COMOX VALLEY – More than 60% of local business leaders in the Comox Valley are optimistic about the financial performance of their business in 2017, and 44% expect to hire additional employees.
These were among the key findings of the second MNP Comox Valley Business Leaders Survey recently released to a crowd of nearly 100 people at the Comox Valley Economic Outlook Breakfast hosted by the Comox Valley Chamber of Commerce.
The survey was conducted in partnership by the Chamber, Comox Valley Economic Development Society and MNP LLP. Modelled after similar surveys conducted by MNP in other communities across Canada, the goal of the survey was to assess the local business climate and economic outlook, and explore other local business issues in the Comox Valley.
Among the key survey findings:
- 5% of respondents reported the financial performance of their business improved in the past 12 months and nearly 39% hired new employees.
- Looking ahead, 61% of respondents expect their financial performance to improve in 2017 and 44.5% expect to increase their capital investment in the next three years.
- The greatest challenge facing local businesses in the next 12 months is attracting customers and generating new business. Other notable challenges include government regulation and the ability to find and retain qualified staff.
- Respondents said local government is doing a better job of creating a good climate for business, but there is still room to improve by cutting bureaucracy and improving permitting and approval processes.
- 58 of the 200 respondents said the local housing market has been having a positive impact on their business through increased customers and sales. However, the survey also found that local housing availability and affordability is having a negative impact for some employees and/or customers.
- 68% of respondents generally support the idea of establishing a third bridge across the Courtenay River. An additional 5.5% said it depends on the location while 16% were opposed.
The survey reflects the opinions of 200 local business leaders from telephone interviews conducted by a third-party market research firm, PRA Inc., between November 14-25, 2016. The response rate was 30%, which is high for this type of survey.
This is the second time the survey has been done in the Comox Valley. Results of the first survey were released two years ago in January 2015.
