Ontario businesses are increasingly unsure about the direction of the provincial economy, according to a new survey from the OCC and Leger. The annual Ontario Business Confidence Index, featured in Emerging Stronger 2016, shows that business confidence in the Ontario economy is at a five-year low.
The Index shows that only 30 percent of businesses are confident in Ontario’s economy, compared to 47 percent in 2012. It also shows that 62 percent of businesses are confident in their own organization’s outlook, down from a high of 74 percent in 2014.
“This is a critical point for Ontario’s economy with a number of major legislative changes on the horizon for the business community. It’s also an opportunity for the public and private sectors to work together to set the framework for future growth,” says Jason Becker, BDO Canada LLP and Chair of the Board of Directors, Peterborough Chamber of Commerce.
Among the key findings of the Ontario Business Confidence Index:
- 30 percent of businesses believe the Ontario economy is going in the right direction, compared to 42 percent in 2012.
- 48 percent of businesses plan to expand in the next five years, down 14 points from 2013.
The detailed policy recommendations in Emerging Stronger 2016 are focused on increasing economic stability, supporting investment and fostering business growth across the province. In order to achieve this, some of the key areas that need to be addressed are: fostering a culture of innovation and smart risk-taking in order to become a productivity leader, building a 21st century workforce, restoring fiscal balance by improving the way government works, taking advantage of new opportunities in the global economy, and strategically investing in our competitive advantages.
“Even though businesses are decidedly less confident in the Ontario economy as a whole, in many sectors, they are confident in their own economic outlook,” notes Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. “The challenge is bridging the gap through effective public policy.”
About the Ontario Business Confidence Index:
The annual Ontario Business Confidence Index is the most comprehensive survey of business opinion in the province (1,310 respondents, survey conducted in November 2015). The margin of error for the survey is 2.71%, 19 times out of 20. The OCC began collecting this data in 2012.
Read Emerging Stronger 2016
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For more information:
Policy Analyst/Communications Specialist
Peterborough Chamber of Commerce