The fifth annual Brighter Together survey in Lethbridge found businesses are optimistic about their future in the city.
The survey is conducted by Economic Development Lethbridge, the Chamber of Commerce and the Downtown Lethbridge BRZ. It collects data from businesses in and around Lethbridge to gauge the overall sentiments of the business community.
It found 66 per cent of respondents expressed a favorable outlook on the next 6-12 months. Just over half of respondents (56 per cent) said they saw moderate or substantial growth in their business int he last year and 70 per cent noted they expect increased operating costs this year.
Results of the 2023 Brighter Together survey indicate that optimism among local businesses remains high, as two thirds (66%) of respondents expressed a favorable outlook for the next 6-12 months.
“2023 was a year of uncertainty for a lot of Lethbridge and area businesses, and some of that uncertainty stemmed from conditions they could not control,” said Lethbridge Chamber of Commerce CEO Cyndi Bester. “Rising inflation and interest rates have made things more expensive than they have been in previous years and that affects businesses looking to grow and expand with their purchases and the habits of consumers. Lethbridge businesses are resilient and are looking for new and innovative ways to provide goods and services to our city and region and this survey gives our organization and others a road map to where we can help the most.”
Businesses who responded noted the three biggest strengths to doing business in the community are quality of life, proximity to complimentary industries and a collaborative environment. These were the same top three as in the 2022 survey.
Each year, the survey asks the same questions to make it easier to compare results to previous years.
“The Brighter Together survey provides us with information which then allows us to look for solutions for businesses in Lethbridge. We use this information and other data to help shape the work we do in growing our economy through investment attraction, business retention, workforce development and other programs and initiatives,” said Economic Development Lethbridge CEO Trevor Lewington.
Three of the biggest challenges noted by businesses are utility costs, the municipal tax environment and permitting and regulations.
The biggest obstacle in 2024 is anticipated to be rising costs of labour, interest rates and debt costs.