Accountants express growing fears over U.S. economy: CICA

Canada’s chartered accountants (CAs) are feeling increasing anxiety about the U.S. economy as we head into 2013, according to the latest CICA Business Monitor, a ...

Canada’s chartered accountants (CAs) are feeling increasing anxiety about the U.S. economy as we head into 2013, according to the latest CICA Business Monitor, a quarterly publication put out by the Canadian Institute of Chartered Accountants.

More than half of all executive CAs surveyed, 55%, feel that the state of the economy south of the border represents the biggest challenge to Canadian economic growth. This is a sharp increase when compared with the survey results from the previous quarter, which found 40% of respondents had similar concerns.

“With our close ties to the U.S. economy, it only makes sense that there is a lot of focus stateside,” said Kevin Dancey, president and CEO of the CICA. “The fall of 2012 has featured lots of uncertainty in the United States with a presidential election and the looming fiscal cliff.

“Until a clearer picture emerges, the ‘wait and see’ approach by Canadian executive CAs will likely continue.”

The survey found that 56% of respondents felt neutral about the prospects for the Canadian economy over the next year, and 31% felt optimistic, compared with 34% the previous quarter.

Other survey findings include:

  • 56% of CAs are feeling increasing optimism about their own businesses, compared with 50% the previous quarter;
  • 67% of respondents expect their revenues to increase in the next year;
  • 65% expect an increase in profits in 2013; and
  • 38% expect the number of employees in their businesses to increase in the next year, compared with 46% in the previous quarter.

ecrawford@biv.com

@EmmaCrawfordBIV

comments powered by Disqus

More from Economy

‘Do something daring,’ says serial entrepreneur

Profile of John DeHart, founder, Nurse Next Door and Live Well

Read Article

Manufacturing a B.C. bright spot

Read Article

Revenue up for most Crown corporations in B.C.

Read Article

Insider trading: September 27, 2016

The following is a list of stock trades made by corporate executives, directors and other company insiders of B.C.’s public companies filed in the week  ...

Read Article

Businesses need to be more ‘courageous’ to stimulate economy: Deloitte

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×