Housing: The Number One Budget Priority for Cork Business, Chamber Survey Reveals

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September 03, 2018
Housing: The Number One Budget Priority for Cork Business, Chamber Survey Reveals

Government should do more to stimulate urban housing in Budget 2019. This is the key message from business in Cork, the latest economic survey by Cork Chamber reveals.

In the third quarterly economic survey of 2018 Cork Chamber asked its 1,200 members about upcoming budget priorities.

The top three priorities for business in Cork are:
  1. Housing Stimulus
  2. Capital Investment
  3. Tax reforms
The survey also showed how more businesses favour tax reforms to improve competitiveness (46%) over increased spend on public services (25%).

When asked about top threats to business growth Brexit ranked first, followed second by availability of housing/rental accommodation for employees, and third the availability of skills.

Meanwhile, at 95% business confidence remains high in Cork, up 4% on Q2 2018. This confidence is also reflected in the economic outlook of business in Cork as 49% of respondents expect to hire more staff over the coming 12 months while 70% expect an increase in net profits in the next year.

Commenting on the survey, Conor Healy, Cork Chamber CEO, said:The Cork economy has returned to considerable strength with a very robust business outlook and strong growth opportunities. Nationally, alongside Dublin the South-West region has the lowest unemployment rate in the State while Cork continues to attract more talent and investment, which is encouraging at a time when we are poised to become the fastest growing city in Ireland.”

“That said, we are still unable to meet demand for urban accommodation for rent for the many companies that are now expanding in Cork. If unaddressed, a shortage of rental accommodation will cause Irish city regions to lose investment opportunities, both inward and indigenous. As Government finalises Budget 2019 we ask that more stimulus towards urban rental accommodation is prioritised and we will be formally submitting this request as part of the budget consultation process”.