FOR IMMEDIATE RELEASE — January 11, 2024: Almost four out of five (78%) business leaders indicated that inflation has had a moderate to significant impact on their organization over the past year according to the results of the 6th Annual Manitoba Business Outlook Survey.
In addition, the Manitoba Business Outlook Survey (MBOS) commissioned by the Manitoba Chambers of Commerce (MCC) and conducted by Leger between November 15 to December 1, 2023, revealed that 71% of Manitoba business leaders expect inflation to be the biggest barrier to growth for their organization moving forward.
“It’s clear that businesses have not been immune from inflationary pressures,” said Manitoba Chambers of Commerce President and CEO Chuck Davidson. “In fact, they have been forced to take a variety of measures in an effort to deal with increased costs.”
According to the MBOS one out of every two businesses has reduced profit margins (48%), raised prices (48%), or reduced internal costs (47%) to combat the impact inflation has had on their operations.
Davidson added that business optimism is up slightly from last year 74% to 79% – back to where we typically saw numbers pre-pandemic. However, only 48% of business leaders believe we have a competitive business climate with other provinces. There is a notable difference in the size of businesses that have a positive view of Manitoba’s business climate, with 69% of large businesses feeling the province is competitive, with only 35% of small businesses in agreement.
To make Manitoba more competitive 58% of respondents suggested the government reduce business taxes and 51% suggested providing training incentives to grow skilled workforce.
“When it comes to accessing skilled labour, we have yet to move the dial as only 25% of business leaders indicated the situation is improving (24% in 2022), while 47% responded that the situation is worsening.” said Davidson. “Nearly half (44%) of large employers were having difficulty finding skilled employees while 30% of small and medium sized businesses were having difficulty finding sales and customer service employees.”
The Manitoba Business Outlook Survey was delivered in conjunction with survey partner Leger, and supported by CPHR Manitoba, the Rural Manitoba Economic Development Corporation (RMED), and Digital Manitoba Initiative. To view the entire survey results, please click here.
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About the Manitoba Chambers of Commerce: Since 1931, the Manitoba Chambers of Commerce has served as the umbrella association for Manitoba’s action-oriented chamber movement. Today, with 64 local Chambers of Commerce across the province and hundreds of direct corporate members, our network comprises almost 10,000 organizations of all sizes and across all sectors. As the “Voice of Business in Manitoba,” the Chamber advocates for sustainable economic development, entrepreneurial success, vibrant communities, and a strong future.
Media Contact:
Clara Buelow
Director of Marketing and Communications
The Manitoba Chambers of Commerce
e: [email protected] | p: 204-290-2903
