Business confidence hits record low: Ontario Chamber report
The Ontario Chamber of Commerce’s seventh annual Ontario Economic Report indicated confidence has dropped to a new low.
“Labour shortages, inflation, health care system vulnerabilities, and forecasts of an economic contraction are dampening confidence in the province’s economic outlook,” said Rocco Rossi, president and CEO of the OCC. “Only 16 per cent of organizations surveyed have confidence in the economy. This is down 29 per cent from last year. Promisingly, most businesses feel confident they can withstand these headwinds and continue to grow in the year ahead.”
Members of the Windsor-Essex Regional Chamber of Commerce said they continue to show their strength and resilience in the face of economic challenges.
“Labour shortages and rising costs continue to remain top of mind as they continue to work towards recovery and growth. Addressing these challenges will be paramount to improving business confidence across Windsor-Essex,” said Rakesh Naidu, Chamber President.
The 2023 OER contains regional and sector-specific data on business confidence, public policy priorities, regional forecasts, and timely business issues such as employee health and well-being, climate change, succession planning, diversity and inclusion, reconciliation, and remote work.
“This year’s OER makes it clear that leaders in the public and private sectors must invest strategically in productivity, resilience, and long-term growth,” said Claudia Dessanti, senior manager of policy, OCC. “Unsurprisingly, labour shortages continue to dominate as a source of concern directly impacting most employers and 87 percent of large businesses. Shortages are especially acute in specific sectors such as education, construction, and accommodation and food services.”
Key highlights of the report include:
- Business confidence has dropped to a new low, with only 16 percent of organizations expressing confidence in the outlook of Ontario’s economy in 2023 (down from 29 percent in 2022).
- Inflation and labour shortages are primary concerns for organizations.
- Despite low confidence in the economy, 53 per cent of businesses are optimistic about the outlook and growth prospects of their own organizations, as high employment rates and population growth should prevent a sharp decline in consumer spending.
- Small businesses want governments to prioritize policies and programs that support their immediate financial and operational challenges, while large businesses are more interested in broader workforce development and health care issues.
- Labour shortages are directly impacting most employers and 87 per cent of large businesses. Shortages are especially acute in education, construction, and accommodation and food services.
- Businesses appreciate the importance of employee health and well-being, diversity and inclusion, economic reconciliation, and climate action – but there are notable gaps in addressing them.
The OER is informed by data from the annual Business Confidence Survey (BCS) and economic forecasts for the year ahead. The BCS was conducted online from Oct. 18 to Nov. 30, 2022, attracting responses from 1,912 organizations across Ontario.
CTVNews.ca Top Stories
'They needed people inside Air Canada:' Police announce arrests in Pearson gold heist
Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
Trump lawyers say Stormy Daniels refused subpoena outside a Brooklyn bar, papers left 'at her feet'
Donald Trump's legal team says it tried serving Stormy Daniels a subpoena as she arrived for an event at a bar in Brooklyn last month, but the porn actor, who is expected to be a witness at the former president's criminal trial, refused to take it and walked away.
Woman who pressured boyfriend to kill his ex in 2000s granted absences from prison
A woman who pressured her boyfriend into killing his teenage ex more than a decade ago will be allowed to leave prison for weeks at a time.
Customers disappointed after email listing $60K Tim Hortons prize sent in error
Several Tim Horton’s customers are feeling great disappointment after being told by the company that an email stating they won a boat worth nearly $60,000 was sent in error.
Toronto Raptors player Jontay Porter banned from NBA
Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association (NBA) following an investigation which found he disclosed confidential information to sports bettors, the league says.
House admonishes ArriveCan contractor in rare parliamentary show of power
MPs enacted an extraordinary, rarely used parliamentary power on Wednesday, summonsing an ArriveCan contractor to appear before the House of Commons where he was admonished publicly and forced to provide answers to the questions MPs said he'd previously evaded.
Attempt to have murder charge quashed against alleged serial killer dismissed by judge
A motion filed by the man accused of killing four Indigenous women in Winnipeg to have one of those murder charges quashed has been dismissed by the judge – weeks before the start of his trial.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.