The local economy is primed for recovery.

According to a new survey of Cork business owners, 84% of respondents reported business confidence, an encouraging trend and upward trajectory from the 68% recorded in the middle of 2020.

In the latest Cork Chamber Economic Trends Survey, supported by Ulster Bank, 42% of respondents said they anticipate an increase in turnover in the second quarter of 2021.

Cork Chamber President, Paula Cogan said that the Cork business community has tackled what seemed like insurmountable challenges with pragmatism and determination.

“We saw a very positive steadying of business confidence in this first quarter with 84% of respondents reporting business confidence, consistent with the previous quarter Q4 2020 which noted 83% of respondents indicating confidence, an upward trajectory from the 68% in Q3 of 2020,” said Ms Cogan.

“The latest survey also shows that 42% of respondents anticipate an increase in turnover in the second quarter of 2021 where we should see the pent-up demand in the economy being supported by the reopening expected in the months ahead.

“We also report that 43% of respondents are expecting an increase to employee numbers over the 12 months ahead, with businesses clearly planning for the reopening.

“Government must support this planning with timely engagement that supports and facilitates these efforts, offering as much certainty and communicating on developments as early as possible to the business community.” Ms Cogan added.