A THUMBS up from a 'Financial Times' magazine could mark a new beginning for the city known as Ireland's unemployment black spot.
A list, called 'European Cities and Regions of the Future', ranks Waterford as the top 'micro-city' in Europe for foreign investment potential.
The magazine fDi, a 'Financial Times' supplement, also lists Waterford as runner-up among micro-cities as well as being among the top micro-cities for business friendliness.
Independent TD John Halligan said the ranking doesn't surprise him because "the infrastructure of the city has amazing potential".
"Waterford has always been a very industrial city," he told the Irish Independent.
Michael Garland, one of the founders of the Waterford Business Group, said local efforts are most likely to thank for Waterford's new ranking.
"Our group of 150 business owners was set up because we felt no one was pushing Waterford as a place for business," he said.
The county has become known as an unemployment blackspot, with a current unemployment rate of 40pc in some areas.