Ontario businesses are more confident in the Ontario economy compared to this time last year, according to a new survey from the Ontario Chamber of Commerce and Leger Marketing. The index also shows 74% of businesses are confident in their own organization’s outlook, a 2% increase over the previous year.
Additionally, businesses in the financial services sector (74%) are the most likely to expand over the next five years.
“Ontario businesses are confident in themselves and in their capacity to invest in Ontario,” says Allan O’Dette, president and CEO of the Ontario Chamber of Commerce. “I think there’s cause to be cautiously optimistic–business confidence levels are on the uptick, but they’re not great.”
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He adds, “Right now there is uncertainty in Ontario’s business climate, possibly as a result of potential changes to the pension system and rising energy costs.”
Additional findings include:
- 48% of businesses are confident in the Ontario economy, up 4% from last year;
- 42% believe Ontario’s economy is headed in the right direction, 38% believe it is not;
- 51% of manufacturers plan to expand over the next five years; and
- The Hamilton-Niagara Peninsula region is the most confident in the province, while Windsor-Sarnia is the least confident.