Confidence among company bosses in Northern Ireland has soared in the past year, a new survey suggests.
The annual CEO outlook from KPMG found 93% of chief executives expressing confidence in the north’s economy over the coming three years.
It compares with 67% in last year’s survey.
Some 90% of the Northern Ireland CEOs who took part in the study said they expect to increase headcount over the next three years.
The survey also suggests many company bosses here are switched on to the potential of generative artificial intelligence (gen AI), which typically involves AI capable of generating text, images, videos and data.
KPMG said 63% of CEOs believe that understanding and implementing gen AI is a top investment priority for their organisations.
There are worries however that with the technology comes ethical challenges, a concern shared by 77% of bosses in the north.
But 87% said they believe the new and evolving technology will benefit their organisation and create a competitive advantage.
That was a higher proportion than the global response (76%).
KPMG’s annual survey involves around 1,800 CEOs worldwide offering their view on everything from economic prospects to emerging trends. Despite ongoing challenges around of labour shortages, cost pressures and geopolitical insecurities, 87% of CEOs in Northern Ireland said they are optimistic about the future prospects of the companies they run in terms of predicted growth over the next three years.
That was up from 80% in last year’s survey.
Recruitment intentions has also increased substantially over the last two years, with nine-in-ten expecting to grow their workforce, up from 67% in 2022.
Half (50%) of CEOs in the north said they were investing in upskilling their workforce, which was higher than the global rate (41%).
Johnny Hanna, who heads the KPMG operation in the north, said the new survey reflects “a relatively buoyant mood” amongst northern leaders.
“With an appetite and understanding of emerging technologies such as gen AI also apparent, CEOs have proved they are able to adapt to the changing environment they face with ease.
“These attributes, when combined with the unique offering of dual market to both EU and GB markets under the Windsor Framework and the potential to reduce corporation tax on a par with the Republic, build a compelling case.
“They set the scene for a future of prosperity and provide the conditions for the Northern Ireland economy to make good on our CEOs positive forecasts.”
KPMG’s AI director in the north, Alan Lavery, said the research suggests company heads have been quick to grasp the potential of the technology.
“That bodes well for the future of the Northern Ireland economy as the benefits which the technology can bring are significant,” he said. “However, the report also uncovered a number of concerns around the adoption of the technology which will need guidance to navigate in the coming years.”
