Great news! There is no better time to be a Canadian startup or small-business owner. Canada’s small-business confidence is stronger than ever, thanks to increasingly promising short-term prospects for success, according to a monthly survey, released Wednesday.
The Canadian Federation of Independent Businesses’ monthly “business barometer” posted the seventh-straight gain in confidence for March, posting a score of 67.7, up from 66 in February. Any number north of 50 – yes, North of 60, too – is indicative of market strength and the extent which the majority of small-business owners feel secure with possible performance improvements of their companies through the next year.
“Though government debts continue to cast a shadow, the small-business community is confident that increased government spending restraints will help to encourage domestic business activity,” said CFIB chief economist Ted Mallett, in a statement.
The tabulated results differ by the province, with Alta. posting a high score of 74.6, and PEI posting the lowest score, with 57.9. Yet, perhaps most notably, Ontario’s total of 68.2, marks the first time in over 18 months that it outranked the national average.
Over 821 CFIB members participate in monthly surveys, which collect the appropriate data. This information represents Canada’s small-business sector within an accuracy range of 3.4 percentage points, 19 times out of 20.
The surveys also took note of employment choices and decisions for small-businesses. Around 20 per cent of those surveyed reported plans to boost full-time employment over the next quarter, while 11 per cent plan to cut part of their labour base.
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Joanna Adams writes for Toronto Standard. Follow her on Twitter at†@nowstarringTO.
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