Business confidence is at an all time low according to the Ontario Chamber of Commerce with Quinte West businesses echoing that feeling.
The Quinte West Chamber of Commerce has released the results of the provincial body’s 2023 Ontario Economic Report and shared local reaction.
Labour shortages, inflation, and forecasts of an economic slowdown are dampening confidence in Ontario’s outlook, however, many businesses feel confident they can withstand the headwinds and continue to grow in the year ahead.
Quinte West had 147 respondents to the Ontario Chamber of Commerce survey.
Provincially only 16% of businesses are confident in Ontario’s Economic Outlook.
In Quinte West that number dropped to just 7% with the cost of living cited as the biggest reason for pessimism.
Forty-six per cent of businesses said they grew over the past year and 21% shrunk which is in line with Ontario overall.
This coming year 46% businesses also plan to grow with only 12% expecting to downsize.
Labour shortages remain a concern as 50% of respondents currently have a labour shortage and 54% said they expect labour shortages in the year ahead, slightly less than the provincial result.
Construction is the top sector facing labour shortages in Quinte West.
Top priorities for Quinte West respondents are: reduce/simplify business taxes; support businesses with energy costs; strengthen local supply chains, industries, and manufacturing.
More on the Quinte West results here.
