Business confidence tops 90% in Cork but new Covid variants remain the number one threat
The streets sprang back to life in the second quarter of 2020.
Now the latest Cork Chamber Economic Trends Survey shows the positive vibes are rolling into Q3, with 90% of respondents reporting business confidence, representing an increase on the previous quarter at 84%.
The latest findings reflect an increase in turnover for 44% of respondents in Q2, with 65% of respondents expecting an increase in turnover during the third quarter, despite the threat of the Delta variant and a spike in cases projected for August.
‘A city reawakening’
According to Cork Chamber President, Paula Cogan, the last few weeks represented a relatively stable period for business, with growing anticipation of wider re-openings, and considerable progress in the delivery and uptake of vaccines.
“While we are again facing an uncertain period especially for our colleagues in the hospitality sector, there has been a tangible pragmatism and inventiveness shown by the Cork business community throughout,” said Cogan.
“Q2 saw a period of enthusiasm and re-energising across the city with outdoor canopies being erected, streets coming to life, and the hustle and bustle of a vibrant city reawakening. Our latest trends survey saw a marked increase in business confidence, with 90% of respondents reporting as confident, an increase on the previous 84% and a very positive ascent on the 73% for the same period last year.”
While green shoots are emerging, Ms Cogan warned that Government supports will be crucial to keeping up the good work:
“Without question, we’re at a pivotal point in our economic recovery, and it is absolutely crucial that the Government support businesses with practical information on the next steps, and the path ahead. We must protect our progress to date, and while certainty is difficult, timely communication, engagement and a clear plan with vaccine milestones is key in this support.”
Cork Chamber is calling for more clarity on the dates for winding down of financial support ad well as infrastructural investment and housing stimulus to help businesses to attract talent domestically and internationally.
