Ontario Chamber of Commerce to officially launched the 2018 Ontario Economic Report.  This is the second annual Ontario Economic Report, compiled from input provided directly from Ontario’s businesses, including participants from Sault Ste. Marie. The report provides a snapshot of business confidence in the economy and measures the level of concern around specific challenges that Ontario businesses are facing.

The report reveals that 77 percent of Ontario businesses say access to talent remains the largest impact on their competitiveness while nearly half (48 percent) report a lack of confidence in the economic outlook for Ontario.  In addition, 68 percent of firms say the minimum wage increase is predicted to have a negative impact on their business. Compared to last year, they are more likely to project a decline in revenue and a shrinking of their workforce.

“Industry in Ontario are feeling the impact of increasing global and US competition, consistent overregulation, rising input costs, and challenges to accessing talent,” said Rocco Rossi, President and CEO at the Ontario Chamber of Commerce. “This report indicates that these challenges are creating a climate of low business confidence that will compromise the province’s future prosperity.”