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Greater Niagara Chamber of Commerce

Daily Update: June 19, 2023

Business Data Lab analyzes latest business conditions report, price of manufactured goods down 6.3% year-over-year, raw materials drop 18.4%, and more.

In this edition:

Business Data Lab analyzes latest business conditions report

“Concerns regarding inflation and input costs remain high,” said Business Data Lab Senior Director Patrick Gill in the institution’s latest report. “These are identified as the most significant business challenges in the upcoming quarter, with half of businesses anticipating an increase in operating expenses. Despite the slowdown in headline inflation, a notable share of businesses plan to raise their prices next quarter, contributing to an ongoing ‘pricing predicament.'”

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Price of manufactured goods down 6.3% year-over-year, raw materials drop 18.4%

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell 1.0% month over month in May and were 6.3% lower than May 2022. In May 2023, prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 4.9% on a monthly basis and fell 18.4% year over year.

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Canada invests $350 million in national sustainable aviation innovation network

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $350 million to support Canada’s new Initiative for Sustainable Aviation Technology (INSAT) aimed at accelerating the green industrial transformation of the aerospace industry.

This investment, via the Strategic Innovation Fund, will establish a pan-Canadian, industry-led aerospace network focused on funding collaborative research and development projects with companies of all sizes across the Canadian supply chain, from coast to coast to coast.

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New PPE, jobsite toilet rules take effect July 1

New Ontario regulations to upgrade toilet and washstand facilities at construction sites and require proper-fitting work clothing should not be overly onerous to comply with says one construction lawyer but they represent a major step for female empowerment says another advocate.

The revisions to the Construction Projects Regulation take effect July 1, prompting construction employers to seek legal advice and take steps to ensure compliance.

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Independent grocers criticize Ottawa’s deal to lower interchange fees

Four industry associations – the Canadian Federation of Independent Grocers (CFIG), Association des détaillants en alimentation du Québec (ADA), Retail Council of Canada (RCC) and Convenience Industry Council of Canada (CICC) – have joined together in a public affairs campaign criticizing the deal on interchange fees with Visa and Mastercard.

A letter signed by the presidents of CFIG, ADA, RCC and CICC was submitted this week to Liberal committee chair Peter Fonseca, expressing their disappointment at the low thresholds, which leave medium-sized businesses out in the cold.

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New transitional housing announced for Fort Erie

Today, Niagara Region in partnership with Niagara Regional Housing and Canada Mortgage and Housing Corporation announced more than $6 million toward new supportive housing for women and their children fleeing violence.

Federal and local contributions totalling $6,316,296 will go to build and operate an 18-unit transitional housing project on Crescent Road in Fort Erie.

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Electric vehicle supply company moving to Welland

A company that provides aluminum finishing for North America’s electric vehicle industry is moving into Welland’s River Road Industrial Park.

City council approved the sale of five hectares at 460 River Rd., on the south side of RY Tool & Die, last month to Marc Gauvin on behalf of a business to be incorporated.

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Did you know?

The first digital camera was invented by Eastman Kodak engineer Steve Sasson in 1975. It weighed 4 kilograms and recorded a black-and-white image on digital tape.  

Focus on Small Business

Avoid these 10 common writing mistakes to build your Twitter audience

Ask a 7-year-old what they want to be when they grow up and they will tell you. “YouTuber.” Being paid to create online sounds like great fun, but most people don’t make it big. For every 100 people that start showing up on YouTube, Twitter, Instagram, or LinkedIn, 90 will drop out before the first year is up. They’ll say it wasn’t for them and they’ll join another bandwagon, never committing and never seeing real success online.

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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.

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