Nova Scotia sees slight increase in small business confidence
Confidence among small business owners in Nova Scotia increased slightly in January, but it continues to lag the rest of Canada. CFIB's Business Barometer Index for Nova Scotia now sits at 58.2, well below the national score of 65.2. Outside of Atlantic Canada, small business confidence is on a slow climb as it returns to 'near normal' levels.
In Nova Scotia, 29 per cent of businesses said the overall state of business is 'good', 50 per cent said it is 'satisfactory' and 20 per cent said it is 'bad.' While 9 per cent of businesses said they plan to add to their full-time staff, 17 per cent plan to cut back. Across Canada, fuel and energy costs are still a major continue cost pressure for small businesses with 73 per cent of Nova Scotia businesses saying these costs are causing them significant difficulties.
The following are some provincial findings of note:
- 29 per cent of businesses in Nova Scotia say the overall state of business is 'good', 50 per cent say 'satisfactory' and 20 per cent say it is 'bad'.
- Only nine per cent of businesses planning to increase full-time employment, compared to 17 per cent that plan to decrease full-time employment. Nationally, 16 per cent of businesses plan to add to their full-time staff and 12 per cent plan to cut back.
- Fuel and energy costs continue to be the biggest cost pressures for Nova Scotia businesses with 73 per cent of business owners saying these costs are causing difficulties for their business.
Based on a scale between 0 and 100, an index level above 50 means owners expecting their business' performance to be stronger in the next year outnumber those expecting weaker performance. According to past results, index levels normally range between 65 and 75 when the economy is growing. The national results are based on 1126 survey responses in November and are accurate to +/- 3.4 per cent 19 times in 20. Findings are expressed as a rolling average from the last three months in Nova Scotia.
For further information, please contact Amelia DeMarco (902) 420-1997.
As Canada's largest association of small- and medium-sized businesses, CFIB is Powered by EntrepreneursTM. Established in 1971, CFIB takes direction from more than 108,000 members in every sector nationwide, giving independent business a strong and influential voice at all levels of government and helping to grow the economy.
