Nearly half, 48 per cent of businesses operating in Saskatoon are confident about the city’s economic outlook, and their own prospects for financial recovery heading into 2022.
That’s according to the Business Confidence Barometer survey issued by the Greater Saskatoon Chamber of Commerce.
The survey also found that approximately 46 per cent of businesses expect their revenues to increase over the next 12 months, with most projecting revenue growth in the 10 to 29 per cent range. Another 38 per cent expect revenue to stay the same with 16 per cent expecting it to decrease.
CEO of the Greater Saskatoon Chamber of Commerce, Jason Aebig says when it comes to challenges to economic growth and recovery, the top three most frequently mentioned factors were labour supply at 22 per cent, and demand at 21 per cent along with supply issues at 13 per cent.
The survey received over 600 responses from a range of Saskatoon businesses.
Other Survey Highlights:
-Approximately 46 per cent of businesses expect their revenue to increase in the next 12 months, with most projecting revenue growth in the 10 to 29 per cent range. Another 38 per cent expect revenue to stay the same with 16 per cent expecting it to decrease.
-When it comes to challenges to economic growth and recovery, the top three most frequently mentioned factors are labour supply 922 per cent) and demand (21 per cent) and supply issues (13 per cent).
-5 out of 10 are confident about acquiring the goods and services they need to operate their daily business. One-third are somewhat or very uncertain.
-Most (54 per cent) of respondents expect their workforce to remain the same over the next year while another 40 per cent expect their workforce to increase.
-Only a third (34 per cent) of respondents are confident about finding and hiring the employees they need. This compares to 45 per cent who are uncertain, with another 21 per cent neutral.
-When it comes to addressing the labour shortage, businesses ranked retaining existing workers (66 per cent) and/or training and developing existing workers (58 per cent) as their top two strategies.
