Small business confidence in BC surged back up to 65.5 in October.
That’s an increase of 2.2 points and BC Economist with the Canadian Federation of Independent Business, Aaron Aerts says it’s recovered nicely from its summer swoon.
“After three months of declines, BC has had a good rebound this month and small businesses are feeling a lot more confident as it went up to over 65 which is where we like it.”
Aerts believes all the talk surrounding a $15 an hour minimum wage may have been responsible for the 6 point drop. “It’s a huge issue for our small business members in BC having that wage increase would skyrocket their labour costs and it would definitely make their hiring intentions and growth a lot less confident.”
The October confidence jump should stick around but the CFIB will be paying close attention to two major events.
“It’s at a healthy level now and I don’t think there is a lot of reason for it to sag but it depends on the BC election and even the US election.”
The new rating now puts BC tied for 2nd as the most optimistic entrepreneur’s in Canada with Nova Scotia and only trailing PEI.
In October, 17% of small businesses in the province plan to increase full-time staff in the next three months.
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