Follow Canadian immigration and follow Canadian economic development: The small business confidence report released by the Bank of Montreal (BMO) on the 7th shows that the optimism of small business owners across Canada regarding economic growth is on the rise. This semi-annual survey indicates that 62% of small business owners who responded to the questionnaire believe that 2014 will be better than this year. 55% expect their business performance to grow next year, while only 6% expect it to shrink. Overall, BMO's small business confidence index this autumn is 70, an increase from 63 in the same period last year and 59 this spring. The survey also found that, overall, 31% of small business owners plan to reinvest in their businesses this year. Among them, 76% plan to upgrade equipment, 46% plan to hire more employees, and 45% plan to upgrade technology and systems.
Steve Murphy, Senior Vice President of BMO Commercial Banking, stated that the semi-annual survey shows that Canadian business owners are in good shape and are more optimistic than before. It is particularly noteworthy that the business outlook for next year remains consistent, so business owners across the country feel supported by the broader environment.
Benjamin Reitzes, Senior Economist at BMO Capital Markets, said: "The positive view businesses have for 2014 is consistent with our view that economic growth will accelerate next year. Improvements in the U.S. and global economic environments are generally expected to boost Canadian businesses and the economy."