Cork business confidence at peak levels despite ongoing skills shortage
Funding constraints are the top barrier to improving energy efficiency in Cork business, the survey found. Picture: Tom Coakley
Companies in Cork ended 2024 on a positive note for both their own businesses and the wider Irish economy.
The Cork Chamber Economic Trends Survey for the fourth quarter shows 96% of firms reported feeling confident about their business, with 77% expressing confidence in the Irish economy.
However, the chamber’s members highlighted a number of challenges, including specialist skills shortages which are an ongoing concern for firms as they struggle to fill vacancies. Housing supply remains a pressing concern and there was a notable increase in geopolitical concerns among businesses in the last quarter.
Despite these challenges, 36% of respondents reported an increase in employee numbers in the final quarter of 2024, up from 25% in the third quarter. More than half of those surveyed (52%) projected an increase in employee numbers in 2025.
Cork Chamber president Rob Horgan said the survey painted a positive picture of the business landscape but said: "Addressing persistent challenges, such as housing supply and skills shortages, must be prioritised this year to enable businesses to capitalise fully on positive economic sentiment and realise their plans for growth."
The survey, sponsored by PTSB, also explored attitudes towards energy efficiency in business. Almost 70% of companies said they had already implemented energy efficiency measures, including upgrades of equipment or facilities, usage of renewable energy, and changes to waste management practices. Of those who had invested in energy efficiency recently, 70% reported a notable benefit.
However, funding constraints are the top barrier to improving energy efficiency in business, followed by capacity constraints, and then a lack of training or expertise to carry out the work.
However, 67% of respondents said they were likely to implement energy efficiency measures in 2025. When asked about resources that would help their business implement more efficient practices, 58% of respondents cited grant supports as the most valuable resource.
"With Cork designated an EU mission city for climate neutrality to 2030, businesses in Cork City and county have an important role to play in promoting sustainable practices and it is encouraging to see a high level of interest in improving energy efficiency among Cork Chamber’s members," Mr Horgan said.
"It is critical that sufficient resources are made available to support Cork businesses in their climate neutrality journey. With a new government set to be formed soon, supporting our climate goals should be to the fore in planning for the next five-year government term and beyond.”
On financials, the survey shows the number of respondents reporting an increase in turnover rose to 63%, up from 38% in the third quarter, and 51% in the second quarter. Firms reporting an increase in net profit increased to 47% from 29%, while those reporting a decrease fell from 28% in Q3 to just 16% in Q4.
Entering 2025, two-thirds of firms are predicting an increase in turnover in the first quarter, with 52% predicting an increase in net profit in the same period.
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