The results of the 2023 Brighter Together survey are now available. (Photo: Lethbridge News Now)

By David Opinko

Lethbridge business owners optimistic, but worried about rising costs: survey

Jan 18, 2024 | 12:59 PM

LETHBRIDGE, AB – Economic Development Lethbridge has released the results of the fifth annual Brighter Together survey.

It found that the biggest strengths of doing business in the city were the quality of life, proximity to complementary industries, and having a collaborative environment. These findings have been consistent since the first Brighter Together survey in 2019.

On the other hand, the biggest challenges entrepreneurs faced in Lethbridge in 2023 were the cost of utilities, the municipal tax environment, and the ease of permitting and regulatory procedures.

Overall, two-thirds (66 per cent) of respondents expressed being somewhat or very optimistic about doing business over the next six-to-12 months, a decrease of three per cent from last year’s survey.

Seven out of 10 business owners said they expect their operating expenses to increase in that same time period.

Nighttime construction on Hwy 3 in Lethbridge starts April 17

Apr 17, 2025

SASHA launches #BuyABed fundraiser to support vulnerable Lethbridge residents

Apr 04, 2025

$20K grants available: TELUS STORYHIVE Pan-Asian Edition opens applications April 1

Mar 18, 2025

The biggest obstacles they anticipate facing in 2024 are the rising cost of inputs, rising interest rates, and the rising cost of labour.

To combat these issues, they plan to improve company productivity (66 per cent), cut costs (61 per cent), and develop new products and services (50 per cent).

Other anticipated actions over the next year include increasing wages or benefits for staff, focusing on up-skilling or reskilling current employees, and providing employees with paid time to engage in learning and development programs.

Some of the help that businesses are currently seeking are assistance with acquiring employees, upgrading digital processes, and strategies to retain employees.

Lethbridge Chamber of Commerce CEO Cyndi Bester said the findings of this survey, both positive and negative, reflect what she has been hearing in the business community.

“Rising inflation and interest rates has 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,” said Bester. “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.”

More details on the results of the Brighter Together survey are on the Choose Lethbridge website.

READ MORE: Lethbridge News Now.

—

If you have a news tip, question or concern, please email Lethbridge.newsroom@Pattisonmedia.com.