The Ottawa Business Growth Survey finds that business confidence remains high; sectors most likely to recruit are IT and construction.
Market Outlook: Ottawa Business Growth Survey (2018)
Over 1000 business leaders responded
65% have 1 – 20 employers or are owner/operators
What are the key findings?
- Business confidence remains positive, despite a slight drop from 2017
- Local companies are expanding & expecting future growth
- Retail and hospitality forecast a contraction in their sectors (coming off Canada 150 celebrations in 2017)
- While the cost of doing business is perceived to be getting worse, more than 1/3 of respondents plan to buy/lease more commercial space
- 51% of businesses had higher net income in 2017 than in 2016
- More than 50% of respondents report sales & revenue are increasing
What is the market outlook over the next year?
- More than 50% of respondents believe the market will strengthen for their businesses over the coming year
- Sectors with most positive outlook on market growth: technology (71%) & construction (56%)
Do businesses plan to increase recruitment over the coming year?
- More than 40% of respondents plan to recruit new employees
- Sectors most likely to recruit: technology (69%) and construction (47%)
What are the top issues facing Ottawa businesses?
- Attracting more customers
- Recruiting skilled workers
What are the workplace trends?
- Telecommuting continues to grow in popularity
- 20% of respondents report more employees are working from home
What is the biggest issue facing Ottawa businesses?
- More than 40% of respondents say the increase in the minimum wage will have a negative impact on their business
- Hospitality, retail and hospitality are the sectors most perceived to be impacted
- Raising prices and increasing automation are the 2 most common measures planned to address this issue
To read the full report:
The Ottawa Growth Study is sponsored by Welch LLP and the Ottawa Chamber of Commerce, the latter is an EARN Champion Stakeholder member.