Survey finds positive business outlook for the Comox Valley
Thursday, January 19, 2016 – Comox Valley, BC – More than 60% of local business leaders in the Comox Valley are optimistic about the financial performance of their business in 2017, and 44% expect to hire additional employees.
These were among the key findings of the second MNP Comox Valley Business Leaders Survey released today to a crowd of nearly 100 people at the Comox Valley Economic Outlook Breakfast hosted by the Comox Valley Chamber of Commerce.
The survey was conducted in partnership by the Comox Valley Chamber of Commerce, Comox Valley Economic Development Society and MNP LLP. Modelled after similar surveys conducted by MNP in other communities across Canada, the goal of the survey was to assess the local business climate and economic outlook, and explore other local business issues in the Comox Valley.
Among the key survey findings:
- 5% of respondents reported the financial performance of their business improved in the past 12 months and nearly 39% hired new employees.
- Looking ahead, 61% of respondents expect their financial performance to improve in 2017 and 44.5% expect to increase their capital investment in the next three years.
- The greatest challenge facing local businesses in the next 12 months is attracting customers and generating new business. Other notable challenges include government regulation and the ability to find and retain qualified staff.
- Respondents said local government is doing a better job of creating a good climate for business, but there is still room to improve by cutting bureaucracy and improving permitting and approval processes.
- 58 of the 200 respondents said the local housing market has been having a positive impact on their business through increased customers and sales. However, the survey also found that local housing availability and affordability is having a negative impact for some employees and/or customers.
- 68% of respondents generally support the idea of establishing a third bridge across the Courtenay River. An additional 5.5% said it depends on the location while 16% were opposed.
The survey reflects the opinions of 200 local business leaders from telephone interviews conducted by a third-party market research firm, PRA Inc., between November 14-25, 2016. The response rate was 30 percent, which is high for this type of survey.
This is the second time the survey has been done in the Comox Valley. Results of the first survey were released two years ago in January 2015.
A summary presentation of the survey results will be available online at here and also on the Comox Valley Chamber of Commerce and Comox Valley Economic Development Society websites.
About the Comox Valley Chamber of Commerce
The Comox Valley Chamber of Commerce (CVCC) represents over 500 members for the City of Courtenay, the Town of Comox, the Village of Cumberland and the unincorporated settlements of Royston, Union Bay, Fanny Bay, Black Creek and Merville, as well as community on Hornby Island. CVCC operates as a connection between business and government and works to engage the community through local organizations and events, networking opportunities and hosting continuing education programs. www.comoxvalleychamber.com
About the Comox Valley Economic Development Society
The Comox Valley Economic Development Society (CVEDS) mandate is to ‘Encourage responsible expansion of the economic base of the Comox Valley, with the intent of enhancing wealth and employment opportunities.’ By working with local governments, businesses and industry sector groups and partners, CVEDS promotes, markets and generally facilitates economic development in the region. Investment and visitor attraction, and business retention and enhancement programs are undertaken with the objective of supporting the range and quality of employment opportunities, new business start-up, investment or business expansion in the area. www.businesscomoxvalley.com
About MNP LLP
MNP is one of the largest professional services firms in Canada, and the only national firm with a local office in the Comox Valley. Through a full suite of accounting, tax and business consulting services, MNP’s professionals provide clear, straightforward business advice to help private and public sector clients get the most from every aspect of their organization. www.MNP.ca.
FOR MORE INFORMATION, CONTACT:
Comox Valley Chamber of Commerce
Marketing & Communications Manager
Comox Valley Economic Development Society
P: 250.334.2427 Ext 223
Partner and Business Advisor