An interesting article from the Hamilton Spec reports that although local businesses believe that 2009 will be a year of trouble, these same businesses also believe that their own outlook is brighter. Specifically, half of business owners surveyed in a major Ontario Chamber of Commerce study, report that their business will fare the same or even better in 2009.
It is in the nature of a business owner or an entrepreneur to rationalize their own success, but when business owners put their spending where their mouth is, the effects are tangible and thus a good sign for the local Hamilton economy.
It was found in the survey that 1/3 of business planned on increasing spending or would maintain spending in 2009. Another 1/3 said that they would cut spending, while 20% said that they would cut spending in some areas so that they could spend more in others.
Companies reported that the money would be spent on hiring, increased training and professional development.
It is important to note that Hamilton's and Brantford's economy is very diverse, and that manufacturing accounts for less than 20% of the City's workforce.
As housing prices remain relatively stable, this local economic and corporate diversiy continue to prove them selves in a generally weak economic environment. With mortgage rates at all time lows (like 4.18% for five years!) and with stable housing prices, this makes for a logical choice of City and excellent strategic timing to buy.
For questions or comments, feel free to leave a post! Or better yet, contact me, Brent Richardson, for the mortgage advice you deserve!
Comments