MNP Business Leaders Survey Terrace 2016 Presented in partnership by: Presented by: Date:
Introduction • Modelled after similar surveys conducted by MNP across Canada. • Short pulse survey designed to provide an economic snapshot of the local business community and opinions on key local issues. • Developed in partnership with the Terrace & District Chamber of Commerce. • Goal is to generate baseline information so we can work together to improve the local business climate and help local businesses succeed. Page 2
Methodology Page 3
Methodology • The survey was conducted by a third-party market research firm, PRA Inc. under the guidance of MNP and the Terrace & District Chamber of Commerce. • In total, 1,333 businesses were contacted , 457 were reached and 200 completed the survey . • Respondents included: business owners, CEOs, presidents, executive directors and designated senior corporate officers from businesses across all industry sectors in Terrace and the surrounding area. • Telephone interviews were conducted between Sept 15-29, 2016 . Page 4
Methodology • Of the 200 respondents, 107 were Chamber members and 93 were from other businesses in Terrace the surrounding area. • 44% of the businesses we spoke to participated in the survey, which is a very high response rate. • The full results presentation will be posted on the Terrace & District Chamber of Commerce and MNP Terrace websites. Page 5
Profile of Survey Participants Where is your business located? City of Terrace 80.0% Thornhill 15.5% Other 4.5% Page 6
Respondents by Industry Agriculture, forestry, fishing, and hunting 4.0% Mining, quarrying, and oil and gas extraction 5.0% Utilities 1.0% Construction 6.5% Manufacturing 2.0% Wholesale trade 2.0% Retail trade 21.5% Transportation and warehousing 6.5% Information and cultural industries 1.5% Finance and insurance 8.0% Real estate and rental and leasing 2.5% Professional, scientific, and technical services 10.0% Administrative and support, waste… 2.5% Educational services 2.5% Health care and social assistance 4.0% Arts, entertainment, and recreation 2.5% Accommodation and food services 5.5% Other services (except public administration) 10.5% Public administration 1.0% Unclassified 7.5% Page 7
Profile of Survey Participants How many years has your company been in business? 11 to 25 yrs 27.0% 4 to 10 yrs 15.5% 26 to 49 yrs 28.0% 3 yrs or less 4.5% Don't know / no response 6.0% 50 yrs or more 19.0% Page 8
Respondents by Number of Employees 39.0% 31.5% 11.0% 8.0% 6.5% 3.5% 0.5% Self-Employed 1 to 5 6 to 14 15 to 25 26 to 50 Over 50 Don't know / no response Page 9
Results Page 10
Business Performance - Financial Compared to 12 months ago, how would you describe the financial performance of your company today? Worse 31.5% Same Don't know / no 33.5% response 6.0% Better 29.0% Page 11
Business Performance - Employment In the past 12 months, has the number of people you employ increased, decreased or remained the same? Don't know / no response 2.5% Remained the same 53.0% Increased 22.0% Decreased 22.5% Page 12
Business Performance - Capital In the past 12 months, would you say capital investments into your business have increased, decreased or remained the same? Don't know / no response 11.0% Stayed the same 60.0% Increased 19.5% Decreased 9.5% Page 13
Business Challenges - Limitations Is your business limited by: Uncertainty about local economic conditions 73.0% Lack of skilled labour 40.5% Transportation / shipping costs 36.5% Provincial government regulation /approvals 33.5% Federal government regulation / approvals 33.5% Local government regulation / approvals 31.5% Property Taxes 29.0% Image of the community 28.5% 20.0% 40.0% 60.0% 80.0% Page 14
Business Challenges - Greatest What is the greatest challenge facing your company in the next 12 months? (Top Responses) Lack of industry / job creation / progress of 21.0% major projects Hiring and/or retaining good staff / skills 16.5% shortage Uncertain economic climate / stability 10.5% Maintaining client base / revenue / sales / profits 10.0% Growing the company (market share / sales / 6.5% profits) Access to capital / financing / funding 6.0% .0% 5.0% 10.0% 15.0% 20.0% 25.0% Page 15
Business Challenges - Succession Does your company have a succession plan? Yes 49.0% No 44.5% Don't know / no response 6.5% Page 16
