Ontario Chamber of Commerce Prioritize Ontario’s Economy in the Federal Budget

Ontario Chamber of Commerce
Prioritize Ontario’s Economy in the Federal Budget:

Scugog Chamber of Commerce

Infrastructure investment will support economic growth, the small business tax cut requires clarity, and the fiscal gap must be closed

Port Perry, ON, March 17, 2016: Today, the Scugog Chamber of Commerce in partnership with the Ontario Chamber of Commerce (OCC) released its 2016 Federal Pre-Budget Submission, highlighting key priorities the federal government must address in its upcoming budget. This includes keeping its infrastructure commitments, clarifying the small business tax cut, and eliminating Ontario’s federal fiscal gap.
According to recent polling, half of the OCC membership agrees that their organization is suffering from a lack of public investment in infrastructure. Looking at all Ontarians, 81 percent agree that “Canada needs to invest more in infrastructure in order to grow our economy”. The Ontario Chamber Network is therefore calling on the federal government to address the province’s infrastructure deficits through targeted, trade-enabling investment in projects that help Ontario firms do business and grow the economy.
“Following through on infrastructure investments in Ontario should be the federal government’s top priority,” said Julie Curran. “The federal government has committed to investing in infrastructure and, in order for Ontario’s economy to thrive, the province needs to see the federal government’s commitments come to fruition in the near future. Funding streams into our important Agriculture sectors and basic infrastructure needs such as broadband, water and sewer to our commercial areas will assist Scugog with the growth to retain and attract new business in the future. “
Canada’s infrastructure needs are not just roads and transit. Half of OCC members surveyed say that internet speed or connectivity hinders their ability to do business. This is especially noteworthy, as 82 percent of Ontarians agree that high-speed Internet is critical to their work and/or way of life. Broadband access and quality is not just a rural or remote issue – suburban companies report similar issues with connectivity, and 30 percent of all businesses say that telecommunications is a critical infrastructure need in their region.
The Scugog Chamber of Commerce’s submission also calls on the federal government to work more closely with the Government of Ontario to address the current inequality in federal EI funding. As a result of these inequities, Ontarians contribute between $9.1 and $12.5 billion more than what they get back in terms of services. The federal government must correct this fiscal gap, as the current funding calculation places the province at an economic disadvantage.
The Chamber Network is also concerned about the federal deficit and debt levels.
“The OCC understands the importance of targeted specific investments in the province, however it is concerning to see the federal debt and deficits growing at such a rapid rate, “said O’Dette. “Running a large or long-term deficit is not something that is good for the federal or provincial economy.”
Regarding the proposed small business tax credit, the Scugog Chamber of Commerce believes it is imperative for the federal government to clarify its position before acting. The government may be overstating the extent to which wealthy individuals incorporate to receive better tax treatment. It is important that the government acts on the best available evidence as it implements a reduction to the small business tax rate.
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2016_Federal_Pre_Budget_Report

Learn more about the OCC.
OCC Media Contact:
Michelle Kelly
Senior Communications Advisor
Ontario Chamber of Commerce
E: michellekelly@occ.ca  T: 416-482-5222 x2410
**Results from a survey of OCC members, January 2016, n=853. Results from a survey of 1004 Ontarians conducted on behalf of the OCC by Leger, February 22-25, 2016. The margin of error for this sample is 3.1%, 19 times out of 20.**

Greater Toronto Area Leads Province in Economic Growth: Ontario Economic Update 2016

3218e028-8afd-44a9-beff-bbec51f8b7d9Greater Toronto Area Leads Province in Economic Growth: Ontario Economic Update 2016

Scugog, ON, Dec 09, 2015: The most wide-reaching provincial economic forecast of the year, the Ontario Economic Update 2016, was released today by the Ontario Chamber of Commerce and the Credit Unions of Ontario, with support from Scugog Chamber of Commerce. According to the data, the Toronto Economic Region underwent an economic resurgence in 2015 and will continue to perform strongly over the next two years.

