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On June 16, 2021, AmCham published the latest installment of the The AmCham Canada-Nanos Research U.S. Investment in Canada Index, presented by PNC Bank. This survey series provides a semi-annual measure of the confidence of U.S. owned businesses operating in Canada. The purpose of the initiative is to gauge the business and investment climate in Canada from the perspective of executives leading American enterprises in this market. The COVID-19 pandemic has undoubtedly influenced the contrast in this edition’s findings from previous years. This particular survey highlights sentiment regarding pandemic recovery, the direction of Canada’s economy, business environment and governance, perceived sentiment regarding sales and employment and a special component regarding the sentiment of the new U.S. Administration with respect to Canada-U.S. relations.
The findings presented in this report are based on an online survey between March 8 and April 12, 2021, of 37 senior executives of U.S. businesses operating in Canada representing a combined total global revenue of $440B CAD and a total combined revenue of $19.48B CAD. Readers should note that the research is representative of the participants and should not be projected to any population, elite or general. The identity and opinions of individual
panelists remained confidential.
The data presented in this research is part of a joint project by AmCham Canada and Nanos Research presented by PNC Bank.
• 25% of U.S. business executives in Canada say expediting the vaccine rollout is
something the Government of Canada could do to help get their businesses through
the pandemic successfully, while 14% cite opening the economy and the Canada-US
ECONOMY, BUSINESS, ENVIRONMENT, GOVERNANCE
• U.S. business executives in Canada who would describe today’s business
environment as positive has decreased by more than half since 2019 (49% in 2019;
19% in 2021).
• 65% of U.S. business executives in Canada believe the Canadian economy will
become stronger in the next six months.
• 41% of U.S. business executives in Canada believe the future of the Canadian
economy is moving in the right direction, while 30% believe the economy is headed in
the wrong direction or are unsure.
• 24% of U.S. business executives say that taxation and tax increases are the
predominant non-COVID-19 related risks to operating their businesses in Canada,
while 11% say it is regulations.
• 32% of U.S. business executives in Canada believe their firm employment will
increase, compared to 8% who foresee a decrease and 57% who do not expect a
change in employment numbers.
• 41% of U.S. business executives in Canada say that sales have decreased in the last
six months, compared to only 14% in 2019.
• More than half of U.S. business executives in Canada (57%) expect their sales in
Canada to increase in the next six months.
• 62% of U.S. business executives in Canada feel that the new Biden Administration
will have a positive (24%) or somewhat positive (38%) impact on the relationship
between Canada and the U.S.
• “Based on the data reflected in this survey and our regular engagement with U.S.
business executives in Canada, it’s clear that sentiment is leaning toward optimism.
As we’re seeing increased vaccination rates and reopening plans accelerated across
Canada, our members are looking forward to the reopening of the Canadian economy
and the Canada-U.S. border. The downstream benefits of these developments will
translate into significant economic benefits and an upward trajectory of sales, revenue
and hiring in the coming months.”
David T. Olsen
Regional President and Principal Officer, PNC Bank Canada
• “While U.S. business executives in Canada suggest the Canadian investment
environment is weakening, the economy is expected to strengthen as Canada pulls
out of the pandemic. Top priorities that US executives have for the Government of
Canada are an expedited vaccine rollout and opening up the border.”
Chief Data Scientist and Founder > NANOS RESEARCH
For more information contact and a full copy of the survey, please contact:
Chief Data Scientist and Founder
Ottawa (613) 234-4666 ext. 237
David T. Olsen
Regional President and Principal Officer
PNC Bank Canada
Toronto (416) 361-6931