On February 19, 2019 the Dufferin Board of Trade and Ontario Chamber of Commerce (OCC) released their third annual Ontario Economic Report (OER), offering a unique perspective on the experience of businesses of all sizes across the province. Through the Business Confidence Survey, the Business Prosperity Index, and the Economic Outlook, this report presents a candid look at private sector sentiment and opportunities for economic growth for the year ahead.
The key takeaways include:
- Confidence in Ontario’s economic outlook has improved. Thirty percent of members surveyed expressed confidence in Ontario’s outlook for 2019, up seven percentage points compared to last year.
- Despite a more optimistic outlook for 2019, decreasing levels of organizational and economic confidence over the years have impacted business’ willingness to invest, take risks, and adopt technological advancements.
- Businesses are gaining confidence in themselves. Sixty-one percent of respondents reported confidence in their own organization’s economic outlook heading into 2019, a seven-point increase from last year.
- Revenue projections for 2019 are more positive than those of 2018. Eighty-six percent of respondents believe their organization’s revenues will increase or stay the same over the next twelve months, with only fourteen percent anticipating a decline. This represents a notable change in direction from 2018, when 27 percent were projecting their revenue to decrease.