BC – The latest monthly Business Barometer survey results from the Canadian Federation of Independent Business (CFIB) reveal British Columbia’s small business optimism is the second-highest in Canada, increasing 2.4 points in January to 66.7.
The January results continue BC’s climb to second place in the provincial rankings. BC business optimism now holds a 3.9 point lead over the national index, which is 62.7.
Measured on a scale between 0 and 100, an index level above 50 means owners who expect their business’ performance to be stronger in the next year outnumber those expecting weaker performance. An index level of between 65 and 75 means the economy is growing at its potential.
“Small business confidence in British Columbia has reached a healthy level and is now growing at its potential,” said Aaron Aerts, Western Economist.
“Entrepreneurial confidence has started the New Year on a positive note. As we approach February, we hope to see a provincial budget that continues to promote a small business friendly environment.”
Reflecting this optimism, BC hiring intentions are up for January. Twenty-seven per cent of small business owners plan to increase full-time staff in the next three months, up two points from December. In contrast, eight per cent are looking to cut back, a one point increase from last month.
Fifty-three per cent of entrepreneurs believe the general state of health of their business is good, representing a 3 point increase since December. This compares to nine per cent of BC business owners who describe their business’ health as poor, which has remained at the same level for three months.
The national Business Barometer index in January was 62.7, up 3.0 points from December. The provincial numbers put Quebec first in business optimism at 71.3, followed by BC at 66.7. Findings are based on 840 responses, collected from a stratified random sample of CFIB members via a controlled-access web survey which closed January 20. Findings are statistically accurate to +/- 3.4 per cent 19 times in 20.
