Burnside optimistic in face of financial crisis

Burnside - Businesses in Burnside are bracing themselves for more tough economic times heading into 2009. However, despite the dire warnings from financial experts of a coming recession, many in the area are waiting to see what kind of impact will be felt from the current global economic crisis before hitting the panic button.

I think its still too early to try and predict how this will impact our companies, says Nancy Sweeney, chair of the Greater Burnside Business Association. Were certainly expecting to feel the effects of all this market volatility, but its impossible at this time to say when or how it will have an impact.

Though local business owners and operators are hoping for the best amidst the uncertainty, many are preparing themselves for the worst.

I think I can safely speak for many of us here in Burnside by saying were proceeding with caution, says David Campbell, president of CabinetCraft Kitchen and Bath Inc. However, until we see how this is all going to play itself out, we arent going to be making any immediate changes to our business.

Carla Balsor agrees. We havent felt the kind of impact yet that we were originally anticipating, says the owner of the Rodeo Lounge on Ilsley Avenue. But that doesnt mean things wont change over the coming months. Were keeping a close eye on the situation.

Spurred by the unfolding events south of the border, financial analysts in the region have followed the lead of their national and international counterparts in forecasting a 12 to 18 month recession thats expected to touch all sectors of the economy.

Area businesses in the export sector are most likely to feel the effects of a slow down in global economic growth, says Michael Wile, business park manager for the Halifax Regional Municipality. As markets around the world begin to tighten up, a few of our companies specifically those in the new Logistics Park will probably feel some sort of impact.

With more than 1,500 enterprises and 18,000 employees, Burnside is the largest business park north of Boston and east of Montreal. Most of the tenants in the new Logistics Park including FastFrate, Armour Transport and I.H. Mathers and Sons are engaged in transloading, distribution and warehousing activities.

Because of the mixed economic signals, it has to be an interesting time for these companies, to be sure, Wile says. On the one hand, fuel prices are down significantly and should help to drum up good business. On the other hand, their customers are likely to be much more cautious in their spending.

However, despite such potential confusion, Wile says things are humming right along in the Park. Were still seeing a lot of interest from businesses looking to set up shop here in the near future and we continue to take deposits for many of the new properties. That tells me things are perhaps not as bad as we originally thought they might be.

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