Economic Trends - Economic Trends

The final economic trends survey of 2019 reports on member experiences during October, November and December. The survey asked the thoughts of the Cork business community on Q4 2019, and the outlook for Q1 2020 on business confidence, the operating landscape, skills and for their overall economic perspective. Quality of life for citizens is a key pillar in developing a successful location for investment and skills. To this, arts, culture and placemaking are fundamental, and we explored the role of public art and placemaking as part of our recent survey.

CULTURE AND PLACEMAKING

In exploring the topic of public art and placemaking we asked the Cork business community on the role and the opportunities to continue this enhancement of our City centre through the creative use of spaces.

‘Other’ sentiment highlighted the role of art across the full range of answer options.

When asked in relation to international projects that should be considered in the Cork context, the New York High Line was a reoccurring response as was street art with examples of Berlin, Melbourne, Lisbon and London referenced.

Economic trends investing in public spaces

‘Other’ responses predominately highlighted all of the answer options, adding their support to the objective of the fund, and similar initiatives that improve the appeal and heritage of the city to visitors and residents alike.

Build out more green space…
Fiona Moloney,
HaloSOS

WA future smart city includes smart public transport.
Clare Kennelly,
Inclusive Cork

BUSINESS CONFIDENCE

In Q4 we saw an increase in those reporting business confidence at 93%, an increase from 88% in Q3.

CONFIDENT

NOT CONFIDENT

TURNOVER AND NET PROFIT ESTIMATIONS

Added to this, 53% of respondents expect turnover to increase, and 44% expect net profit to increase over Q1 2020.

We need a renaissance of the City Centre. A tidy up of all approach routes to Cork – first impressions last.
John Mullins,
Amarenco

EMPLOYMENT
OUTLOOK

While there is a decline in respondents reporting an increase in employee numbers in Q4 at 36%, from 49% in Q3, we do see an increase in responding businesses indicating that employee numbers have stayed the same in Q4, at 57%. With this we see 55% of business also reporting that they expect employee numbers to increase over the next 12 months, at 45% in Q3.