A study conducted by the Ontario government in the lead-up to the province’s recent election says it is important for businesses to have the confidence of the public to assess their plans.
The BDA study was released in June and is being made available to businesses across the province.
“There is a real need to understand the business climate, how it is changing, and how it will evolve,” said Erin Loughlin, the minister responsible for Ontario’s economy.
“We need to be aware of the fact that this is an evolving environment and the pace of change is quite fast.”
Loughlin said the government will continue to support business through the BDA process.
“This is not a new issue.
This has been around for years,” she said.
The study found that businesses will see an increase in their business growth in the coming years.
“The average increase for Ontario businesses over the next five years is an average of 2.5 per cent,” it said.
“However, there is some variation across the provinces.
For example, in Quebec the average increase is about 3.6 per cent, while in Ontario, it is about 1.4 per cent.”
The study says the most common types of business are those that provide services or are owned by large organizations.
“Businesses that are in the food and beverage sector have the highest average increase over the 10-year period,” it states.
“Those that are located in manufacturing, construction and transportation are also well represented in the increases.”
These types of businesses have a higher rate of growth than those that are more service-oriented, such as the service sector and professional and scientific services.
“The BDO study found businesses in the automotive sector and health care were most impacted by the economic downturn.”
In Ontario, the number of businesses that are being affected by the recession is up 10.9 per cent over the previous 10 years.
The number of business that are also experiencing a significant reduction in their workforce is down 13.4,” it stated.
The report also found the number and types of jobs being created in the province has declined over the past decade.”
Over the past five years, the share of businesses operating in Ontario decreased by 10.1 per cent and the share that are still in business is down 15.1 percent,” it reported.”
Ontario has the second-highest number of manufacturing and construction companies in Canada, the highest percentage of manufacturing jobs in the country, and the second lowest percentage of service-based jobs in Canada.