TRI-CITIES BUSINESSES OPTIMISTIC ABOUT THEIR OWN GROWTH, PESSIMISTIC ON NATIONAL AND GLOBAL ECONOMIES
Local businesses remain generally optimistic about their own growth and health, despite a less than rosy outlook for the national and global economies. Meanwhile, confidence in the provincial economy is split. That is according to the BC Chamber’s Collective Perspective Report, whose local data was collected in partnership with the Tri-Cities Chamber of Commerce.
Two-thirds of Tri-Cities respondents said that their businesses were in good or very good shape. The same proportion also described their business prospects for the next 3 to 5 years as good or very good. Only 6% percent predicted a poor or very poor outlook for their businesses over the same time frame.
That optimistic mood was in contrast to the declining confidence that most respondents had toward the national and global economies. 62% indicated that their confidence in the global economy had declined compared to a year ago, compared to just 5% who said it had improved. Similar sentiment was expressed about the Canadian economy, with 57% of local businesses citing a decline in confidence.
Meanwhile, confidence in the provincial economy fared better, with an almost even split between those who said confidence had declined and those who said it had either stayed the same or improved.
When asked if government was “generally supportive of business” the best marks went to municipal governments (71% agree), followed by the federal government (60% agree). The lowest marks went to the provincial government (54% agree). Despite that sentiment, the provincial government’s 2019 score is an improvement of 8% from 2018, while the federal government saw a 6% drop in their score.
Other Key Insights:
- Labour availability a growing problem in the Tri-Cities
- Cost of doing business top concern locally
- Tri-Cities businesses cautious about trade with China
- Environmental stewardship in business is here to stay
To access the full report, click here.