January 28, 2014 – Business confidence is up in Durham Region compared to this time last year, according to a new survey from the Greater Oshawa Chamber of Commerce, the Ontario Chamber of Commerce and Leger Marketing. The annual Ontario Business Confidence Index shows that 48 percent of surveyed businesses in Oshawa and Durham Region are confident in Ontario’s economy, up 5 percent from last year, and on par with the Ontario average.
The index also shows that 74 percent of Oshawa businesses are confident in their own organization’s outlook, a 5 percent increase over the previous year. When asked about growing their business, 58 percent of businesses say they plan to expand within the next five years, slightly above the provincial average.
“Only 43 percent of Durham businesses believe that Ontario’s economy is headed in the right direction, on par with the provincial average,” says Bob Malcolmson, CEO of the Greater Oshawa Chamber of Commerce. “The uncertainty in the economy may be from the failure of both the federal and provincial governments to leverage our strengths in nuclear energy as a key strategy for rebuilding our economy.”
“Business confidence is an important condition for economic growth,” says Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “The strong levels of business confidence in Oshawa and Durham Region could be a sign of good things to come for this city’s economy.”
The survey of businesses is featured in Emerging Stronger 2014, a business-driven economic agenda released by the Greater Oshawa 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. “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.”
“Emerging Stronger looks at the problems of today but also is a framework for our future shared prosperity,” says Malcolmson, “it focuses on some key economic questions, on just how we can make Durham Region and Ontario the best place to do business in Canada.”
Click here to download the Emerging Stronger 2014 report.
Among the survey’s findings for Oshawa and Durham Region are:
- 74 percent of businesses are confident in their organization’s economic outlook, a 4 percent increase over last year.
- 58 percent of businesses plan to expand in the next five years.
- 43 percent of businesses believe that Ontario’s economy is headed in the right direction, on par with the provincial average.
- 48 percent of the region’s businesses are confident in Ontario’s economy, a 5 percent increase over the same time last year.
