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 Thursday, was conducted by Statistics Canada in collaboration with the Canadian Chamber of Commerce.
It shows Calgary 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: mainly interest-rate worries for larger businesses and inflation worries for smaller ones.
The 77.3 per cent mark is a significant increase from 62.5 per cent in the first quarter of 2023.
The report chalks that 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 currently say they have sufficient cash on hand to operate effectively, according to the report.
A recent net positive migration of more than 200,000 people to the province is only growing Alberta’s consumer base and helping alleviate concerns about cost-related obstacles.
The report adds labour-related challenges remain a concern for 38.3 per cent of businesses, mainly felt in construction and hospitality.
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