The BC Chamber of Commerce releases the 2017-18 Collective Perspective Survey

(Featuring insights ranging from business optimism and housing affordability, to trade with China and the Kinder Morgan Pipeline)

Optimism is widespread about issues such as housing affordability and tax increases remain, according to a membership survey carried out by the B.C. Chamber of Commerce.

鈥淲e want to know what鈥檚 keeping CEOs and business owners up at night,鈥� said Val Litwin, president and CEO of the B.C. Chamber of Commerce.

鈥淭his survey helps us identify what issues are top of mind for businesses in the province, and provides clarity on the choke points our members are facing.鈥�

The 2017-18 Collective Perspective survey was conducted by Abacus Data as early 900 businesses of all sizes, representing all sectors of the economy, and from all regions of the province, participated with responses.

鈥淭his is an essential snapshot of the sentiments of business in the province,鈥� said Bruce Anderson, of Abacus Data. 鈥淧eople are pretty happy with the way their businesses are performing today. Only eight per cent say their business is in poor shape, 33 per cent say acceptable, 61 per cent say good or very good, so we are looking at a business community that is pleased with where they stand.鈥�

Among the highlights extracted from the survey:

鈥� While business optimism and the five-year outlook remain high overall鈥� and relatively unchanged year-over-year鈥攖here is a slight weakening in some business鈥檚 goals to 鈥済row very significantly鈥� (down from 40 per cent to 36 per cent in 2017). In a year of political uncertainty and change in the province, respondents indicated they are less likely to consider the provincial government to be 鈥済enerally supportive of business鈥�, with an 18-point drop since 2016.

鈥淭his is to be expected in a year of transition,鈥� said Litwin. 鈥淗eading into 2018, we will see if this anxiety is founded.鈥�

By contrast, perceptions about the federal government are down as well, but the change has been less severe at six points, while views of local government鈥檚 orientation towards business have improved.

鈥� While the health of the economy鈥攁t a national, provincial, and local levels鈥攔emains the most important factor in helping growth prospects for B.C. businesses, the cost of housing and taxes are the greatest perceived threats to business growth. Housing affordability remains a major concern for businesses in both being able to attract younger people, and new business, to B.C.

鈥�The 2017-18 survey showed businesses in B.C. rate federal tax changes floated by the federal government in 2017 likely increased the number of respondents believing federal taxes are actively hurting their business indicate with a year-over-year increase from 12 to 18 per cent. At the provincial level, most businesses want their government to focus on taxes with one in three indicating a cap on the differential between residential and business property taxes is the preferred solution, and one in four saying a made-in-BC value-added tax (VAT) is the preferred solution.

鈥� Respondents identified access to鈥� and the cost of鈥攍abour as one of the top five issues hurting business growth. This is felt acutely in the food, hospitality, and tourism industries. Three in five businesses want to see an easily understood and accessible portal to the tax credits and grants currently available to employers, as well a more gradual increase to minimum wage as a solution for 鈥榓ccess to鈥� and 鈥榗ost of鈥� labour). On the growth side, there was a material year-over-year increase in the number of businesses saying free trade with China is 鈥済ood for BC鈥� (a 10-point lift) and trade with China is 鈥済ood for my business鈥� (a 12-point lift).