Ontario businesses confident province will grow

Ontario business owners are positive about the province’s financial growth for 2013, with 30% expecting the local economy to improve, says a recent BMO poll.

Meanwhile, BMO Economics predicts Ontario’s GDP to grow by 1.5% this year. “The best news is arguably the firming U.S. economic recovery and better consumer spending trends south of the border,” says Robert Kavcic, BMO Capital Markets senior economist. “While auto production has cooled in recent months, North American sales trends remain firm, and auto producers continue to invest in Canada despite a strong currency.”

Read: U.S. consumer confidence hits 5-year high

Confidence in the economy is good news for students as well since 24% of Ontario businesses aim to hire more people this year. More than half of companies expect to bring a student or recent graduate on board as an intern or full-time employee.

The poll also showed 23% of employers see the largely populated market as the main competitive advantage of doing business in Ontario. About 7% of business owners cited an understanding of where they live as a benefit, while 3% say marketing to clients within their home province is an asset.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.