independent

Tuesday 23 January 2018

Confidence abounds in Cork business community

Confidence is abundant amongst the Cork business community, according to Cork Chamber's second quarterly economic trends survey of 2017.

In reviewing activity over the closing months of April, May and June, the trends survey has highlighted steadfast confidence amongst the Cork business community.

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.

Cork Chamber CEO Conor Healy said it was again encouraging to report an increase in overall business confidence from 91% in Q1 to 96% 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," said the CEO of the predominantly city-based chamber.

As part of the survey, respondents are asked to rank their top five threats to business growth, and these were: 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 addition, US foreign policy in relation to trade is raised as a threat for the third consecutive quarter.

Respondents to this survey were 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%).

The information collected from the survey also informs the Cork Chamber Pre-Budget Submission. "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 six priority areas," noted the Chamber CEO.

Corkman

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