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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

November 25, 2024
SURVEY ON BUSINESS CONDITIONS: Q4 2024

Statistics Canada has conducted its 18th iteration of the Canadian Survey on Business Conditions. In October and early November, Statistics Canada surveyed businesses to collect information on businesses' expectations, obstacles, plans and practices. 

The results reported here are a selection of the impacts found for Nova Scotia businesses, by industry, by size of business (measured by number of employees), by age of business and by urban or rural location.  There are comparisons of the Nova Scotia average (all industries, ages, sizes, locations) with the national and provincial averages.  The horizontal axis in all charts measures the share of businesses reporting each outcome. The total for many outcomes does not add to 100% of respondent businesses as many replied that the outcome was not applicable in their circumstances. 

Future outlook over the next 12 months

In Nova Scotia, 29.4% of businesses were very optimistic about the next 12 months; a further 51.8% were somewhat optimistic, 8.4% were somewhat pessimistic and 0.9% were very pessimistic.  Business optimism was lower (and pessimism higher) at the national level.  Businesses in the Atlantic Provinces, Québec and Manitoba enjoyed more optimistic outlooks.

Business expectations for the next three months

The outlook for employment was stable for 86.4% of Nova Scotia businesses in the next three months.  Rising employment is expected among 6.7% of Nova Scotia businesses while declining employment is expected by 6.9% of Nova Scotia businesses.  

Most businesses in Nova Scotia (58.7%) expect stable job vacancies with more expecting declining vacancies (5.3%) then increasing vacancies (2.3%).  Rising vacancies were more widely expected in Nova Scotia's administrative/support (including call centres) and arts/recreation industries while falling vacancies were more widely expected in retail trade as well as information/cultural industries.

The majority of businesses in Nova Scotia (67.6%) expect stable sales while 14.7% expect rising sales and 12.4% expect declining sales.  Rising sales were more likely to be expected among finance/insurance, accommodation/food service, administrative/support (including call centres) and real estate/leasing businesses.  

Prices are expected to be stable for 74.8% of Nova Scotia businesses while 17.3% expect rising prices.  Only 2.4% of Nova Scotia businesses expect declining prices .  Rising prices were expected more often among wholesale, agriculture/fishing as well as construction businesses.  Falling prices were a more prevalent expectation in arts/recreation, accommodation/food service and manufacturing businesses.

Over two thirds (71.6%) of Nova Scotia businesses expect stable demand while 16.4% expect increasing demand and 11.9% expect declining demand.  Rising demand was more widely expected among health/social (including daycare), accommodation/food services, administrative/support (including call centres) and wholesale businesses while expectations of falling demand were most common among arts/recreation, administrative/support (including call centres) and transportation businesses.

Stable profitability is expected by 64.6% of Nova Scotia businesses.  Expectations of falling profitability (22.6%) outweighed expectations of rising profitability (8.1%).  Rising profitability was more widely expected among wholesale and retail businesses as well as in finance/insurance and administrative support (including call centres).  Falling profitability was more widely expected in transportation and retail businesses.

Rising operating income is expected by 14.5% of Nova Scotia businesses while higher operating expenditures are expected by 28.4% of Nova Scotia businesses. Stable operating income is expected by 70.9% of Nova Scotia businesses.  Stable operating expenditures were expected by 65.3% of Nova Scotia businesses.

Cash reserves are expected to remain stable for 62.8% of Nova Scotia businesses while 7.2% expect rising cash reservices and 18.9% expect falling cash reserves.

Capital expenditures are expected to be stable for 61.0% of Nova Scotia businesses; rising for 14.2% and falling for 7.4%.  

Training expenditures are expected to be stable for 59.8% of Nova Scotia businesses while 7.7% expect higher expenditures on training.

Most businesses in Nova Scotia (56.6%) expect stable marketing expenditures in the next three months while 8.2% expect rising marketing expenditures (particularly in retail, real estate/leasing and arts/recreation industries).  

Although research and development (R&D) expenditures are not relevant for the majority of businesses, most businesses that conduct R&D expect stable spending (38.4%) in the next three months.

Although few Nova Scotia businesses participate directly in international trade, the majority of these expect stable imports and exports in the next three months.

Work location

Nova Scotia businesses were asked about the expected work locations of staff in the coming three months.  84.8% of Nova Scotia businesses expect staff to work exclusively or mostly at a primary worksite.  About 9.3% of businesses expect their workers to be mostly or exclusively working remotely while a further 6.0% expect staff to be split between onsite and remote work.  

Obstacles for businesses

As part of the Survey of Business Conditions, businesses were asked about their obstacles. Among Nova Scotia businesses, 27.8% reported no substantial obstacles expected in the next three months (up from the previous quarter).  Businesses in Nova Scotia's real estate/leasing were most likely to report no substantial obstacles.  Across Canada, 19.3% of businesses reported no obstacles.

When asked what was the one most pressing obstacle for Nova Scotia businesses (across all industries), recruiting skilled employees (13.0%) and input costs (9.7%) were the most widely reported.

The most acutely-felt obstacles in Q4 2024 were cost-related. This category was reported by 56.6% of Nova Scotia businesses with the largest prevalence in accommodation/food service and health/social (including daycare) industries.  Input costs and general inflation were the most widely cited obstacles.

Labour-related obstacles were reported by 34.9% of Nova Scotia businesses, including: labour force shortages as well as recruiting and retaining skilled employees.  These were most prevalent in Nova Scotia's construction, transportation, health/social (including daycare), accommodation/food services and retail industries as well as among larger employers.  

Supply-chain issues were reported as business obstacles by 12.8% of Nova Scotia's businesses, particularly in construction and wholesale industries.  The prevalence of supply chain related obstacles continues to decline.  

Market conditions, financing, regulatory barriers and technological limitations were less commonly cited obstacles. 

Source: Statistics Canada. Table 33-10-0914-01  Future outlook over the next 12 months, fourth quarter of 2024Table 33-10-0891-01  Business or organization expectations over the next three months, fourth quarter of 2024Table 33-10-0892-01  Business or organization obstacles over the next three months, fourth quarter of 2024Table 33-10-0893-01  Most challenging obstacle expected by the business or organization over the next three months, fourth quarter of 2024Table 33-10-0913-01  Percentage of workforce anticipated to work on-site or remotely over the next three months, fourth quarter of 2024 



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