Rising costs top concern for Maritime businesses

A new CFIB report says Atlantic Canadian companies are more likely to be affected by traffic congestion and infrastructure issues.

The owner of several restaurants in the Halifax area says rising costs are a top concern when it comes to keeping his establishments afloat.

Chef Gaetan Charest, who owns two Milestones’ Grill locations, Bâton Rouge Halifax Grillhouse & Bar and Second Cup, says since the pandemic, food costs have shot up about 21 per cent.

“When your price goes up at a restaurant, it comes with the downside of seeing your customer count go down as well,” says Charest. “You have no choice but to absorb a good part of it. So our bottom line, I would say it’s reduced by 50 per cent since (2020).

“Everything has went up. It’s the insurance, the labour, the food costs, the construction costs as well. We built (Milestone’s in Dartmouth) just after the pandemic.”

The Canadian Federation of Independent Business (CFIB) says companies in Atlantic Canada are more likely to be affected by infrastructure issues, traffic congestion and construction compared to last year.

The advocacy organization also seeks “predictable and fair” taxes and fees – and a reduction of red tape.

“We’re seeing confidence levels in the next three and 12 months at very low levels,” Duncan Robertson, director of legislative affairs for the federation in Nova Scotia.

“Here in Nova Scotia, there’s more businesses pessimistic than optimistic, which is, of course, a significant concern, particularly in that long term.”

But while some positive strides are being taken in some jurisdictions, the organization is calling for a broader approach.

“It’s not just on all orders of government,” he says. “Some are doing good steps, but it’s on utilities, it’s on Crown corporations, workers compensation’ to really provide that support to small businesses as well.”

A report issued this week on behalf of TD points to rising costs as the top concern for one-in-three businesses.