• ACC Releases Third Annual Atlantic Insights Report

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    Friday, March 1, 2024

    THE MAJORITY OF BUSINESSES HAVE A POSITIVE OUTLOOK

    Organizations placing more emphasis on cost-consciousness
     
     
    WINDSOR, NS (February 28, 2024) – Atlantic Insights is a survey that explores how Atlantic Canadian businesses currently feel about the economy and the expected direction in the coming months. It explores critical challenges that businesses in the region are facing. A total of 151 surveys were completed, and 135 of those were completed by someone in a decision-making role within their organization.

    “Businesses are watching their costs, and we will be watching to see if the provincial and federal governments are doing the same in the upcoming budgets. We expect to see a reduction in red tape and cost to doing business in Atlantic Canada,” states CEO Rhonda Tulk-Lane.

    KEY FINDINGS
    Majority of businesses still have a positive outlook, and are making adjustments
    • Majority still maintain a positive perception of their operations and future state
    • Organizations placing more emphasis on cost-consciousness
    • As a result, many organizations are becoming more risk averse, deprioritizing less pressing or optional initiatives, and juggling rising human resources expenses
    • Most organizations note that they are currently in at least acceptable shape, and only a small minority indicate being in poor shape
    • Although most expect to grow their organization in the next five years, it is to a lesser extent than in the past
    Businesses less optimistic compared to last year
    • Costs are a major and growing concern, making growth more challenging
    • There was a notable decline in confidence in the region’s economy
    Operational factors are worsening
    • Vast majority say cost of doing business and cost of labor are worsening
    • Over half say access to skilled labour, availability of qualified workers, and cost and availability of technology are becoming more challenging - and note that it’s worse than in previous years as costs continue to rise
    • Recruiting and retaining employees is still a challenge, but consistent with the year prior
    The Atlantic Chamber of Commerce is concerned with the worsening economic and organizational trends across Atlantic Canada. The cost of doing business and challenges within the labour market are directly influenced by government and can be alleviated through strategic investments and policies.

    Read the full 2023-2024 Atlantic Insights report.

    The Atlantic Insights report is made possible by our partners Narrative Research and support from the Atlantic Canada Opportunities Agency.

    About the Atlantic Chamber of Commerce
    The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses through its network of 90 Chambers of Commerce and Boards of Trade and corporate partners in the four Atlantic Provinces. The survey was designed and administered by the Atlantic Chamber of Commerce, while data coding, tabulation, analysis, and reporting was conducted by Narrative Research.
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  • Business Truth & Reconciliation Business Truth & Reconciliation

    The Atlantic Chamber of Commerce is taking proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework. This entails a commitment to meaningful consultation, fostering respectful relationships, and obtaining the free, prior, and informed consent of Indigenous peoples before embarking on economic projects. Moreover, the Chamber advocates for equitable access to employment, training, and educational opportunities for Indigenous communities, ensuring they reap sustainable benefits from economic development initiatives.

     

    Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.

    Learn more click here