In the latest Cork Chamber Economic Trends Survey, Cork Chamber reports on the business outlook for the third quarter of 2021 and the year ahead, and member experiences of the most recent business quarter, Q2 2021. The survey reports on business experiences, the overall operating landscape and the business priorities ahead of Budget 2022.
Budget 2022 priorities
"A growing number of businesses are hamstrung in their efforts to attract talent domestically and internationally, with accommodation an ongoing issue across the board. When asked whether targeted and time bound measures to stimulate the construction of more urban accommodation should be considered, 95% responded positively." Paula Cogan, President of Cork Chamber
The latest figures report 90% of respondents indicating business confidence. This is an increase on the previous quarter which showed 84% of businesses reporting confidence in Q1. A very encouraging trend and a significant improvement on the same quarter last year which saw confidence at 73%.
The previous Q1 2021 quarter reported 43% of respondents expecting an increase to employee number over the 12 months ahead.
"While a challenging period, it is encouraging to see the green shoots emerge. We report that 54% of respondents expect an increase in employee numbers in the 12 months ahead, in likely anticipation of wider reopenings and based on accelerated progress with the vaccine roll out." Paula Cogan, President of Cork Chamber
As with previous quarters, Covid-19 ranks as the top threat to business growth. Other areas mentioned by respondents include the threat of another lockdown or a slowdown in the economic recovery, changing travel restrictions and its impact on employees, and concerns over accessing seed finance for start-ups and scale-ups.
Our thanks to everyone taking the time to complete this survey. Your feedback helps us build a more resilient economy for Cork. The winner of our Q2 participants prize is Glyn Billinghurst, Cateran Coaching and Consulting who will receive a €100 Cork Chamber giftcard.