Cost of living key concern for firms

COST of living measures have been identified as the number one business concern ahead of Budget 2024 in a newly published survey hearing from members of Cork’s business community.

Over half (55%) of respondents to a Cork Chamber survey stated that measures to assist people with the cost of living should be the top priority in the next budget. The finding was published in Cork Chamber’s second Economic Trends survey of 2023.

The survey, supported by Permanent TSB, asked Cork Chamber members to share their experiences through the most recent business quarter, their outlook for the third quarter of 2023 and business priorities for the upcoming Budget 2024.

Companies’ confidence in their own business remains high at 97% – on par with that recorded at the close of Q1 2023.

Also among the findings, 49% reported that supply-side housing stimulus should be a focal point in the upcoming budget and 34% called for the budget surplus to be used to finance it.

Commenting following the publication of the Economic Trends survey, president of Cork Chamber, Ronan Murray said it is positive to see that business confidence remains high.

“This confidence has been evident through the quarter with a wealth of investment and growth plans announced by businesses across the region.

“Budget 2024 will be an important moment for government to match that optimism and willingness to invest with constructive and strategic financing for the key economic enablers,” he said.

“The supply of housing and the associated infrastructural supports, such as public transport, are key for Cork businesses as they continue to grow and innovate,” he continued.

Mr Murray said Cork Chamber will continue to advocate and work with government and elected representatives on behalf of its members “to ensure our city region remains competitive and attractive to talent and investors”.