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Business confidence in B.C. appears to have made a slight rebound in April.
That’s according to the Canadian Federation of Independent Business, which rates business confidence on an index scale from zero to 100 based on responses from a monthly survey.
The index shows confidence among B.C. small businesses this month as risen by 7.6 index points to 36.7, up from a record-low March. This is slightly above the national average of 34.8, according to CFIB’s Thursday report.
This business barometer considers the business owner's expectations over 12 months. Those below 50 index points expect their business performance to be weaker.
More than half (56 per cent) of businesses reported insufficient demand as the biggest factor limiting sales or production growth in B.C. this month. About two in five (38 per cent) reported shortage of skilled labour was limiting sales or production growth.
Meanwhile, 71 per cent of businesses said tax and regulatory costs were the biggest input cost constraint, with wage costs in second spot at 64 per cent.
Ryan Mitton, the CFIB director of legislative affairs for B.C., said in a statement that despite this month’s slight recovery, confidence is at pandemic-level lows, with businesses still concerned about the future.
The removal of the carbon tax could be partly attributed to the boost in confidence, he said.
Out of 10 provinces, B.C. is the fifth lowest in terms of business confidence, below New Brunswick with 37 points and over Alberta with 36.6 points.
The report is based on a survey with responses from 417 SMBs across Canada, all of which are CFIB members.
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