Cork firms confident about boosting their workforces in the year ahead, Chamber survey shows 

Cork businesses are confident about increasing their profits and adding to their workforces in the year ahead despite global uncertainty prompted by the prospect of US president Donald Trump’s on-again-off-again international trade tariffs, a survey of local firms has revealed.

While 81% of respondents to Cork Chamber’s 2025 Economic Trends first-quarter survey said they were either very concerned (24%) or somewhat concerned (57%) about the geopolitical impact on trade, it found that business confidence from an overall financial perspective remains high at 92% — consistent with 2024 levels.

While the survey, supported by Permanent TSB, was conducted before the tariffs and the subsequent U-turn were announced by the US president, Cork Chamber president Rob Horgan told The Echo that there was an expectation that trade barriers such as tariffs would be implemented by the Trump administration.

“We all knew there was something coming, so even that in itself gives a strong enough indication that business is resilient and in a good place, which is vitally important in these uncertain times,” said Mr Horgan.

While the survey suggested that the US market was the primary target for 36% of local firms, the European Union is where almost half (46%) do most of their trading.

“I think we’re all guilty of being a little bit lazy with choosing the UK and the USA from a communication point of view, but if you stop and look at the size of the European market, there’s lots of companies already doing significant trade there, and it’s getting easier,” he said.

Mr Horgan added that the UK, despite the challenges of Brexit, was also a significant market (12%).

“We all thought that Brexit was going to be an absolute nightmare for us — and don’t get me wrong, it created challenges — but there’s still significant trade going on between Ireland and the UK, our nearest trading partner,” he said.

“We had the British ambassador in Cork [last Thursday night] continuing and encouraging the strengthening of that relationship.”

On the jobs front, 89% of respondents said their workforce would either increase (45%) or stay the same (44%) during the year, with only 11% predicting a decrease. 

Firms are also confident that their turnover and net profit will increase during 2025.

A sizeable majority, 74%, expressed confidence in the Irish economy.

“The key decision-makers in those companies, whether they be in Europe or America, they didn’t open in Ireland for the weather … they opened for the skilled workforce we provide them, the dedication we provide them and ... the stable government, like the diplomacy that’s being shown by our State leaders,” he said.

“It doesn’t matter which party you pick, they have done an amazing job for us in a very uncertain time globally.”

The majority (56%) of respondents said they regarded the lack of specialist skills as the most significant barrier to recruitment, ahead of housing at 19%.

The Chamber president said a better job could be done of highlighting the progress being made, making reference to some residential projects in Cork such as the development progressing at the former Live at The Marquee site, the homes set to be developed at the sites of the former Sextant bar and Carey’s Tool Hire on Albert Quay, and others.

Mr Horgan described the completion of the Northern Distributor Road as an opportunity to open up the northside of the city to development to the scale of Ringaskiddy, with a focus on tech and life sciences, but said he was frustrated that more was not being done to develop above-the-shop living in the city centre.