Hamilton, ON, FEB 11th 2014: The Hamilton-Niagara Peninsula region leads the province in business confidence, according to a new survey from the Hamilton Chamber of Commerce the Ontario Chamber of Commerce and Leger Marketing. The annual Ontario Business Confidence Index shows that 59 percent of surveyed businesses are confident in Ontario’s economy–up a significant 15 percentage points from last year.
The index also shows that 82 percent of businesses in the region are confident in their own organization’s outlook, a 12 percentage point increase over the previous year. Over 71 percent of businesses in the region plan to expand within the next five years.
“The results of the index reaffirm the incredible momentum and energy in the Hamilton community over the last few years”, says Keanin Loomis, CEO Hamilton Chamber of Commerce. “We hope to continue working with all levels of government over the next year to ensure we utilize effective policy and legislative tools necessary for the business community to realize their goals”.
“The Hamilton-Niagara region is home to some of Ontario’s most forward-thinking and able businesses,” said Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “It only makes sense that they would lead Ontario in confidence.”
The survey of businesses is featured in Emerging Stronger 2014, a business-driven economic agenda released by the Hamilton Chamber of Commerce and authored by the Ontario Chamber of Commerce, the Mowat Centre and Leger Marketing. The report identifies the immediate steps that government and the private sector must take to enhance Ontario’s economic competitiveness and spur job creation in the province.
“There are actions that government and business can do to boost our economy and business confidence,” adds O’Dette. “While confidence is up big time in the Hamilton-Niagara region, we’re still concerned about uncertainty in the overall business climate, including pending changes to the pension environment and energy costs.”
“There are a number of recommendations within the Emerging Stronger report that stuck out to me as incredibly relevant for the Hamilton regional economy” says Keanin Loomis, CEO Hamilton Chamber of Commerce. “Through a series of improvements to the regulatory environment, talent development and developing strategic cluster strategies as highlighted in report, the Ontario government can play a significant role in the future of Hamilton”.
Among the survey’s findings are:
● The Hamilton-Niagara Peninsula region is the most confident region in the province.
● 81 percent of businesses are confident in their own economic outlook, 7 percentage points above the provincial average.
● 72 percent of businesses in the region plan to expand in the next five years, a significant increase of 13 percentage points compared to the previous year.
● 47 percent of businesses in the region believe that Ontario’s economy is headed in the right direction, a slight drop from the previous year.
● 59 percent of the region’s businesses are confident in Ontario’s economy, 11 percentage points above the provincial average.
Read Emerging Stronger 2014:https://www.dropbox.com/s/ko8w93f5ba2r1z6/Emergingstronger14_Hamilton.pdf.
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Policy & Research Analyst