A new report suggests financial recovery is on the minds of many Nelson businesses as we start to see the light at the end of the COVID tunnel. However, fiscal security is far from reached.
“We have been able to see, through a four-month study, the impacts of the pandemic, but now the high inflation is causing even more pain for local businesses,” says Tom Thomson, Chamber of Commerce executive director.
The study was conducted between the food and beverage industry along with retail and construction. Community Futures also produced a case study to evaluate the impact in the arts, culture, and heritage industry around the city.
“The main theme for most people coming to the area seems to be challenges in the workforce, immigration and housing,” says Thomson. “Most of the challenge seems to be housing, especially in Nelson.
“It all plays back to the inflationary costs; with the rising cost of goods, it hinders the supply chain and consumers purchasing.”
A press release from the chamber says stimulus programs, both from the federal and provincial governments, caused more inflation.
“Some of the money that was put into the coffers, whether it was personal or not, helped to inflate the inflation.
“Inflation increases and the possibility of a recession is just a normal part of an economic recovery.”
The Nelson District Chamber of Commerce is there to support local businesses after the past two and half years of the pandemic, Thomson says.