Business owners reported in a recent survey that, despite some present challenges, they feel optimistic about the future. (Photo: Lethbridge News Now)

By David Opinko

Lethbridge business owners optimistic heading into 2023: survey

Jan 20, 2023 | 10:43 AM

LETHBRIDGE, AB – A new survey is showing growing positivity among business owners in Lethbridge.

Economic Development Lethbridge (EDL), the Lethbridge Chamber of Commerce, and the Downtown BRZ have released the results of their 2022 Lethbridge Brighter Together Survey.

Lethbridge Chamber CEO Cyndi Bester says the survey is a great tool to better understand what is happening with businesses in the city.

“By asking similar questions each year, we can track where improvements are being made but also any recurring concerns we see year after year. By tracking these trends, it helps organizations like ours and others refine the work that needs to be done to help businesses succeed in our city,” says Bester.

Approximately 69 per cent of respondents said they feel somewhat or very optimistic about their business outlook over the next six to 12 months. Another 13 per cent were neutral while 15 per cent were pessimistic.

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60 per cent reported business growth over the last year, up from 54 per cent in 2021.

52 per cent plan to increase their labour force in 2023 and 65 per cent plan on raising wages for staff.

The top three strengths that they survey revealed about doing business in the Lethbridge area were the quality of life, collaborative environment, and proximity to complimentary industries.

The biggest challenges, on the other hand, were the cost of utilities, municipal tax environment, and workforce availability.

Business owners say they are planning to adapt to the current challenges by cutting costs (61 per cent), improving company productivity (60 per cent), and developing new products and services (49 per cent).

EDL CEO Trevor Lewington noted that many of the overall themes from the survey revolved around the workforce.

He believes that attracting more people to the region will continue to be important to the economy.

“Securing a talented workforce is always high on the list when site selectors are considering a location for a new business investment,” says Lewington. “Our job at EDL is to work with our partners, stakeholders, and every level of government to ensure we have enough qualified workers for our city to welcome new investment as well as expansion of existing businesses in Lethbridge and the surrounding region.”

The full 2022 Lethbridge Bridger Together Survey can be read on the Choose Lethbridge website.

READ MORE: Lethbridge News Now