The evaluation of transport infrastructure investment is a constant process within my Department and its agencies. This work is a vital aspect of ensuring value for money is achieved.
As an aid to developing future capital investment plans, work on a Strategic Framework for Investment in Land Transport is on-going within my Department. The completion of this work and its publication in 2014 is one of my Department's priorities for this year. The purpose of this document is to have a clear framework for future transport investment, so that projects being promoted by different transport agencies can be robustly compared and interrogated. This framework will allow us to prioritise the types of investment that can enhance economic productivity, but also recognise that meeting the needs of people is a critical aspect of transport infrastructure provision.
An integral part of this work is to understand and quantify the scale of future capital investment that is required to maintain our transport assets to their current standard. In addition to this, there is a need to understand potential future demand levels and resultant supply constraints - and in particular where they are most likely to arise. This will allow an assessment of necessary investment levels to cater for demand growth and demand changes. In terms of ensuring the efficiency of future investment, the assessment of specific projects will obviously remain subject to detailed appraisal of the costs and benefits of each individual project.
A steering group is guiding this work and stakeholders and advisers such as Forfás have been involved in identifying strategic priorities. To ensure that wider stakeholder needs and concerns are fully addressed a public consultation on a draft framework will take place.