Entrepreneur Optimism Up in Ontario

Dryden Chamber of Commerce, Thunder Bay Chamber of Commerce Harold Wilson Business Thunder Bay

CFIB Canadian Federation of Independent BusinessTHUNDER BAY- Business – Entrepreneur optimism is a driving forces in a healthy economy. The level of enthusiasm and optimism that entrepreneurs have is reflected in their interest and determination to generate bigger and new businesses.

The Canadian Federation of Independent Business state that “Business Canadian entrepreneurs started the new year with a healthy boost of optimism”. The CFIB‘s The Business Barometer® index jumped three points to 65.7 in January. “After a lacklustre November and December, small business owners across Canada are starting to feel more optimistic about the future” said Ted Mallett, CFIB’s chief economist and vice-president. “While it’s too soon to make any conclusions about 2013, the latest survey results are very encouraging.”

Ontario Entrepreneur Optimism

CFIB Business Barometer for Ontario
CFIB Business Barometer for Ontario

The CFIB state, “Ontario’s small business owners started 2013 with an increase in optimism of two points. CFIB’S Business Barometer index rose to 65.0 in January 2013, close to optimism levels reached in the Spring 2012. However, Ontario’s optimism still trails the energy powerhouse provinces. A modest increase in the proportion of businesses planning to hire more full-time staff brings this indicator to its post-recession high at 22.8 per cent”.

Alberta Leads in Optimism

Small business owners in Alberta (70.5) are once again the most optimistic the country, although Newfoundland and Labrador (69.3) and Saskatchewan (66.7) are close behind. Ontario (65.0), Nova Scotia (64.2), Manitoba (63.5),Quebec (62.7), New Brunswick (61.7), and Prince Edward Island (58.3) all experienced increased small business confidence. Only British Columbia (61.6) firms saw a decline in optimism.

“Optimism is generally well-balanced across Canada,” added Mallett. “Overall, there’s a lot of optimism in white-collar industries such as professional services, finance and the information sector, but manufacturing, retail and construction are not far behind.”

Full-time hiring plans have jumped to a post-recession high, with 27 per cent of businesses expecting to hire additional staff in the next few months. Similarly, 44 per cent of business owners described their state of business to be in “good” shape – the best score of in the past four years.

Measured on a scale of 0 and 100, an index level above 50 means owners expecting their businesses’ performance to be stronger in the next year outnumber those expecting weaker performance. According to past results, index levels normally range between 65 and 70 when the economy is growing at its potential. The January 2013 findings are based on 1,005 responses, collected from a stratified random sample of CFIB members, to a controlled-access web survey. Findings are statistically accurate to +/- 3.1 per cent 19 times in 20.

About the CFIB

As Canada’s largest association of small- and medium-sized businesses, CFIB is Powered by Entrepreneurs™. Established in 1971, CFIB takes direction from more than 109,000 members in every sector nationwide, giving independent business a strong and influential voice at all levels of government and helping to grow the economy.

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