A recent survey indicates central Alberta business owners are frustrated with the economy, taxes and regulations.
The Red Deer and District Chamber of Commerce launched the survey on Sept. 6, asking about the state of business conditions in the region. Respondents were also asked about how their business is affected by government policy, crime and the economy.
“These results strongly verify what we’ve suspected and heard anecdotally from the business community,” said Rick More, chamber CEO.
“While the economy is clearly the largest impediment to business growth, the City of Red Deer must remain focused on allowing our businesses to be competitive and grow.
“We’ll continue to work with council and the city manager on solutions that allow the city to utilize the levers it has available to alleviate the financial and regulatory strain affecting the success of our business community and our ability to retain and attract new businesses.”
The state of the economy was identified as having the largest impact on businesses growth followed closely by red tape and regulations, taxation and crime.
Seventy-four per cent of respondents said business conditions in Red Deer have gotten worse compared to one year ago. Fifteen per cent are expecting business conditions to improve, 35 per cent expecting them to remain about the same and 40 per cent think they’ll get worse.
Over the next 12 months, 21 per cent of respondents said they expect their own business to grow, 58 per cent think it’ll stay about the same and 20 per cent think their business will contract.
The results demonstrated frustrations with the cost and regulatory burden of doing business. Sixty-nine per cent say businesses outside the city have a competitive advantage due to less regulatory burden and red tape – 26 per cent say business permits are approved by the city in a timely fashion.
On the topic of budgeting and taxation, 26 per cent felt businesses within the city get good value for the property taxes they pay and 27 per cent approve of how the city manages it’s budget.
For a full breakdown of survey results, click here.
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