Small business owners in Prince George and Northern BC are breathing easier following the new trade deal reached between the USA, Canada, and Mexico.
Confidence levels rose to just over 61 points this month, up nearly six points from September.
According to the Canadian Federation of Independent Business, the new deal removes a dark cloud that was hanging over the heads of business owners.
“The USMCA deal went through and that replace the NAFTA deal and without a trade deal, small businesses had this looming uncertainty over them whether they are impacted directly or indirectly ensuring a new trade deal was important to our members across BC,” said Muriel Protzer, Analyst.
However, there is an ugly side of the deal northern BC owners might have to face.
“We’re seeing greater competition from the US in gaining more access to the Canadian dairy market so we’re asking for a more detailed transition plan with adequate compensation.”
Protzer says the new lease on life for small business owners in the north has made them more inclined to make an extra hire or two.
“Full-time staffing intentions increased this month so business owners are expecting to have a little more desire to take on that additional employee so with that certainty and knowing that their business operations are going to be able to go forward, it gives them a little more flexibility to make those final decisions.”
BC is now mid-pack among the provinces behind Manitoba (62.2) and New Brunswick (62.3) and ahead of Nova Scotia (60.7) and Newfoundland and Labrador (53.8).
The top provinces for October are PEI (70.8), Quebec (66.2), and Ontario at 64.2.