2021 Thunder Bay Ventures Thunder Bay and Area Business Confidence Index
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2021 Thunder Bay Ventures

2021 Thunder Bay Ventures  Thunder Bay and Area Business Confidence Index

by Scott A. Sumner

After years of deliberation, Thunder Bay Ventures and its advisors decided to revise the Small Business Survey into a Business Confidence Index (BCI). The purpose of the BCI is to gauge the overall business confidence level in the Thunder Bay and Area, and also explore the impact of individual elements of overall confidence levels. The current plan is for the BCI to be administered biennially to allow for a time-series (changes in Thunder Bay and Area’s BCI over time) and cross-section analysis (comparison of Thunder Bay and Area with other regions).


The full results of survey can be found on the website listed below.

There is a lot of information on their 67 page report.In general things are improving with some businesses but business confidence has declined 6.92 % over 2019 before the pandemic. Most businesses have experienced decreasing revenues since before the pandemic but feel the Thunder Bay and Area’s economy is moving in a positive direction.There were 270 business respondents to this survey, which is a higher sample size than in the past, with 1874 answers to questions. 1159 answers were positive(47.7%) while 715 were neutral (29.4%)

Here’s the link to the  survey on the Thunder Bay Ventures  website



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