The Toronto Economic Region, which spans from Clarington to Milton, is projected to create 79,000 net new jobs by the end of 2015, after stagnant job growth numbers in 2014. Similarly, the projected unemployment rate for 2015 is 7.3 percent, down from 8.0 percent in 2014. Meanwhile, the labour force is projected to grow by 1.6 percent in 2015.

Most employment growth in 2015 has been in three service industries: professional, scientific and technical; finance, insurance and real estate; and transportation and warehousing. Some sectors saw notable declines, including manufacturing and public administration. The analysis suggests, however, that the public administration sector will probably see some growth over the coming years given the new federal government’s agenda.

Looking ahead, job growth in the Toronto Economic Region is forecast at 1.7 percent in 2016 and 1.5 percent in 2017, while the unemployment rate will shrink to 6.7 percent by 2017. The high-profile Toronto housing market continues to be red hot. It led all Ontario regions with the largest average price increase of over nine percent in 2015. The average residential sales price in the Toronto Economic Region will rise to a projected $680,000 in 2016, up over $100,000 since 2014.

According to the province wide data, most areas of Ontario will enjoy improving economic conditions in the coming year. Growth will be driven in part by an uptick in exports, the result of a stronger U.S. economy and a low Canadian dollar. Government fiscal policy will also be a key driver, as federal and provincial infrastructure commitments will stimulate growth across a variety of sectors.

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Julie Curran, Chair , Scugog Chamber of Commerce: “ The forecasting for the future is looking brighter. With solid investment in infrastructure, especially in technology infrastructure our Municipalities and Province will be able to building a stronger future for our businesses and families to compete globally. Home grown job solutions are a key to our long term goals and strategies.”

Allan O’Dette, President & CEO of Ontario Chamber of Commerce: “Ontario businesses are helping Ontario emerge stronger from the downturn. However, our economy still faces significant challenges. In order to generate sustained economic growth, government must invest in infrastructure, close the skills gap, and ensure that input costs do not stifle investment or job creation.”

Helmut Pastrick, Chief Economist, Central 1 Credit Union: “Ontario and its regional economies will grow at a moderate but faster pace through 2017 aided by favourable external factors such as the low dollar and interest rates and an improving U.S. economy. Most regions will participate and contribute to Ontario’s improved economic prospects though differences exist among regions. Resource-based regions will be weighed down by poor metal markets.”

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Key Facts and Highlights:

●       Transportation and warehousing employment continues to be a key economic driver. Employment in the sector will be up almost 10 percent this year following an 11 percent drop last year. Despite recent variability, the longer term trend continues to rise.

●       The Toronto Economic Region leads all regions in average residential sale price increases, with 9.2 growth in 2015. The average residential sale price in the region is now $626,000. Toronto prices have pushed the growth in the provincial average residential sale price to 7.3 percent this year.

●       The Toronto Economic Region leads all regions in population growth, with projected population increases of 1.4 and 1.5 percent in 2016 and 2017. The region now accounts for nearly 47 percent of the provincial population.

Download the full economic outlook PDF below.

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OCC media contact information:

Rachel Strong

Senior Communications Advisor

e. rachelstrong@occ.ca

t. 416-482-5222 ext 2380

 

Regional Outlooks_Toronto Economic Region  PDF

 

 

Meet One of Our Newest Members!

Scugog BR+E Project

The Business Retention & Expansion Project was completed in November 2013.

Purpose to “Be Open for Business”
Lead: Economic Development Advisory Committee
Suggested partners: Township, Region, Chamber, BIA
Actions from the Project :
Complete the 2013 Scugog Business Retention and Expansion (BR+E) program to identify issues inhibiting/ opportunities for business growth and address concerns and opportunities where possible, and establish a smaller scale ongoing BR+E program to engage with local business

BR & E Attached Results Summary – PDF – 1385560804-Scogog BR+E 2013_reportPRES

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