I wanted to take a moment to share with you an interesting report about how confident Ontario businesses are currently feeling about their growth and that of the economy. As well, I wanted to share an opportunity for you to talk about it with your peers and local provincial members of parliament.
Today, the Ontario Chamber of Commerce, with the Brampton Board of Trade, released the Ontario Economic Report. The Ontario Economic Report (OER) is the landmark research platform of the Ontario Chamber of Commerce (OCC), presenting the collective voice of the 60,000 business members in 135 communities across the province. This research highlights what business people think about the year ahead and the year that was, offering a unique lens on the economy.
I encourage you to take a look at the report HERE and then join us on Friday morning at the Brampton Board of Trade''s Provincial Issues Forum to discuss these issues and more. Reserve your spot here.
"Operating a small business in Ontario takes hard work every day," said Todd Letts, CEO of the Brampton Board of Trade. "Each year, the Ontario Economic Report provides a useful benchmark that informs government where to invest and where to reduce barriers to enhance business success."
Highlights from the Ontario Economic Report include:
- The confidence gap, which measures the difference between business’ confidence in themselves and in Ontario’s economic outlook, widened in 2020 to near historical levels.
- Although organizational confidence remains high, business confidence in the broader economy dropped seven percentage points in 2020, explained in part by lowered growth expectations nationally and globally. Beyond this, challenges related to the costs of doing business, the high cost of living, and the province’s debt continue to be top of mind for OCC members.
- Infrastructure investment, such as transportation and broadband internet, topped the list of business priorities for government, followed by reducing regulatory burdens, lowering the cost of living, and reforming business taxes.
Read the 2020 Ontario Economic Report here.