Attitude on Government Performance Would you say the Federal Government has been doing a poor job, only a fair job, a good job or an excellent job in terms of creating a good climate for business? 50.0% 46.0% 40.0% 30.0% 23.5% 17.5% 20.0% 8.0% 10.0% 4.0% 1.0% 0.0% Poor Fair Good Excellent Don't know / Too early to no response tell Page 17
Attitude on Government Performance Would you say the Provincial Government has been doing a poor job, only a fair job, a good job or an excellent job in terms of creating a good climate for business? 48.0% 50.0% 40.0% 30.0% 27.5% 20.0% 14.0% 10.0% 6.0% 4.5% 0.0% Poor Fair Good Excellent Don't know / no response Page 18
Attitude on Government Performance Would you say the Local Government has been doing a poor job, only a fair job, a good job or an excellent job in terms of creating a good climate for business? 50.0% 42.0% 40.0% 33.0% 30.0% 20.0% 14.0% 10.0% 6.0% 5.0% 0.0% Poor Fair Good Excellent Don't know / no response Page 19
Local Government Feedback What is the one thing you would tell the local government they should do to improve the business climate in Terrace? (Top 5) Nothing / continue as they are 20.5% Encourage new investments / industries / 15.0% business development Reduce red tape / streamline permitting, 10.5% zoning and approval processes Lower property taxes / tax breaks 6.0% Improve / clean up downtown (streets, 5.5% safety, homelessness) .0% 5.0% 10.0% 15.0% 20.0% 25.0% Page 20
Local Government Feedback From a business perspective, which of the following governance options do you generally support the most? 12% Thornhill becomes its own municipality 7% Thornhill and the City of Terrace join together Stay the same as now 62% 19% Don't know / no response Page 21
Economic Successes What are three of the best economic successes or initiatives that have occurred in Terrace and the surrounding area (Top Responses) Rio Tinto Kitimat Modernization Project 21.0% LNG Developments / Plans 16.0% Nothing 15.0% Northwest Transmission Line 12.5% Northwest Regional Airport Expansion / 10.5% Land Development Port of Prince Rupert / Fairview Container 8.5% Terminal Expansion New Hotels / Restaurants 7.0% .0% 5.0% 10.0% 15.0% 20.0% 25.0% Page 22
Economic Development Priorities From a business perspective, what would you advise should be the top priorities for economic development in Terrace? Supporting industrial development 15.0% Retaining existing businesses 14.5% Improving local infrastructure and/or business 13.0% services Attracting businesses to relocate to Terrace / 12.0% create employment Promoting / encouraging the LNG sector and 11.0% pipeline projects Encouraging new startups and entrepreneurs / 6.0% small and medium size .0% 4.0% 8.0% 12.0% 16.0% Page 23
Business Outlook - Financial Thinking about 12 months from now, financially do you expect your company to be performing better, about the same, or worse? Same 45.5% Better 41.5% Worse 5.5% Don't know / no response 7.5% Page 24
Business Outlook - Employment Thinking about 12 months from now, do you expect the number of people employed by your business to increase, decrease or remain the same? Don't know / no response 2.0% Remain the same Increase 62.0% 25.0% Decrease 11.0% Page 25
Business Outlook - Capital In the next 3 years, would you expect your capital investment into your business to increase, decrease or remain the same? Decrease 6.5% Stay the same 40.0% Increase 40.5% Don't know / it depends / no response 13.0% Page 26
Summary Terrace business community is cautiously optimistic • 73% of businesses expressed uncertainty about local economic conditions but… most businesses are still cautiously optimistic. • Key business challenges for 2017 – Lack of industrial development / approval of major projects. – Staff recruitment/retention and skills shortage. • Feedback to local government: – Generally positive but always room for improvement. – Streamline permitting, zoning and approval processes. • Strong emphasis on the need to support industrial development and diversification. Page 27
For More Information Peter van Dongen Erika Magnuson-Ford Regional Marketing Manager Executive Director Vancouver Island & Northern BC Terrace & District Chamber of Commerce MNP LLP P: 250.635.2063 P: 250.734.4321 E: executivedirector@terracechamber.com peter.vandongen@mnp.ca Page 28
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