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Economic Insights on Business Confidence and Growth Constraints

Overview of December’s Economic Performance

In a recent assessment of December’s economic indicators, Gaudreault remarked, “December’s numbers are encouraging, but they don’t tell the full story.” While confidence levels appear to be stabilizing and returning to historical averages, the persistent challenge remains clear: more than half of all businesses still report insufficient demand as their primary limitation on growth. This situation serves as a stark reminder that despite some positive trends, the economy finds itself in a precarious state as we approach 2026.

Regional Variations in Business Confidence

Examining specific regions, British Columbia, Ontario, and Alberta indicated a long-term business confidence level exceeding 60. In contrast, Quebec’s confidence drastically fell to a low of 50. Additionally, short-term confidence levels across various sectors have largely been reported as low, contributing to the overall uncertain economic landscape.

Sector-Specific Performance Trends

When reviewing sector performance in December, some areas, including health care, education, retail, and insurance, demonstrated positive outcomes. However, industries such as hospitality and construction unfortunately registered notable seasonal downturns, further highlighting the uneven recovery across different markets.

Business Owners’ Perspectives on Economic Conditions

CFIB’s economics director, Andreea Bourgeois, offered insights into the sentiments surrounding business operations, stating, “Business owners have told us that 2025 has been a real rollercoaster. It’s been both challenging and unpredictable.” Although there are emerging positive signs, ongoing anxieties about demand, operational costs, and staffing continue to burden business owners. These issues are exacerbated by the prevailing uncertainties surrounding trade, complicating the ability to plan for future growth.

Key Cost Constraints Facing Businesses

In a survey conducted, the three principal cost constraints cited by respondents were notably significant. A troubling 62 percent pointed to tax and regulatory expenses, while 60 percent highlighted wage costs. Additionally, 58 percent of businesses identified insurance costs as a considerable burden. While planned price hikes and wage growth estimates have remained relatively stable at 2.6 percent and 2.2 percent, respectively, a growing number of businesses expressed intentions to reduce full-time employment rather than expand their workforce.

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