Government of Canada announces partnership to establish Business Data Lab to provide enhanced insight on business conditions

Partnership between Statistics Canada and the Canadian Chamber of Commerce will strengthen understanding of Canadian small businesses

OTTAWA, ON, Feb. 18, 2022 /CNW Telbec/ - Over the past few years, the business landscape in Canada has been evolving rapidly. For this reason, the Government of Canada and its key partners need to have better data on the state of small business in Canada so the government and the business community can make strategic and meaningful contributions that lead to an even stronger economic recovery.

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, on behalf of the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced an investment of $2.8 million to establish the Business Data Lab (BDL), a partnership between the Canadian Chamber of Commerce and Statistics Canada. The BDL will provide future-focused, timely business indicators crucial to helping governments, business associations and entrepreneurs from all regions of Canada identify future growth opportunities for Canadian businesses.

The BDL will help enhance the availability of data on Canada's business sector. It will also offer regular monitoring, with timely data on business conditions, expectations, obstacles and opportunities for growth. It will provide detailed results based on characteristics such as industry and geography as well as company size, age and ownership.

Statistics Canada's data capacity and data literacy expertise will be leveraged to provide oversight of the BDL program, enabling the delivery of new data and analysis that will offer insights into current business conditions. The Canadian Chamber of Commerce will conduct inclusive stakeholder consultations with provincial, territorial and local chambers of commerce; industry associations; and traditionally under-represented groups. In order to accomplish this important mandate, the Chamber will also form an advisory group to identify economic areas of interest.

Quotes

"Small businesses are the heart of our communities and the engine of our economy. Their success will be critical to Canada's economic recovery. The Business Data Lab is an important investment that will provide a new level of detail and future-focused information. This will help our government continue providing small businesses across the country the support they need to get through the pandemic and come out the other side even stronger."
? The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development

"As we move into a post-pandemic economy, our government understands just how important it is for Canadian small businesses to have reliable and timely business data. The Business Data Lab will do just that as it will provide a wealth of information on how Canada's businesses are doing and how we can better help them. Having access to this type of data will not only strengthen the business environment but also help lead Canada to a stronger economic recovery."
?The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

"As the pace of change accelerates and competition grows, Canada's businesses need solid, timely data to help them adapt quickly to marketplace changes. The Canadian Chamber's Business Data Lab will provide data tools to help Canadian businesses successfully emerge from the pandemic and create sustainable, inclusive economic growth. As part of our Chamber 2025 Strategic Plan, we are launching a number of exciting initiatives, like the Business Data Lab, to give businesses more of what they need to succeed: insight into markets, competitors and trends and the ability to shape the decisions and policies that drive business success."
? The Honourable Perrin Beatty, PC, OC, President and Chief Executive Officer, Canadian Chamber of Commerce

"Businesses and policy-makers have never needed more high-quality and timely data than they do now, given today's rapidly evolving economic context. Statistics Canada is proud to further strengthen its partnership with the Canadian Chamber of Commerce in developing the Business Data Lab, designed to provide future-focused business indicator data to help governments, business associations and entrepreneurs from all regions of Canada capitalize on business growth opportunities."
? Anil Arora, Chief Statistician of Canada

Quick facts

• Statistics Canada and the Canadian Chamber of Commerce partnered to establish the Canadian Survey on Business Conditions. The Business Data Lab builds on that earlier partnership.
• The Government of Canada has stepped up to support Canadian businesses during the pandemic. In fact, $8 out of every $10 in support announced in Canada has come from the federal government.

Associated links

• Statistics Canada
• Canadian Chamber of Commerce
• Budget 2021: A Recovery Plan for Jobs, Growth and Resilience

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SOURCE Innovation, Science and Economic Development Canada