Ontario Chamber of Commerce and Hamilton Chamber of Commerce Deliver Landmark Agenda to Grow Economy and Spur Job Creation

· by Huzaifa Saeed

Hamilton, ON, January 26th, 2016: Today, the Ontario Chamber of Commerce (OCC) and the Hamilton Chamber of Commerce, in partnership with the Mowat Centre, released the fifth and final iteration of Emerging Stronger. A detailed economic agenda for Ontario, Emerging Stronger 2016 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.

Ontario businesses are increasingly unsure about the direction of the provincial economy, according to a new survey from the OCC and Leger. The annual Ontario Business Confidence Index, featured in Emerging Stronger 2016, shows that business confidence in the Ontario economy is at a five-year low.

The Index shows that only 30 percent of businesses are confident in Ontario’s economy, compared to 47 percent in 2012. It also shows that 62 percent of businesses are confident in their own organization’s outlook, down 17 percent from a high of 74 percent in 2014.

“The survey results show that our province has some ways to go before our businesses feel settled in the turbulent global economic environment”, said Keanin Loomis, President & CEO, Hamilton Chamber of Commerce. “The regional economy in Hamilton is working steadily towards diversification of its industries, but will struggle to compete globally without adequate investments in infrastructure, innovation and easing up of regulatory burdens.”

Among the key findings of the Ontario Business Confidence Index: the Ontario

  • 30 percent of businesses believe the Ontario economy is going in the right direction, compared to 42 percent in 2012.
  • 48 percent of businesses plan to expand in the next five years, down 14 points from 2013.
  • The automotive/manufacturing sector is among the least confident in the province. Just 53 percent of businesses in that sector are confident in their own organization’s economic outlook, compared to a 62 percent provincial average.

The detailed policy recommendations in Emerging Stronger 2016 are focused on increasing economic stability, supporting investment and fostering business growth across the province. In order to achieve this, some of the key areas that need to be addressed are: fostering a culture of innovation and smart risk-taking in order to become a productivity leader, building a 21st century workforce, restoring fiscal balance by improving the way government works, taking advantage of new opportunities in the global economy, and strategically investing in our competitive advantages.

“Ontario businesses are looking for stability and economic certainty,” said Allan O’Dette, President and CEO of the OCC. “Emerging Stronger offers a detailed roadmap for how government can work with the business sector to achieve their shared goals. Uncertainty throughout the global economy and, specifically in the resources industry, is further compounding concerns in the private sector, and it is important that public policy decisions address the concerns of the business community.”

About the Ontario Business Confidence Index:

The annual Ontario Business Confidence Index is the most comprehensive survey of business opinion in the province (1,310 respondents, survey conducted in November 2015). The margin of error for the survey is 2.71%, 19 times out of 20. The OCC began collecting this data in 2012.

Read Emerging Stronger 2016, click here: Ontario Chamber of Commerce: Emerging Stronger 2016

To read more about the Ontario Business Confidence Index, click here: Ontario Business Confidence Index 2016

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Learn more about the Ontario Chamber of Commerce.

For more information, please contact:

Huzaifa Saeed | Policy & Research Analyst, Hamilton Chamber of Commerce

t: 905-522-1151 ext: 230 e: h.saeed@hamiltonchamber.ca