VANCOUVER, July 25, 2019 – The monthly Business Barometer® index for British Columbia slipped half a point in July, according to the Canadian Federation of Independent Business (CFIB). The slight dip means the BC small business confidence now sits at 53.3 points, placing it below the national index (57.8) by 4.5 points.
In addition, 69.1 per cent of BC business owners in July said taxes and regulatory costs are causing major challenges for their business, representing a 1.1 point increase over the previous month.
“July marks the two-year anniversary of BC’s current government. Over that time, small business concerns over taxes and regulatory costs has risen by more than 10 points,” says Richard Truscott, Vice-President, BC and Alberta. “This is clearly a red flag and should come as no surprise to provincial policy makers. Business owners face a multitude of new costs from the BC government, including imposition of the new Employer Health Tax and the rapidly rising minimum wage.”
Measured 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. An index level of between 65 and 75 means that the economy is growing at its potential.
To view the full report, please visit http://www.cfib.ca/barometer
The provincial numbers for July were: PEI (67.0), Quebec (67.0), Nova Scotia (62.5), New Brunswick (61.2), Manitoba (60.1), Alberta (57.2), Ontario (56.0), Saskatchewan (54.3), British Columbia (53.3), and Newfoundland & Labrador (50.0).
July 2019 findings are based on 710 responses, collected from a stratified random sample of CFIB members, to a controlled-access web survey. Data reflect responses received through July 15. Findings are statistically accurate to +/- 3.7 per cent 19 times in 20.
To arrange an interview with Richard Truscott, Vice-President, BC and Alberta, about the BC results, please call 604-684-5325 or email firstname.lastname@example.org after 8:30 AM PT. To interview Chief Economist, Ted Mallett, about the national results, please call 416-222-8022. For more information, visit cfib.ca.
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 110,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.