Business Optimism Declines in B.C.
Prince George, B.C. – The Canadian Federation of Independent Business says small business optimism in B.C. slipped in July, down 3.6 points.
The business barometer in the Province now sits at 65.9, placing B.C. 5th in provincial rankings, B.C. had been at the top of the rankings in the previous two months.
The business barometer measures optimism on a scale between zero and 100. an index level over 50 means business owners expect their business’ performance to be stronger in the coming year, and an index between 65 and 75 means the economy is growing at its potential.
Although B.C.’s independent businesses saw a slide in confidence, it is still well above the national average of 60.7.
“While the decline in business confidence in July is somewhat concerning, BC entrepreneurs remain relatively optimistic,” said Aaron Aerts, BC economist. “To ensure this confidence continues, the new government should make sure it’s doing everything it can to support the small business community. We’re hearing from small businesses it’s tough to afford to operate in BC – anything to make it a bit easier will help boost their confidence.”
Overall hiring intentions were down in July. Twenty-three per cent of small business owners plan to increase full-time staff in the next three months, down six points from June. In contrast, eight percent are looking to cut back, a one point increase over the month before.