BC’s Small business optimism dropped three and a half points in August and now sits at just over 63%.
The Canadian Federation of Independent Business (CFIB) records these percentages, which show the number of entrepreneurs who are confident their business will grow in the next year.
Over the summer, Regional VP Richard Truscott says BC’s numbers have dropped seven points.
“We have seen the federal tax changes and of course at the provincial level there’s a long list of policy issues that are concerning small businesses like increasing the carbon tax potentially, the $15 minimum wage and changes to labour laws – there’s a lot of things that are on the mind of small businesses.”
He adds when small business hurts, the entire province hurts. “Small businesses are the backbone of our communities and the economy and anytime they are struggling that is going to have an impact on the average person.”
The nationwide optimism rate is just shy of 60%.
The CFIB reports anything between 65 and 75 per cent shows the economy is growing at its potential.