The Q2 2024 Economic Trends survey of Cork Chamber members gathered insights into their experiences during April, May and June. Sponsored by PTSB, this survey provides a snapshot of business experiences and priorities ahead of the upcoming Budget 2025.
Budget 2025 will look to address critical economic priorities, including housing, infrastructure, cost of living and climate action, amidst a backdrop of global economic uncertainty. This survey captures the sentiments and priorities of businesses regarding the potential fiscal policies.
A substantial majority (82%) believe that Cork must receive more investment in order to achieve targets outlined in Project Ireland 2040.
Confidence in the Irish economy has declined to 72% in Q2, compared to 77% in Q1 and 85% in Q4 2023.
Respondents reported housing supply (33%) as the number one reason for a lack of confidence, followed by rising business costs (17%) and speed of infrastructure delivery (14%).
A significant portion of businesses report increased employee numbers in Q2 (36%), compared to 24% last quarter. Those experiencing a decrease in employee numbers has declined from 15% in Q1 to 10% in Q2. 54% reported that their employee numbers stayed the same over Q2.
Out of the 47% of respondents that have vacancies advertised, 42% are finding it difficult to fill them. Specialist skills shortages (50%) is the top barrier, followed by wage demands (21%) and housing (18%). The cost of living and challenges in obtaining work permits were also noted.
The proportion of businesses reporting a decrease in turnover at the end of Q2 has increased to 20%, up from 16% in Q1. Meanwhile, those reporting an increase in turnover has risen from 42% last quarter to 51% in Q2.
Net profits have also risen this quarter, up from 27% in Q1 to 33%. There has been a decline in businesses reporting a decrease in net profits this quarter (20%) from 24% in Q1.
