The third economic trends survey of 2019 reports on member experiences during July, August and September. This quarterly survey gathers information across a range of metrics to assess business confidence, and the overall perspectives on the operating landscape, national economy, skills and talent, and the threats to business growth. Q3 also included a focus on business competitiveness with regard to public transport priorities and business insurance.
BUSINESS COMPETITIVENESS
Here we report 65% of respondents in support of prioritised delivery of cycle infrastructure. Added to this, 50% of all respondents indicate that the pace of overall infrastructure delivery is a threat to their business.
More focus on remote working/coworking as a disruption to the traditional model of 9am to 5pm. Flexible working can help sustainability goals.
Caroline Cooney-Hurrell, Cumulus Consulting Limited
Business insurance is very much to the fore, with many businesses especially across the services and leisure sectors being impacted due to rising premiums. Our Q3 survey reported 57% of respondents indicating a change in insurance costs as a percentage of overheads.
Insurance crisis. Premiums doubled last year and is barely sustainable.
Eoghan McCarthy,
Ballyhass Adventure Group
TURNOVER AND NET PROFIT ESTIMATIONS
61% of respondents expect an increase to turnover over the next 12 months, with 51% expecting net profits to increase.
Furthermore 61% of respondents expect an increase to turnover over the next 12 months, with 51% expecting net profits to increase.
Direct business flights to and from Cork airport requires urgent attention. If FDI businesses cannot fly direct from major European, and at least a couple of North America cities they will not entertain Cork as a future location.
Conor Lee,Tower Holdings Group.
EMPLOYMENT OUTLOOK
Reported increases in employee numbers have remained largely static, dropping only marginally from 50% in Q2 to 49% in Q3.
However there is a notable decrease in those expecting an increase to employee numbers over the next 12 months to 45%, compared to 56% in Q2.
CONFIDENCE IN THE IRISH ECONOMY
TOP 3 THREATS TO BUSINESS GROWTH
