Confidence abounds amongst Cork business community
Cork Chamber’s second quarterly economic trends survey of 2017 has been published at a time of unprecedented opportunity for the region and for Ireland. In reviewing activity over the closing months of April, May and June, the trends survey highlights the steadfast confidence present amongst the Cork business community.
Cork Chamber CEO, Conor Healy, in commenting on the survey findings, stated, “The quarterly trends survey is an excellent way of gauging sentiment amongst the Cork business community and it is again encouraging to report an increase in overall business confidence from 91% in Q1 to 96% in Q2. The Q2 survey also reported a marked improvement in the confidence expressed in the overall Irish economy from 27% in Q1 to 33% in Q2. There’s no doubt that we are operating in uncertain times but it is great to note the optimism that exists and the recognition of the opportunity for business within the region.”
In concluding, Mr. Healy highlighted the Budget 2018 priority areas as expressed by members as part of the Q2 survey findings, “In advance of the Cork Chamber Pre-Budget Submission 2017, members were asked to rank their priorities for Budget 2018. We noted capital investment; tax reforms; improved financial supports for SMEs; health investment; social housing; and education and childcare investment as ranking in the top 6 priority areas. The information collected from the survey informs the Cork Chamber Pre-Budget Submission and is invaluable in enhancing and guiding the work that we do on behalf of our members.”
As part of the survey respondents are asked to rank their top five threats to business growth. The survey ranked these threats as follows, cost competitiveness; availability of housing/rental accommodation for employees; Brexit; skills availability and managing cashflow. These were followed closely by changing consumer spending/ reduced orders, Government stability and over regulation. In commentary, US foreign policy in relation to trade is raised as a threat for the third consecutive quarter.
Respondents to this survey are reflective of a diverse range of responding businesses and are representative of a broad range of sectors, inclusive of Services (52%), Industry and Manufacturing (9%) Science and Technology (8%), Travel and Tourism (10%), Construction (8%), Transport (5%), and Multi-sectoral (8%).
