For Immediate Release
August 13, 2015
Press Release
Waterloo Region Business Community Concerned with Economy but Look for the Silver Lining
Kitchener, ON – The Greater Kitchener Waterloo Chamber of Commerce recently surveyed its membership on a number of key issues and found that 66% of respondents are “concerned” or “very concerned” about the direction of the Canadian economy because of uncertainty in Canada’s oil sector, and the continuing fall of the Canadian dollar.
Of those surveyed, 30% see Infrastructure as a key priority for expanding the local economy, while Debt Reduction and Taxation Levels round out the list.
Key Findings:
The Chamber View:
The Waterloo Region business community is not immune to global economic challenges and they are concerned with the impact it has on the direction of the Canadian economy.. The priorities for Chamber members heading into the fall federal election include continued government investment in infrastructure, debt reduction, and lowering taxes.
“With 21% of our members in some way tied to the weakened Alberta economy, our members are concerned with the impact of falling oil prices and the falling Canadian dollar.,” said Ian McLean, President & CEO of the Greater KW Chamber of Commerce. “The polls indicate a tight 3 way race in the October federal election and that naturally creates additional uncertainty for business.”
“A reassuring fact is that Waterloo Region continues to have an unemployment rate more than a percentage point lower than the national average and we are home to a diverse and vibrant business community that will enable our community to weather the slowing national economic numbers,” McLean added.
“What this survey also reveals is that businesses in our Region see infrastructure investment as a key priority for any government elected this fall and keeping taxes low and debt reduction is a necessity in order to maintain a strong national economy. As a Chamber we will push the new government on these priorities.”
Even as Canada’s energy and resource sector declines, Waterloo Region businesses are clearly focused on growth wherever possible whether it’s through important infrastructure projects or exporting to new markets overseas. The Chamber of Commerce will continue to advocate for programs and initiatives at every level of government that will help our members reach new markets and customers in order to grow and prosper for years to come.
With over 1800 members, the Greater Kitchener Waterloo Chamber of Commerce is the largest accredited chamber of commerce in Ontario. The Chamber is dedicated to enterprise productivity and regional prosperity. Since 1886, it has been the voice of business in Greater Kitchener Waterloo.
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For further information contact:
David Tubbs
Marketing & Communications Lead
Greater Kitchener Waterloo Chamber of Commerce
519.749.6053
Ian McLean
President & CEO
Greater Kitchener Waterloo Chamber of Commerce
519.749.6038
