Ontario plastics firms pessimistic about business outlook: CPIA survey
Approximately 56 per cent of Ontario plastics firms are somewhat or very pessimistic about their business out...
Approximately 56 per cent of Ontario plastics firms are somewhat or very pessimistic about their business outlook while only 20 per cent are somewhat or very optimistic, according to the results of a survey conducted by the Canadian Plastics Industry Association (CPIA).
“Up to 66 per cent of the same respondents report that employment levels are somewhat or much lower than this time last year,” the CPIA reported. “Only seven percent report somewhat higher and none report much higher.”
These and other findings are contained in a CPIA survey of plastics firms in Ontario. “Coordinated by the Ontario Regional Committee of the association, the intention is to discover what the industry is dealing with and how best to address those concerns,” the CPIA explained on its website.
Survey respondents cited higher costs of all types – raw materials, energy, transportation, wages – as key priority concerns. “Tax policies, such as the Accelerated Capital Cost Allowance and SR&ED tax credit program, are also noted as key priorities for action,” the CPIA said. “More than 80 per cent of respondents believe that governments need to show more appreciation for the value of manufacturing to the economy.”
According to the CPIA, the survey results show relatively little interest in issues relating to international trade and export promotion, perhaps reflecting immediate concern about the softening of domestic markets.
The survey is open to all Ontario based plastic manufacturers until the end of the year when the final numbers will be compiled and reported to the industry. Similar surveys will be conducted early in the new year for the plastics industry in other key regions such as Quebec, western Canada and Atlantic.
To participate in the CPIA’s survey, click on this link.