Labour shortages cost businesses $38B in potential revenue: CFIB report

Canadian small businesses have lost more than $38 billion potential revenue because they had to decline contracts due to labour shortages, according to a new report from the Canadian Federation of Independent Business (CFIB).

Businesses had to either turn down or postpone contracts or sales in 2022 because they lacked the workers to complete the jobs, the business group reported on Wednesday. The CFIB gathered data for the report by surveying 97,000 of its member businesses across Canada.

CONSTRUCTION MOST AFFECTED

Small operators in the construction sector lost the most business opportunities, the report highlighted, pegging the loss at $9.6 billion in 2022.