Ontario farmers resilient, but sector confidence gap widens
Ontario farmers remain confident in their ability to weather economic challenges, but less so about the broader agricultural sector’s outlook.
“This year’s (Ontario Federation of Agriculture’s (OFA) Farm Business Confidence survey) results show Ontario farmers are resilient, but they need greater economic certainty,” said Drew Spoelstra, OFA president, in a media release.
WHY IT MATTERS: The survey reveals a widening confidence gap between individual farms and the sector, affecting spending.
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Almost 79 per cent of participants cited rising input costs as a top concern, with volatile commodity prices, insurance costs, trade, tariff and access to export markets and tax burdens rounding out the top five issues.
“Farm families are managing risk and risking costs prudently,” stated Spoelstra. “But also need a supportive economic and policy environment for the sector to realize its full economic potential as a key driver of the province’s economic engine.”
These pressures delay major investments, as producers repair equipment rather than buy new, leading to a three-year low in machinery purchases.
The Ontario Chamber of Commerce’s 10th annual provincial economic report shows that only 23 per cent of firms have confidence in the province’s business outlook, mirroring the OFA’s results.
Producers identified farm taxes, fostering local food demand, and support for energy costs as top policy priorities, echoing two of last year’s top concerns.
The OFA’s full survey results will be released during a webinar on Feb. 25 from noon until 1 p.m., where Ben Lefort, OFA economist, will provide deeper analysis and context.
Registration is available here.
Source: Farmtario.com