​After hitting a record low in 2021, business confidence is rebounding with 57% of business feeling confident in the outlook of their 
organization, compared to 48% in 2021.
For context, that’s nearing the 61% of business that were confident in their 
outlook in 2019. Confidence in Ontario’s outlook as a whole is also rebounding at 29% — well above last year’s 21% and nearing 2019’s 30%. Pre- and 
post-COVID figures will be key to measuring our 
recovery, both in broad terms and for specific 
sectors and industries. 
These figures come from the Ontario Chamber of Commerce 2022 Ontario Economic Report, the annual report that offers unique insights into business perspectives from across the province. As with any statistical report in such a changing environment, the numbers are just a snapshot in time and don’t reflect everything that has changed during the research and reporting. In this case, most of the survey work was completed before Omicron brought about a new wave of public health measures. That said, it’s aim is to 
address the large trends rather than the weekly ups and downs.
While optimism is up in a general sense, those lagging behind tend to be smaller businesses, businesses located in border regions, organizations led by women and people with disabilities, and businesses in the arts, entertainment, and 
agricultural sectors.
Along with increasing optimism, fewer businesses are shrinking, with 38% reporting to have shrunk in 2021, compared to 56% the year before.
What businesses expect moving forward:
• Remote work — Most businesses expect to at least partially continue remote work in 2022, though some continue to face barriers in terms of digital skills, 
technology costs, and 
support.
• Labour shortages — 52% of businesses are currently facing labour shortage challenges and many expect that to continue for some time.
• Prioritizing employee health and well-being as well as diversity and inclusion, though the OCC notes many organizations are struggling with formal strategies to support these objectives.
The main policy priorities 
businesses want their chambers of commerce to address are business taxes and electricity costs. Smaller businesses are prioritizing 
financial support while 
larger businesses are focused on infrastructure, regulatory, and workforce development issues.
Optimism is partially being driven by the belief that high vaccination rates are bringing about some stability, but it’s also about growth. Businesses who were well positioned to serve current needs or adapted to do so have seen strong demand for their products and services. Others have used this as an opportunity to invest in new technologies that have helped make their business more resilient and better positioned for growth.
Pessimism is mostly due to uncertainty around COVID-19 and businesses specifically lack confidence in provincial and federal government responses to the pandemic.
Many businesses required some support to get through this last year. Of the programs available, the Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Business 
Account (CEBA) loan 
program were the most widely used with the 
Ontario Small Business 
Support Grant and the Canada Emergency Rent Subsidy (CERS) also proving popular.
Economic indicators are backing up what the 
businesses are saying. According to the Bank of Montreal, the GDP increased 2% in 2019, dropped 5.1% in 2020, then rebounded to 4.2% in 2021 and is on track to increase another 4.1% in 2022. Employment growth follows a similar trend, with a 2.8% increase in 2019, a 4.7% drop in 2020, followed by a 4.9% increase in 2021 and a likely 4.2% increase in 2022.
Other than vaccines making a significant impact on our fight against COVID-19, not a lot has changed over the last two years. COVID won’t be disappearing any time soon and businesses are facing significant issues with supply chains, inflation, and labour access. So what is driving our optimism and growth? It’s really a story of adaptation. Business have risen to the challenge by changing how they do business. They’ve invested in new technology and new ways to engage their 
customers, even though finances were tight. It hasn’t been an easy road, but pushing for a more optimistic future is the way forward.

Ontario has been in need of more skilled trades workers for many years, but the urgency is increasing as our trades will play a critical role in our economic recovery.
Despite the pandemic and all of the supply chain issues, increases in material costs, and other disruptions it has brought, a lack of skilled labourers could be the biggest barrier ahead for the construction 
industry. Even current homeowners who have been trying to hire workers to perform renovations and repairs can attest to the difficulty of hiring contractors on any reasonably short timeline.
The Government of Ontario is taking a new approach to skilled trades with a new agency called Skilled Trades Ontario, effectively a replacement for the Ontario College of Trades. The role of this agency is to promote and market the trades, develop the latest training and curriculum standards, and provide a streamlined user-friendly experience for tradespeople. 
The agency will offer an online service that will help apprentices manage their careers in a central place that includes scheduling classes and exams, submitting forms, and paying fees. It is also expected to reduce 
processing and registration from 60 days down to 12. Enforcement has shifted to the Ministry of Labour, 
Training and Skills Development.
According to the Government of Ontario, one in five jobs will be in the trades by 2025. They also note that the previous Ontario College of Trades had a discouraging effect on people entering the trades with registrations dropping by 40%. The average age for an apprentice is currently 29 years old. The Province expects retirements to be a big challenge in the near future, noting in 2016 nearly one in three journeypersons were age 55 or older. It’s estimated that Ontario could be short as many as 350,000 skilled workers by 2025.
The new agency is being received with optimism by a number of industry stakeholders, unions and associations.
It’s reassuring to see more investment in encouraging people to pursue a career in the trades. The need for more skilled workers predates the pandemic. Some of the barriers around access have been addressed while a concerted effort from our governments, schools, and industry 
associations is having a positive impact on 
addressing the stigma around trades jobs. 
The needs of the modern tradesperson have changed as well. There is a need for proficiency with the latest technology and an 
understanding of issues and opportunities around climate change.
There is still a long way to go in filling the need for skilled workers. The 
pandemic has exacerbated our labour issues into a shortage across sectors and industries. Young people entering the workforce have a lot of options on what direction to take their career.
Our leaders continue to plan for our recovery from this pandemic and one of the recurring themes is the need for people. The issue isn’t that there are scores of people unwilling to join the workforce. While some have removed themselves from the workforce for various reasons, our employment participation rate in 
Peterborough is higher than it was before the pandemic. 
The people shortage appears to be a symptom of desire for growth. Nowhere is this more apparent than construction. We can't build quick enough to meet 
demand, from homes to public infrastructure projects to new industrial and 
commercial developments. We’re struggling to find enough people to produce the materials we need, offload them in ports and railyards, process them in warehouses, and transport them where they need to go — and that’s just getting to the point of starting construction.
Investments in a skilled workforce were needed before COVID took our economy for a roller coaster ride and they're even more important now as we try to recover. Hopefully Skilled Trades Ontario is able to make good on its mandate and assist in developing the skilled workforce we need. We won’t make up for the shortage of skilled workers over night, but we’re 
heading in the right 
direction.