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
3 injured after man with knife enters Montreal-area mosque
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
Police arrest 18-year-old woman who allegedly stole Porsche and ran over its owner
Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.
Woman nearly shut out of mother's estate sues brother in B.C. Supreme Court – and wins
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Teen arrested in New Brunswick after emergency alert; 5 people in custody
A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.
Kamala Harris tells Oprah any intruder to her home is 'getting shot'
U.S. Vice-President Kamala Harris on Thursday issued a warning to any potential home intruder: 'If somebody breaks in my house, they're getting shot.'
On the trail of the mystery woman whose company licensed exploding pagers
What Cristiana Barsony-Arcidiacono, 49, the Italian-Hungarian CEO and owner of Hungary-based BAC Consulting, says she hasn't done is make the exploding pagers that killed 12 people and wounded more than 2,000 in Lebanon this week.
Woman shot by B.C. police was Colombian refugee with young daughter, advocate says
Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.
'We're still pushing hard': Search for missing Manitoba boy continues, RCMP find tracks
The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.
Video released of person of interest after cat is allegedly set on fire in Orillia, Ont.
Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.