Calgary business optimism up so far in 2024: Report
A new report suggests Calgary’s business expectations are on the up and up thanks to provincial growth and fewer closures in the city.
The Q1 Canadian Survey on Business Conditions, released on Friday, was conducted by Statistics Canada in collaboration with the Canadian Chamber of Commerce.
It shows Calgary is among the top five cities in the country for business optimism: much higher than the national average.
The data suggests more than 77 per cent of Calgary businesses across all sectors are feeling good about their future over the next 12 months.
That’s despite some cost-related concerns: interest rate worries for larger businesses and inflation worries for smaller ones.
The 77.3 per cent mark is a significant increase from the 62.5 per cent recorded in the first quarter of 2023.
"To look at that number was just fantastic," Calgary Chamber of Commerce president Deborah Yedlin said.
"We have been through such challenging times. I’ve often said we started on our — from an economic standpoint — road to recovery when the energy prices crashed in 2014. So this has been almost a decade that Calgary has really been working its way back to the place where it is today."
The report chalks all the growth up to a combination of increased access to capital, a growing consumer base and reduced business closures. In fact, more than three quarters of local businesses say they have sufficient cash on hand to operate effectively, according to the report.
A recent net positive migration of over 200,000 people to the province is only growing Alberta’s consumer base and helping alleviate concerns about cost-related obstacles.
That has Yedlin feeling good about the future, too.
"I see this continuing, because there are a lot of positive things to focus on," she told CTV News.
"This is a city that’s transforming itself, and it’s being seen as a magnet for talent, investment and opportunity."
However, there are still some nagging worries.
ATB chief financial economist Mark Parsons points out that labour-related challenges remain a concern for many businesses, especially in construction and hospitality.
"But The Bank of Canada is going to start lowering its policy rates," he said. "It’s just a matter of time, we think it’s about mid year, and that will boost sentiment right across the country."
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
2 charged after police find 'concerning and diverse' explosives at Manitoba home
Winnipeg police say they have arrested two people in their 20s after a large amount of explosives were found in a home outside of Winnipeg, Man.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Spain abolishes national bullfighting award in cultural shift
Spain scrapped an annual bullfighting award on Friday, prompting a rebuke from conservatives over a backlash against a centuries-old tradition they see as an art form but which has run into growing concern for animal welfare.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.