Housing shortage 'is hampering business investment in Cork'

Chamber calls for major State investment in infrastructure in the region, as well as further clarity about business supports

While welcoming the extension of supports including the PUP and the online retail scheme, Cork Chamber president Paula Cogan emphasises that businesses still need clarity about reopening. 

Housing shortages will likely hamper future investment in the Cork region, which will require the Government to spend big on public infrastructure in October's budget, according to business leaders. 

The findings come in the latest quarterly economic survey by Cork Chamber which shows business leaders are looking ahead and have identified housing and infrastructure as major priorities.   

Key concerns for the budget include accommodation shortages in urban centres, Covid crisis business supports, as well as investment in education and skills following the crisis, according to the survey. 

Lack of housing puts off potential job applicants

"A growing number of businesses are hamstrung in their efforts to attract talent domestically and internationally, with accommodation an ongoing issue across the board," the chamber said. 

Nonetheless, the survey, which ran to the end of June and before the announcement of new delays in reopening hospitality fully, revealed business leaders anticipating the reopening of the economy were much more confident about their prospects. Most firms — 90% — said they were confident, a reading which compares with 84% in the previous quarter, and only 73% who were upbeat at the start of the summer last year. 

Covid 'still the number one threat'

However, the Covid crisis is still "the number one business threat", according to the survey, and the Government needs to inform businesses on the road ahead, the chamber said. 

"We welcome the extension of the pandemic unemployment payment and the additional support through the Covid online retail scheme," said chamber president Paula Cogan. 

"However this is the tip of the iceberg, and any failure to prepare and support businesses will set us on an uncertain path. 

Businesses need clarity and certainty to plan and, while this is challenging, we must provide certainty where it is possible.

"While we are again facing an uncertain period especially for our colleagues in the hospitality sector, there has been a tangible pragmatism and inventiveness shown by the Cork business community throughout," she said.