Canada’s industrial sector is optimistic about economic growth for 2014 according to results from a year-end survey by Canadian Manufacturers & Exporters (CME) in conjunction with BDO LLP.
A significant percentage of respondents plan to increase the size of their workforce, invest in new machinery and equipment and expect sales to outpace those in 2013.
“We are already seeing the impact of a lower Loonie,” explains Jayson Myers, president and CEO of CME. “Business looks to invest in equipment, hire new staff and increase sales, overall I have to say the outlook is good for 2014.”
1. 63% of companies expect to hire new employees
2. 72% plan to invest in new machinery and equipment
3. 71% expect sales to outpace 2013 levels
4. 70% are optimistic about their overall business performance in 2014
But there are a few risks on the horizon for Canadian companies. Lack of skilled labour poses the major challenge for the nation’s industrial heartland while companies are also worried about the volatility of the Loonie and the outcome on the decision to move forward with much-needed pipelines.
The survey consisted of 328 respondents and was conducted between December 23 and 28, 2013.