B.C. entrepreneurs won’t be shy when it comes to investing in 2016.
The West Coast province and the territories are expected to boost investments 14% this year, according to a January 28 survey from the Business Development Bank of Canada (BDC).
That’s the largest increase across all regions in Canada, followed by 2% in Ontario. Owners of small and medium businesses (SMBs) in Alberta, meanwhile, plan to cut back on investments by 27%.
“When the survey was taken, British Columbia was reporting the highest rate of economic growth in Canada, while the Alberta economy was suffering the repercussions of a generalized slump in oil prices around the world,” the report said.
“These results clearly show the likelihood of a correlation between investment intentions and the economic climate, since the decision to invest is first and foremost a matter of confidence on the part of executives of small businesses.”
Earlier this week, economists at TD forecast B.C.’s economy would continue to lead the pack among all provinces in Canada in 2016, growing 2.5%. Ontario’s economy is expected to expand 2.2%, while oil-rich Alberta is expected to shrink 0.3%.
In terms of sheer dollars, Ontario is still expected to outdo B.C. as SMBs in that Central Canadian province are expected to make investments of $44 billion this year.
B.C. entrepreneurs are expected to pump in $33 billion, followed by Quebec at $12 billion.
