In this edition:
- Business confidence found at record low in Ontario Economic Report
- Meridian to host Business Accelerator Loan Program webinar
- Ontario to issue RFPs for Garden City Skyway twinning this spring
- Region poised to take ownership of St. Paul West train bridge in St. Catharines
- Niagara getting $280k in provincial funding to help manage old oil and gas wells
- Canadian balance of trade enters deficit for first time since July
- Focus on Climate
Business confidence found at record low in 2024 Ontario Economic Report
High inflation, interest rates and housing costs continue to drive pessimism in Ontario’s economic outlook, according to the Ontario Chamber of Commerce’s (OCC) eighth annual Ontario Economic Report (OER). Despite this, many businesses surveyed remain confident in their own outlooks, with 53 percent expecting to grow.
“Business confidence in the economy has plunged from 29 percent at the height of the pandemic to just 13 percent two years later – driven by the rising costs of living and of doing business,” said Daniel Tisch, President and CEO of the OCC. “There are bright spots – particularly in growth sectors such as mining – thanks to strategic investments, population growth and improved labour market resilience. In 2024 and beyond, productivity must be our priority.”
Meridian to host Business Accelerator Loan Program webinar, helping businesses access capital
Meridian Credit Union has partnered with Northern Ontario Angels to offer a free online information session on Friday February 8 exploring their new Business Accelerator Loan Program. Supported by the BDC, the loan program aims to enhance entrepreneurial diversity and improve access to financing for all business owners. Join this free session to learn more and ask questions.
Ontario to issue RFPs for Garden City Skyway twinning this spring
The Ontario government is on track to issue a request for proposals for the Garden City Skyway twinning project a year later than scheduled.
Tanya Blazina, spokesperson for the Ministry of Transportation, said in an email the RFP will be released “later this spring.”
“Once the new bridge is built, rehabilitation of the existing bridge will be done,” including a new deck replacement, said Blazina.
Construction on the multimillion-dollar project is expected to begin in early 2025.
Region poised to take ownership of St. Paul West train bridge in St. Catharines
Niagara Region’s public works committee is recommending a deal for the municipality to assume ownership of the St. Paul Street West CNR bridge once it’s reconstructed.
Councillors voted for the move Tuesday, with an eye on avoiding traffic snarls created by the current multi-year closure of the bridge, which had fallen into disrepair despite being a major thoroughfare in St. Catharines’ west end.
Region staff estimate the project will be complete sometime next year.
Niagara getting $280k in provincial funding to help manage old oil and gas wells
The Ontario government has announced $280,000 in funding to help manage old oil and gas wells in Niagara. The funding will be used to buy equipment to support emergency response and provide additional health and safety training to staff.
Niagara West MPP Sam Oosterhoff says there are several old and inactive oil and gas wells across Niagara, especially in the southern part of the Region, and the funding will help protect the local environment.
Canadian balance of trade enters deficit for first time since July
In December, Canada’s merchandise exports decreased 1.9%, while imports edged up 0.2%. As a result, Canada’s merchandise trade balance with the world went from a surplus of $1.1 billion in November to a deficit of $312 million in December, the first monthly trade deficit since July. The December deficit is close to the typical bounds for monthly revisions to imports and exports.
Did you know?
63% of the TSX’s market cap is in finance, mining, or energy.
Focus on Climate
Europe is planning huge emissions cuts by 2040. Here’s how it could work (or not)
The European Commission wants to dramatically slash greenhouse emissions by 2040, an ambitious target likely to become a political flashpoint in the year ahead and a source of inspiration for environmentalists in Canada.
In an announcement Tuesday, the EU’s executive branch proposed cutting economy-wide greenhouse gas emissions by 90 per cent from 1990 levels.
“The case for climate action is beyond doubt and requires planning now,” Wopke Hoekstra, the EU’s climate change commissioner, said in announcing the proposal.
“We’ve just lived through the hottest summer on record and we’ve seen for ourselves the devastation that climate change brings, sadly ever more in human lives.”
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
