This years report shows a significant rise in business confidence over the course of 2024, climbing from a historic low of 13 per cent to 26 per cent by year’s end. Despite this improvement, confidence remains historically low and fragile, with 48 per cent of businesses expressing a lack of confidence in the economy. Affordability and the cost of living continue to be the most pressing concerns for businesses. 

When U.S. tariff threats are on the table, business confidence drops dramatically to just 15 per cent, almost erasing the last year’s gains, according to the OCC’s separate tariff survey in early February. This recent research also shows that with tariffs in play, six in ten (60 per cent) business decision makers would lack confidence in Ontario’s economic outlook. 

The report can be read here.