Calgary Chamber Q4 survey shows business optimism up year-over-year, despite headwinds

Calgary, Alberta, December 13, 2023 – The Q4 Canadian Survey on Business Conditions, conducted by Statistics Canada in collaboration with the Canadian Chamber of Commerce, shows business optimism is on the rise for 2024. The data finds 62.3 per cent of Calgary businesses are hopeful about the year ahead, compared with 57.5 per cent of businesses in Q4, 2022. However, Calgary businesses continued to face deteriorating conditions in the last 12 months. Factors contributing to the challenging environment included rising inflation (61.1%), higher interest rates and debt costs (44.9%), and more expensive inputs (44.8%).

“We’re calling on all levels of governments to set a New Year’s resolution to address barriers that improve business conditions,” says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “We need to take action to remedy ongoing obstacles, creating the conditions required for long-term success, including decreasing red tape, addressing issues of affordability, safety and encouraging the adoption of technology to increase productivity and economic growth.”

While certain challenges persist, the Chamber was pleased to see the burden of the labour shortage lessen over the past year. An influx of almost 200,000 people into the province between 2022 to 2023 likely helped fill labour market needs. This was supported by the Q4 data, which showed only 16.1 per cent of Calgary businesses in Q4, 2023 saw labour shortages as a constraint for growth, down substantially from the 31.7 per cent in Q4 2022. Still, there are sectors experiencing challenges, including manufacturing (51.1%), information and cultural industries (44.8%), and construction (39.4%) that remain concerned with retaining the skilled employees necessary to operate their businesses.

As we reflect on the past year, we encourage governments to reduce the cost of doing business, remain focused on eliminating red tape and prioritizing policies that support robust economic growth and diversification into 2024.

ABOUT THE CALGARY CHAMBER OF COMMERCE

The Calgary Chamber of Commerce exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.

Media opportunities

For media inquiries, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.