- 77 percent of businesses in the region are confident in their own economic outlook
- Only 46 percent of businesses express confidence in Ontario’s economy
- 67 percent of businesses in the region plan to expand in the next 5 years
BAY OF QUINTE, ON, JAN 28, 2014: Business confidence is up in the Bay of Quinte Region compared to this time last year, according to a new survey from the Quinte Regional Chambers of Commerce, the Ontario Chamber of Commerce and Leger Marketing. The annual Ontario Business Confidence Index shows that 46 percent of surveyed businesses are confident in Ontario’s economy--up 3 percentage points from last year, but lowest within Ontario.
The index also shows that 77 percent of businesses in the region are confident in their own organization’s outlook, an increase of 4.5 percentage points over the previous year. When it comes to growing their business, just over 66 percent of the region’s businesses say they plan to expand within the next five years.
“It is great to see that so many businesses have plans to expand in Eastern Ontario,” says Suzanne Andrews, General Manager at the Quinte West Chamber of Commerce. “It is important that the province develops sound policy around the issues of investment, affordable energy and the removal of red tape to ensure these businesses can succeed”.
“Business confidence is one of the most important conditions for economic growth,” says Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “That’s why it’s an encouraging sign to see that a jump in confidence among businesses in the Bay of Quinte Region.”
“The information in the document continues to point out that the Quinte Region is unique in what we offer the business community. This uniqueness helps shield us from some of the pressures the business community see in other areas of the Province, supporting our belief that the Quinte Region is a great place to “Work, Live and Play.” reports Bill Saunders, CEO, Belleville and District Chamber of Commerce.
The survey of businesses is featured in Emerging Stronger 2014, a business-driven economic agenda released by the Belleville, Prince Edward and Quinte West Chambers 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. “But 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.”
“Although we face important economic challenges in the Quinte Region, our business community continues to demonstrate its resiliency. Emerging Stronger 2014 is an essential tool in helping us develop a clearer roadmap towards economic growth and prosperity”, says Michael McLeod, General Manager of the Prince Edward County Chamber of Tourism and Commerce.
Among the survey’s findings for the Kingston-Pembroke-Quinte Region are:
- 77 percent of businesses are confident in their own economic outlook, approximately 3 percentage points above the provincial average.
- Nearly 67 percent of businesses plan to expand in the next five years, an increase of 4 percentage points over the previous year.
- Only 46 percent of businesses believe that Ontario’s economy is headed in the right direction, slightly above the provincial average of 42 percent.
- 46 percent of the region’s businesses are confident in Ontario’s economy, 2 percentage points below the provincial average.
Allan O’Dette, president and CEO of the Ontario Chamber of Commerce will be in the Quinte Region on Wednesday, January 29 at noon at the Belleville Club as part of the Belleville Chamber AGM. Allan will be talking about Emerging Stronger and will be available to answer questions from the Media.
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For more information or for an interview:
Suzanne Andrews, Manager Quinte West Chamber – firstname.lastname@example.org
Bill Saunders, CEO Belleville and District Chamber of Commerce – email@example.com
613-962-4597 ext 4
Michael McLeod, General Manager, Prince Edward County Chamber of Tourism and Commerce – firstname.lastname@example.org