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.

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%)

Budget 2025 will look to address critical economic priorities, amidst a backdrop of global economic uncertainty. This survey captures the sentiments and priorities of businesses regarding the potential fiscal policies.

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.

View more stats and results from our latest Economic Trends, which capture a snapshot of business experiences and of the overall operating landscape at the close of Q2 2024.

Thanks to all respondents who contributed to our Economic Trends Survey. The lucky winner of a €200 voucher from one of our hospitality members this quarter is Andy Mackin, Mackin Group.