TIMMINS, January 28, 2014: Timmins’ business community is among the most confident in Ontario, according to a new survey from the Timmins Chamber of Commerce, the Ontario Chamber of Commerce (OCC) and Leger Marketing.
The annual Ontario Business Confidence Index shows that 53 percent of the 137 businesses surveyed in Timmins are confident in Ontario’s economy--up 7 percentage points from last year.
The index also shows that 81 percent of businesses in the region are confident in their own outlook, another increase of 7 percentage points over the previous year. When it comes to growing their business, just over half of businesses surveyed (57 percent) say they plan to expand within the next five years.
“Despite some of the challenges the economy has encountered over the last year, Timmins businesses are clearly poised to make the most of the growth being predicted for the region in 2014,” says Phil Barton, President, Timmins Chamber of Commerce.
“Our entrepreneurs are some of the most resilient and knowledgeable in the world, and it’s not surprising that their history of success is leading to strong optimism about the coming year.”
The buoyancy of Timmins’ business community is uncommon, sitting 7 full points above the provincial average, according to the OCC.
“According to our recent regional economic outlook, Timmins businesses are feeling strong and very confident in their own outlooks--more so than almost any other community or region in the province,” says Allan O’Dette, President and CEO of the OCC. “And it looks like Timmins’ businesses are only going to feel stronger as time goes on, when comparing this year’s numbers to last year’s.”
The survey of businesses is featured in Emerging Stronger 2014, a business-driven economic agenda released by the Timmins Chamber of Commerce and authored by the OCC, the Mowat Centre and Leger Marketing. The report identifies the immediate steps the government and the private sector must take to enhance Ontario’s economic competitiveness and spur job creation in the province.
“There are actions that government and business can do to boost our economy and business confidence,” said O’Dette. “But right now there is uncertainty in Ontario’s business climate, possibly as a result of potential changes to the pension system and rising energy costs.”
Among these key priorities is the need for various levels of government to take unified and decisive action on facilitating development in the Ring of Fire, a significant mineral deposit in northwestern Ontario.
“The Timmins Chamber of Commerce has long argued that the potential economic benefits of the Ring of Fire would spread throughout not just Ontario but all of Canada,” said Barton. “The OCC has dedicated itself quite firmly to lending the voice of business to help spark further action on this crucial project, and we’re pleased that this is reflected in Emerging Stronger 2014. We look forward to working with the OCC, business, as well as our government and community partners to continue finding solutions to the many issues that surround this once-in-a-generation opportunity.”
Among the survey’s findings for Timmins are:
81 percent of businesses are confident in their own economic outlook, 7 percentage points above the provincial average
57 percent of businesses plan to expand in the next five years, just below the provincial average of 58 percent
46 percent of businesses believe that Ontario’s economy is headed in the right direction, above the provincial average of 42 percent
53 percent of the region’s businesses are confident in Ontario’s economy, 6 percentage points above the provincial average
Download Emerging Stronger here.
About the Timmins Chamber of Commerce
With 800 members, the Timmins Chamber of Commerce is one of the largest accredited chambers of commerce with distinction in northeastern Ontario. As the “Voice of Business in Timmins” since 1949, our advocacy and policy initiatives focus on ensuring a positive business climate in the City of Timmins.
Manager of Policy, Research and Communications
Timmins Chamber of Commerce