Residential construction a P.E.I. business confidence driver: CFIB

The recent success of the residential construction industry is a factor in increased business confidence on P.E.I., says the Canadian Federation of Independent Business.

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Small business confidence on P.E.I. is the highest in Canada in July, according to a monthly survey by the Canadian Federation for Independent Business.

CFIB's Business Barometer was set at 73.8 for P.E.I. in July. The national average is 60.7.

Any mark above 50 means the majority of businesses feel their prospects are improving. CFIB describes the national mark of 60.7 as mediocre.

"We've come out of a number of years of really tough times for particularly the residential construction industry," said Erin McGrath-Gaudet, P.E.I. director for CFIB.

"The numbers that we're seeing coming out of that industry this summer are really quite strong."

P.E.I. also led the country in business confidence in November, but the barometer then took a tumble, falling below the national average in the spring before recovering.

The survey found a shortage of skilled labour was the most common growth-limiting concern for Island businesses.

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