Business confidence in the Tech and Construction industries grew to 11.4 and 4 points respectively, according to the 2018 Ottawa Business Growth Survey.
Despite a slight drop of the overall index to 122 points from 125 points from May last year, the findings reflect the booming tech sector in Ottawa, which is rapidly establishing itself as a leading hub for leadership in Artificial Intelligence, Autonomous Vehicles and other innovative technologies. Meanwhile, the construction industry is buoyed with new developments, including the Phase 2 of Ottawa Light Rail that is scheduled for construction in 2019.
With the growth in these sectors, the demand for talent in these two industries remains high, 69% of respondents from the Tech sector plan to hire, and 47% from the Construction sector. Other sectors such as Consulting, Hospitality and Retail also have high hiring intentions, based on survey results.
The survey also identified the concerns of local business leaders with 72% of overall businesses citing the challenge of attracting customers, followed by 63% who struggle with finding skilled talent.
“It’s evident from the survey results that Ottawa is fast establishing itself as a leader in innovation” said Ian Faris, President and CEO, Ottawa Chamber of Commerce. “These signs of growth are everywhere, and we are establishing our mark. There has never been a better time than now to live, work, play, study, visit and invest in Ottawa”.
“We are delighted to play a part in this survey,” says Michael Curran, publisher of Ottawa Business Journal. “It’s the only economic survey of its kind and it plays an important role of consolidating the growth rate, barriers to success and viewpoints of local business leader.”
The Ottawa Business Growth Survey is the most in-depth study of the local economy with more than 1,000 businesses from multiple sectors and business sizes participating in the survey commissioned by the Ottawa Chamber of Commerce and Welch LLP and conducted by Abacus Data. Other partners include Ottawa Business Journal, Momentum Business Law, the Ottawa Senators and RBC Royal Bank.
View the full survey results at: www.OttawaBusinessSurveyReport.ca