In this edition:
- Chair Bradley delivers State of the Region address
- City of Niagara Falls 2024 Development Charges Background Study released to the public
- New Canadian Chamber report reveals businesses are proceeding with caution as economic confidence edges up
- Economy posts 0.6% growth in January, led by service sector
- Number of unfilled jobs continues slow but steady decline
- BuildForce hikes construction workforce need estimates
- Business leaders say housing biggest risk to economy: KPMG survey
- Focus on Human Resources
Chair Bradley delivers State of the Region address
The State of the Region event with Chair Bradley, powered by PenFinancial Credit Union, is a gathering of local business leaders, community members, and elected officials to discuss the current state and future prospects of the region. Chair Bradley presents a comprehensive overview of the current economic conditions, as well as key initiatives and projects underway to support growth and development.
Click here to view the video of the event.
City of Niagara Falls 2024 Development Charges Background Study released to the public
The City of Niagara Falls has released its 2024 Development Charges Background Study. The City engaged Hemson Consulting Ltd. to update the study, and the proposed Development Charges By-law(s) will follow prior to the public meeting scheduled for April 30, 2024.
Development Charges (DCs) are a tool available for municipalities to recover the cost of projects required to meet the increased need for services from growth and development, and are governed by the Development Charges Act, 1997 (DCA).
New Canadian Chamber report reveals businesses are proceeding with caution as economic confidence edges up
Canadian businesses are stuck in a cautious near-term holding pattern according to the Canadian Chamber of Commerce’s new Business Expectations Index (BEI). The BEI finds that business sentiment in Canada remains weak in the first quarter of 2024 (at 99.1), despite improving from the previous quarter (93.9). For this indicator, an index score of 100 is the threshold that separates improving sentiment (scores above 100) from deteriorating sentiment (scores below 100).
The business outlook in Canada is currently being dragged down by Ontario (96.8) and British Columbia (98.0) but is notably stronger in Atlantic Canada (102.6) and Quebec (102.5). At the local level, business sentiment is weakest in major Southwestern Ontario cities (including London, Toronto and Hamilton) and Vancouver.
Economy posts 0.6% growth in January, led by service sector
Real gross domestic product (GDP) grew 0.6% in January. Services-producing industries increased 0.7% in January. Goods-producing industries were up 0.2% in January 2024 with the utilities and manufacturing sectors rebounding from declines in the previous month. The educational services sector (+6.0%) was the largest contributor to growth in January as activity rebounded from the declines recorded in November and December that resulted from the public sector workers’ strikes in Quebec.
The manufacturing sector fully recouped December’s decline with a 0.9% increase in January, while a sudden drop in temperatures mid-January in parts of the country contributed to increased activity in the utilities sector (+3.2%), posting its largest growth rate since January 2022.
Number of unfilled jobs continues slow but steady decline
There were 632,100 job vacancies across all sectors in January, little changed from December, but down 34,800 (-5.2%) from November, Statistics Canada reported today. On a year-over-year basis, vacancies were down by 226,700 (-26.4%) in January.
Job vacancies declined in three sectors in January: transport and warehousing (-16,300; -38.5%), manufacturing (-4,300; -10.2%), and wholesale trade (-3,900; -14.8%). These declines were offset by increases in retail trade (+6,700; +11.3%), professional, scientific and technical services (+5,000; +13.3%), finance and insurance (+3,500; +17.8%), and arts, entertainment and recreation (+2,300; +24.1%). The remaining 13 sectors were little changed.
BuildForce hikes construction workforce need estimates
BuildForce Canada has hiked its estimate of national construction workforce needs significantly over the next decade after sizing up the next 10 years of projected sustained growth in the sector.
BuildForce executive director Bill Ferreira says the new workforce estimates are prompted by project demand that looks to fire on all cylinders through 2033.
“Demand keeps growing. And we’ve been seeing heightened demands, as opposed to plateauing,” said Ferreira recently. “Every year that we look at this, the demand for construction services seems to be rising.”
Business leaders say housing biggest risk to economy: KPMG survey
Business leaders see the housing crisis as the biggest risk to the economy, a new survey from KPMG Canada shows.
It found 94 per cent of respondents agreed that high housing costs and a lack of supply are the top risk, and that housing should be a main focus in the upcoming federal budget. The survey questioned 534 businesses.
Housing issues are forcing businesses to boost pay to better attract talent and budget for higher labour costs, agreed 87 per cent of respondents.
Did you know?
Focus on Human Resources
Visitor management plays big role in workplace violence prevention strategies
At any organization, creating a safe work environment needs to be a top priority. Workplace violence can happen at any time, so organizations need to be prepared to identify potential threats and intervene before issues escalate.
When workers are threatened, so are operations, so the more precautions and responsive measures an organization can take, the more they can minimize the impact of violent events. This is often easier said than done, but with the right tools in place, organizations can begin to mitigate and in some cases prevent workplace violence.
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.
