PETERBOROUGH (ON) CHAMBER OF COMMERCE | PETERBOROUGH, ON
  • About Us
    • About Us
    • Policy and Advocacy
    • Contact Us
    • Board of Directors
    • Staff Directory
  • Events
    • Calendar
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Business Owners Sharing Solutions (BOSS)
      • Not-for-Profit Group (NFP)
      • 26 Coffees
    • Annual >
      • Power Hour
      • Business Summit
      • Seniors Showcase
      • Annual General Meeting
      • PK Excellence
    • Campaigns >
      • #lovelocalptbo campaign
  • Membership
    • Join Us
    • Benefits
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory

Rising inflation tops list of obstacles to business

9/26/2022

 
Picture
​Facing the highest inflation in 40 years, businesses continue to face obstacles that are holding back growth.
 
The Canadian Survey on Business Conditions Report for the third quarter of 2022 from the Business Data Lab of the Canadian Chamber of Commerce surveyed 17,000 businesses.
 
Part of the research is aimed at identifying obstacles to business.
 
Businesses rated the following as obstacles over the next three months:
• Rising inflation – 60%
• Rising input costs – 47%
• Recruiting skilled employees – 39%
• Transportation costs – 38%
• Shortage of labour force – 37%
• Rising interest rates and debt costs – 37%
• Cost of Insurance – 32%
• Retaining skilled employees – 31%
• Difficulty acquiring inputs, products or supplies from within Canada – 27%
• Rising costs in real estate, leasing or property tax – 26%
 
Key findings from the report include:
 
Inflation: Canadian businesses identified inflation as their biggest near-term obstacle: 60% of firms expect this will be a challenge, representing the highest level of concern in the survey’s history. One glimmer of hope is that a shrinking share of businesses expect to raise prices over the next quarter, consistent with inflation decelerating in the second half of the year.
 
Rising costs: Rising input costs are the second biggest near-term obstacle, cited by almost half (47%) of firms, down only slightly from the last survey (50%). Cost pressures are highest in agriculture, manufacturing and accommodation and food services.
 
Labour challenges: Labour challenges intensified, with 36% of businesses expecting labour difficulties next quarter. These concerns are most acute in accommodation and food services, construction, health care and retail.
 
Debt constraints: Businesses’ ability to take on debt remains constrained. More than half of businesses (52%) reported they either cannot take on more debt or do not know if they can, unchanged from the previous quarter, and still a bigger worry for small firms and high-contact services.
 
Supply chain: Supply chain issues have improved, consistent with recent global trade developments. However, most Canadian businesses experiencing supply chain problems expect them to persist well into 2023.
 
Interprovincial trade: More than half of all Canadian businesses conducting interprovincial trade experienced obstacles over the last year, such as differing certification and licensing requirements for goods, services and labour as well as taxes.
 
Environmental practices: Most businesses have or plan to implement environmental practices over the next year, with reducing waste being the most prevalent. Customers’ unwillingness to pay higher prices is the top perceived barrier to businesses’ green efforts.
 
Businesses have been on an economic rollercoaster lately with new challenges arising as others start to fade. It appears that inflation may have peaked in July, but it’s still well above “normal” and we’ll be dealing with the implications for a while. 
 
In fact, we’ll be dealing for a while with all of the obstacles highlighted. A report on the obstacles to business was never going to be particularly positive, but it lines up with much of the current advocacy program from our Chamber and the rest of the chambers and boards of trade that make up the Canadian Chamber of Commerce. We’re working to reduce bottlenecks and increase the security of our supply chains, relieve COVID-related debt repayment terms, finding solutions to barriers to interprovincial trade, and working with educational institutes and employment training agencies to address workforce shortages. Reports like this help us focus our efforts and work together on issues that affect the larger business community.
 
We’re clearly not out of the woods yet. These are big issues that require big partnerships. But Chambers are at our best working together, building partnerships and tackling the issues holding back businesses across the country.

Comments are closed.

    Author

    The Peterborough 
    Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community. 

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    September 2015
    August 2015
    June 2015
    May 2015
    April 2015
    January 2015

    Categories

    All

    RSS Feed

Copyright © 2021 Greater Peterborough Chamber of Commerce.  ​All rights reserved.
175 George Street North, Peterborough, ON, K9J 3G6
Phone: (705) 748-9771  |  (705) 743-2331  
Home    |    Calendar    |   Site Map   |    Privacy    |    Accessibility
Join the Chamber
MemberClicks
  • About Us
    • About Us
    • Policy and Advocacy
    • Contact Us
    • Board of Directors
    • Staff Directory
  • Events
    • Calendar
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Business Owners Sharing Solutions (BOSS)
      • Not-for-Profit Group (NFP)
      • 26 Coffees
    • Annual >
      • Power Hour
      • Business Summit
      • Seniors Showcase
      • Annual General Meeting
      • PK Excellence
    • Campaigns >
      • #lovelocalptbo campaign
  • Membership
    • Join Us
    • Benefits
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory