A lack of funding means Cork will not achieve the ambitious targets set out by Project Ireland 2040, businesses have warned.
Publishing its latest Economic Trends Survey, Cork Chamber found that more than 80% of businesses are urging for increased Government investment in Cork to achieve 2040 targets.
Housing remained the foremost business priority for Budget 2025, with the Chamber saying this underscored the need to address the lack of supply in Cork and Ireland at large.
“Stimulating housing and apartment construction and introducing policies that encourage private investment back into the market must be a top priority in Budget 2025,” said Cork Chamber President, Rob Horgan.
“However, over the last period we have seen progress in this space and construction on new apartment buildings has commenced across Cork City. This progress would not have otherwise happened without government intervention.”
Mr Horgan said continued momentum was crucial to address the housing shortage and support Cork’s growing population.
Cost of living and infrastructural investment followed closely in priority, with 78% of total respondents also wanting additional measures for SMEs in the next Budget.
“The challenges faced by SMEs over the last year have been significant, including rising business costs, skills shortages, and housing availability issues for employees,” Mr Horgan continued.
“SMEs are the backbone of the local economy, and enhanced support measures are deemed essential for their sustained growth and the overall competitiveness of Ireland.”
Between April and June of this year, just over half of businesses reported an increase in turnover, up from 42% in the previous three months. A third of respondents reported net profit growth in the same period, up from 27% in the three months from January to March.
“Despite a downward trend in confidence in the broader Irish economy from 84% at the end of 2023 to 72% in Q2 2024, business confidence in their own financial prospects remains strong at 93%,” said Mr Horgan.
“It is vital that government support continues to sustain this positive momentum and drive further sustainable growth.”