided not to proceed with any of the proposals.
Under the plan, the long-term, total employment impact across direct and indirect jobs was projected to reach up to 6,000 positions, with an immediate target of 865 direct jobs by year five.
Innova Investment Holdings has decided to make its plans for the site public after the councils’ decision not to pursue the proposal and is questioning the decision-making process that resulted in the rejection.
“While the councils have decided not to progress any of the six submissions, we believe it is essential that the full scope of our proposal and its potential contribution to employment, innovation, and regional development are understood,” said Seamus McAuley, the executive director of the company.
“Project BioSky represents a significant private investment commitment and an opportunity to establish Galway as an important centre for aviation innovation, advanced manufacturing, and life sciences.”
Mr McAuley said the company remains committed to realising the “extraordinary potential” of the site in Carnmore, and wishes to work constructively with both local authorities.
Under the rejected proposal, the Carnmore site was to be divided across three commercial hubs, including an aircraft assembly and maintenance centre partnering with manufacturer Britten-Norman and developing zero-emission propulsion technology.
A second pillar focused on regional air mobility, providing operational facilities for the Helicopter Emergency Medical Service, fixed-wing air ambulance transport, and regional air links connecting Galway to Dublin, Cork, Shannon, and Knock.
The third element proposed a biotechnology campus alongside a health-tech investment fund of up to €100 million to support research, life sciences innovation, and partnerships with the University of Galway.
The proposed multi-phased development had earmarked €11 million for initial site acquisition backed by escrow undertakings, which the company stated would avoid reliance on public borrowing.
The plan outlined initial site enabling works and research facilities during its first two years, advancing to operational aviation and life sciences manufacturing between years two and five, before a wider campus expansion.