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Businesses optimistic about local economy

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Business leaders in Surrey are confident they are heading out of the economic downturn, according to the results of the Surrey Business Leaders’ Survey. The survey results were released by Meyers Norris Penny LLP (MNP) Chartered Accountants and the Surrey Board of Trade (SBoT).

In early January, MNP and Surrey Board of Trade surveyed 307 businesses in Surrey to determine how confident they were about the future of their businesses. According to respondents, 59 per cent of businesses expected to be doing better financially in the next 12 months, while only four per cent expected to do worse financially.

You can see the survey results here.


“There were several interesting statistics that resulted from the Business Leaders’ Survey,” said James Stewart, President, Surrey Board of Trade. “Most notably, business confidence was fairly high amongst Surrey business leaders.”

Business leaders also indicated their biggest challenges in the current Surrey economy. “Economic uncertainty, labour shortages and access to customers are all major challenges identified by Surrey business leaders,” said Mackenzie Kyle, Regional Managing Partner, MNP.

In the past year, more than half of the businesses surveyed have not had difficulties finding qualified new employees with relevant skills. However, several businesses noted that filling skilled labour and trades positions was not an easy task.

Surrey business leaders were also asked their opinions on Government involvement. According to 35 per cent of the business leaders surveyed, they believe the provincial government’s economic development efforts are helping to grow the B.C. economy. While 37 per cent of respondents indicating that the City of Surrey’s business climate is competitive with other cities, business leaders also indicated that the provincial government should look at lowering taxes to ensure we keep our competitive edge and help improve the business climate. 

The survey also indicated that while 30 per cent of the companies are going to be facing succession issues in the next five years, approximately 60 per cent of businesses indicated they do have a succession plan in place.

Kyle added that the results of this survey will benefit private businesses and government because it identifies issues of the business and economic climate from a local perspective.

“We look forward to continuing this survey again in the future, which will allow us to identify developing trends in the Surrey business community,” said Kyle. “By understanding the business community’s needs, we can all work together to ensure our communities remain economically viable.”

The 2010 Surrey Business Leaders’ Survey was a pilot project, conducted by PRA Inc. Research and Consulting on behalf of the Surrey Board of Trade and MNP.

To watch a video of the presentation, click here
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Surrey Board of Trade