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.
NORTHERN IRELAND CONNECTION
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.
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.
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%).
EMPLOYMENT DATA
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).
VIEW FULL RESULTS ONLINE
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 Q3 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 Justin Green, Ballyvolane House - also one of our hospitality members!
