Thunder Bay Ventures presents the 2021 Business Confidence Index

THUNDER BAY – Business are optimistic about the future, according to this year's Business Confidence Index.

Thunder Bay Business Ventures has completed its biennial Business Confidence Index for this year and presented its findings on Wednesday,

Overall, 54 per cent of businesses have experienced stable revenues since the start of the pandemic and 63 per cent of businesses have experienced improved or stable economic well-being since the start of the pandemic and businesses are looking positively to the future.

The purpose of the BCI is to obtain insights from local business owners and executives into current and anticipated economic business conditions, capital purchase and hiring intentions, and other top of mind business issues

“The research objective that we established when we defined the BCI a few years ago in 2017 was basically to have a snapshot of how the businesses in Thunder Bay perceive the economic conditions in the area and how those conditions affect their own business activities,” said Dr.Claudio Pousa,

“So basically, sitting in every odd year, 2017, 2019, 2021, we ask general questions about the state of the economy, how the last couple of years affected their business, what are their perspectives for the next couple of years.”

This BCI is derived from a series of nine scale questions which were included in the survey:

1. Thunder Bay and Area’s economy is stable / moving in a positive direction;
2. In the next 12 months, my company’s revenue will be stable or increase;
3. Compared with the start of the pandemic, my company’s revenue was stable or increased;
4. In the next 12 months, my company’s capital expenditures will remain unchanged or increase;
5. The economic well-being of my company will be stable/better in the next 12 months;
6. My company’s economic well-being is stable / better than it was 12 months ago;
7. Over the next 12 months, the Thunder Bay and Area economy will be stable / better;
8. Compared with 12 months ago, the overall state of the Thunder Bay and Area economy is stable or better; and
9. I am confident in the Thunder Bay and Area’s economic future.

Beyond the broad economic conditions, the BCI also explores local businesses' opinions regarding:

• Actions taken by local businesses to respond to current economic conditions in the Thunder Bay Area;
• The impacts of the COVID-19 on local businesses, including the major challenges they faced;
• Strategies employed by local businesses to grow organically;
• The impact of Federal, Provincial and Municipal government policies on business activities; and
• The top issues facing local business

For more information and to view the Business Confidence Index 2021, visit this website