On Wednesday, the Ontario Chamber of Commerce (OCC) released another round of insights from data it has collected to inform its upcoming Ontario Economic Report.
“The second wave of this pandemic and prolonged uncertainty about the future are taking their toll on businesses,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “Confidence in Ontario’s economic future has dropped to an unprecedented low.”
In October, only 20 percent of survey respondents expressed confidence in Ontario’s economic outlook, down two percentage points from September, and dipping to its lowest level since the OCC began measuring business confidence in 2011. By contrast, 45 percent said they lacked confidence.
“Many businesses are not seeing a light at the end of the tunnel just yet,” added Daniel Safayeni, Director of Policy of the Ontario Chamber of Commerce. “However, our survey also reveals 60 percent of businesses are confident that entrepreneurship in Ontario will rebound after the COVID-19 crisis. We’d like this number to be much higher, as Ontario will need small businesses to be an engine of post-pandemic job creation and economic recovery.”
Meanwhile, half of Ontario businesses surveyed remain cautiously optimistic about the future of their own organizations, with only 21 percent lacking confidence. The top reasons for their confidence included increased demand for their products/services, growing client bases, and “buy local” campaigns. For example, Canada United, a national shop local movement launched in Summer 2020 in support of small businesses in communities across the country. Regional insights can be further explored on the Ontario Chamber of Commerce website.
The Ontario Economic Report (OER) is the OCC’s landmark research platform, presenting the collective voice of our 60,000 members in 138 communities across the province. Our fifth annual report, set to be released in early 2021, will offer a unique lens on the provincial economy to highlight the unprecedented year that was 2020 and the unpredictability of the year to come.
This survey was fielded by the Ontario Chamber of Commerce (OCC) and included email invitations from the OCC as well as 138 local Ontario chambers and boards of trade. Fieldwork was completed from October 8th to November 3rd, 2020.
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