Business confidence among Regina’s executives appears to be at an all-time high, according to Economic Development Regina’s (EDR) quarterly report of the Regina Executive Leadership Outlook (RELO).
The scale rates overall business confidence on a scale of one to three. The June report rated confidence at a 2.31.
“The greater Regina area’s competitive edge is enhanced by our business leaders’ continual focus on innovation, research and development,” EDR president and CEO John Lee said.
“This, coupled with the strong Regina advantage of economic diversity and stability, provides renewed optimism and indicates positive economic growth.”
This “Regina advantage” plays a role in the upcoming expansion of Local & Fresh, a food distribution company that connects customers with a wide variety of producers in the area.
The company will be moving into the old Weston Bakery building in the Warehouse District this September as they expand their operation.
“We have the infrastructure here in Regina, we have the producers here in Regina, we have the producers here in Regina, we have the regulatory climate here in Regina, so the Regina advantage I think is what really drove it for us,” CEO Andrew Rathwell said.
Rathwell was one of 41 executives to take part in the EDR survey. Among those surveyed, 90 per cent expected their business’ fixed investment to either grow or stay the same over the next 12 months.
In that same time period, 58.5 per cent expect their overall sales revenue to grow.
Job growth is also expected, as 41.5 per cent expect to employ more people compared to just 32.6 per cent in last quarter’s report. Forty-three per cent expect their staffing levels to stay the same.
However, 54.8 per cent of respondents believe the current economy is performing worse than one year ago.
Praxis Consulting, who helped compile the report, said that innovation is key to growth during slow economic times.
“It’s an important time to actually think about innovation,” Praxis Consulting principal Valerie Sleuth said.
“Because while in fact your revenues won’t be as high, you might have some idle time within the organization so it’s a good time to employ those individuals in innovative thought.”
That innovation focus will be key to Local & Fresh’s upcoming expansion. Their new, larger building will also house a food store and café.
“We’ll be a place where you can actually shop and pick up, but it’s also going to be a venue where you can eat and enjoy that same local food,” Rathwell explained.
He envisions the bakery as a “food hub” where Local & Fresh will be able to help bring their partner producers to a larger market. Local & Fresh moves into the Weston Bakery building in September.
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