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Royal Bank of Canada
Symbol RY
Shares Issued 1,415,074,558
Close 2024-07-26 C$ 153.13
Market Cap C$ 216,690,367,067
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Globe says RBC, rivals see construction crimp business

2024-07-29 07:41 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)
Also In the News (C-NA) National Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Monday edition that Canada's increased investment in transportation and infrastructure is putting pressure on small businesses near construction sites, leading to challenges like loss of customers, road closures and disruptions to services. The Globe's Estella Ren writes that a survey of 1,240 respondents run by the Canadian Federation of Independent Business (CFIB) shows 67 per cent of small businesses have been affected by disruptions from local construction projects over the past five years. The affected businesses lost 22 per cent of revenue on average and incurred more than $54,000 per business in additional expenses. The CFIB is calling for municipal and provincial governments to offer businesses compensation, giving advance notice of incoming projects and improving co-ordination between different stages of construction to make sure the projects are completed on time. CFIB's Simon Gaudreault said: "The projects that beautify streets made them sometimes more tailored to commercial purposes. But before you get to a finalized project, the problem is you have to survive construction. And too often sadly we see that local businesses do not manage to survive the construction period."

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