The Q3 2024 Economic Trends survey of Cork Chamber members gathered insights into their experiences during July, August and September. Sponsored by PTSB, this survey offers a snapshot of the business outlook and experiences of engaging in business with Northern Ireland.
The survey results revealed that market access (34%) was identified as the top challenge in doing business with Northern Ireland. Additionally, regulatory challenges (23%) and logistics/connectivity (18%) were flagged as key obstacles.
Currently, just 16% of Cork businesses have regular or frequent dealings with Northern Ireland, while over half (52%) report no engagement at all—indicating untapped potential for further collaboration.
75% of respondents report no impact by Brexit in terms of trade and operational connectivity with Northern Ireland, while one in five business respondents (20%) have been negatively affected.
The survey revealed the top three supports that businesses believe would most benefit their connection with Northern Ireland.
Confidence in the Irish economy rose to 88% in Q3, up from 72% in Q2 and 77% in Q1 2024.
Rising business costs (25%) were the top reason for a lack of confidence, followed by housing supply (14%) and skills shortages/inflation (11%).
One quarter of respondents reported an increase in employee numbers during Q3, down from 36% in Q2. Meanwhile, 63% experienced no change (up from 54% in Q2), and only 12% reduced their workforce.
Out of the 45% of respondents that have vacancies advertised, 44% are finding it difficult to fill them (i.e. remaining unfilled for greater than 3 months since initial advertisement).
The clear leading barrier to filling open vacancies is a specialist skills shortage (50%), followed by housing (22%) and wage demands (14%).
The proportion of businesses reporting an increase in turnover fell to 38% in Q3 (down from 51% in Q2), while those reporting a decrease also dropped to 16% (from 20% in Q2), with 46% seeing no change.
In respect of net profits, 29% reported a net profit increase in Q3 2024, compared to 33% in Q2. Those reporting a decrease has risen to 28% in Q3, compared to 20% in Q2.
