Survey finds business confidence high in Cork, but energy prices are a source of concern 

A new survey of businesses in Cork shows that business confidence is high among the majority of those surveyed with half of respondents expecting an increase in employee numbers in the next 12 months.

Despite the positive sentiment however, energy prices are a source of concern with close to a third of respondents reporting that energy price increases are currently affecting business profitability and growth.

As part of Cork Chamber’s latest Economic Trends survey, supported by Permanent TSB, Cork Chamber members shared their experiences through the most recent business quarter Q1 2022.

Among those surveyed, 29 per cent of respondents reported that energy price increases are currently affecting business profitability and growth, 66 per cent of companies surveyed have actively managed energy consumption in a bid to make savings and 82 per cent of respondents agree that government should implement measures to help protect businesses from extreme cost pressures in the short term.

Energy independence 

Commenting on the findings, Paula Cogan, President of Cork Chamber said that the Government must take steps to enable Ireland’s energy independence.

“Project Ireland 2040 envisages an additional one million people living in the State - there needs to be sufficient electricity or energy to support that growth,” she said.

“There is a clear opportunity to support the wide scale deployment of renewables and clean technology to develop a ready supply of energy and storage to meet growing demand in the supply chain. By gradually replacing natural gas with renewable gases, such as biomethane and hydrogen, a net-zero carbon gas network can be delivered to realise efficiencies and reduce emissions across a number of key sectors, including those that are traditionally difficult to decarbonise, such as transport, agriculture, industry, heating and power generation. Government must take steps now to enable Ireland’s energy independence and to instil confidence among the private investors who have the potential to deliver stable, sustainable energy for our nation.” 

Investments needed 

Anna Buckley, Business Banking Manager at Permanent TSB said that in order to overcome the rising cost of energy in the more immediate term, companies face a significant challenge to invest in energy efficiency and sustainable energy measures. 

“These investments, however, will deliver benefits into the long term," she said.

The survey also found 86 per cent of respondents report business confidence while 50 per cent of business respondents expect an increase to employee numbers in the next 12 months.

Ms Buckley continued, “Despite the challenges facing business in the last quarter, it is encouraging to see that business confidence remains high at 86%. This is a testament to the resilience, determination and ambition that exists in our business community.”