BC Small Business Optimism Slips
Prince George, B.C.- According to the latest monthly Business Barometer survey results from the Canadian Federation of Independent Business (CFIB), BC’s small business optimism decreased 0.8 points in August to 65.6.
Despite the decline, BC remains second among the most optimistic entrepreneurs across the country, behind just PEI (70.5).
An index level over 50 ( with 100 being the top), indicates a business owner expects their company’s performance to be stronger in the next year. According to the CRIB an index marker between 65 and 75 means the economy is growing at its potential.
“British Columbia has seen a slight softening of business optimism over the past couple of months,” said Aaron Aerts, BC economist. “However, it still remains at a healthy level, with a majority of small businesses planning to expand over the coming year. And nearly half of entrepreneurs currently believe their business is in good shape, compared to just nine per cent who consider it as poor.”
The report says BC small businesses still intend to ramp up hiring, but intentions have softened slightly. In August, 26% plan to increase full-time staff in the next three months, the same as in July. In comparison, 11 per cent are looking to cut back, up two points from July.
Forty-seven per cent of entrepreneurs in August believe the general state of health of their business is good, up a point since July. That compares to just 9 per cent of BC small businesses who describe their business’ health as poor, down a point from July.