Cork business confidence reaches highest level since 2009 – survey

Cork Chamber’s third quarterly economic trends survey of 2014, released this week, reveals the highest level of confidence amongst Cork’s businesses (92.2pc) since the chamber’s economic trends survey commenced in Q1 2009 when confidence levels reached only 51.5pc.

he survey, which incorporates responses from sole traders, micro-enterprises, SMEs and MNCs from manufacturing and wholesale/retail to ICT and financial, professional and technical services reveals increases in turnover and net profits to be amongst the likely positive indicators driving high confidence levels.
“Almost six out of 10 businesses (59pc) reported an increase in turnover over Q3 and 57pc reported increases in net profit. Looking ahead to the next quarter, more than half anticipate further increases in turnover (57.2pc) and net profit (53pc). In terms of employment, the news is equally positive with 40pc reporting increases in employee numbers over the third quarter and 40pc anticipating further increases over the final quarter of 2014. Currently, 41pc of businesses have vacancies advertised predominantly in sales, recruitment, IT and engineering and supply chain/customer service role,” said Cork Chamber president Gillian Keating.
However despite the many positives, Keating highlighted how the survey findings reveal specific issues that require monitoring in addition to increasing calls for enhanced supports to enable existing businesses to grow and to incentivise new start-ups.

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