Representing You

Dear Chamber Member,

 

I hope you are all well and that this week’s announcement that Government will continue with easing of restrictions planned for Oct 22 will be a positive step for your business. With the extension of some interventions, there remain some inconsistences in the guidelines and Government must provide clarity and certainty on these issues to retain the confidence and support of those who have sacrificed hugely during restrictions. 

 

This week, we published our Q3 Economic Trends results, the survey for which was circulated to our business members prior to the most recent Government announcement. It is evident that Q3 2021 has seen a welcome resurgence in business activity with people getting back to business - creating, making, serving, innovating, and doing what they know best, and with that, 91% report confidence in their own business which is on a par with pre pandemic levels and 83% report overall confidence in the Irish economy.

 

As part of the Q3 2021 trends survey we also asked members about air and rail travel for business. 64% of respondents expect air travel for business in 2022 to be under 40% of 2019 levels. We anticipate this perspective will evolve over time as confidence in international travel grows. Businesses reiterated the value of connectivity to Cork and the top three critical routes for business - London, Amsterdam, and Frankfurt respectively. The Budget 2022 provision for an additional €90 million to aviation to help restore vital connectivity is welcome. In addition, the current works and investment underway at Cork airport will bolster the airport’s capacity to support increasing demand and passenger numbers beyond 2021. It is clear however, that the route for aviation will require multiannual support to get back to pre-pandemic levels.

 

We are well placed to close out the end of the year with positivity while not underestimating current challenges of rising cost of business with inflation in materials, energy, and labour apparent, and a shortage of skills. Cost competitiveness and skills availability are among the top three threats.

It is positive that 56% of businesses expect to increase employee numbers over the next 12 months. 61% of businesses have open job vacancies yet 42% are reporting difficulty in filling open roles. Skills is firmly on the agenda for all. The current confidence must be harnessed, and indigenous businesses should be especially supported to benefit from an investment in education, skills, apprenticeships, and trades for an evolving workforce.

 

Thank you to all our members who participated in our Economic Trends Survey, which is sponsored by permanent tsb, and provides important feedback and insights into the business environment in our region and helps to shape our agenda. 

 

We will continue to engage with local and national representatives on these and other key issues affecting life and business in the region.

 

Warm regards,

Paula Cogan

President