Many companies in Ireland running at or close to full capacity

Many companies on both sides of the Border are running at or close to full capacity, according to a new survey from InterTradeIreland. However, the survey found that the vast majority of firms have still to formulate a plan to deal with Brexit, while firms engaged in cross-Border trade are worried about the exchange rate between sterling and the euro.

The Business Monitor Report, which covers companies North and South, showed that 84 per cent of firms were reporting stability or growth, with exporters in the healthiest position. It showed that 78 per cent were running close to or at capacity, and thus could be exposed to inflationary pressures.

One issue highlighted by the survey was skills shortages in some areas, notably the construction sector, according to Aidan Gough, strategy and policy director of InterTradeIreland.

“Over a third of companies in the sector [37 per cent] are reporting difficulties recruiting skilled labour, with 33 per cent citing a lack of appropriate skills in their current workforce.

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“The construction sector was hit harder than others during the downturn, but is reporting robust signs of resurgence with 82 per cent of firms confirming they are stable or in growth mode. Over 75 per cent of businesses in the sector say they are profitable or very profitable,” he said.

Skills shortages are not confined to construction, with more than a quarter of growing businesses indicating they are experiencing difficulties recruiting staff with appropriate skills .

Further signs of economic buoyancy are evident in the employment figures reported in the survey, which show a large increase in the number of firms in Ireland reporting a rise in employment levels (14 per cent), the highest number in recent years, with larger firms experiencing a higher rate of growth.