A new survey from the Economic Club of Toronto shows Canadians are much more optimistic about the economy heading into 2003 than they were one year ago.

The ECOT survey, conducted last month by POLLARA, shows that over half (56%) of Canadians feel the economy will improve in 2003. This compares to just 28% in December, 2001 who felt better economic times were ahead (an increase of 28%). “Optimism has doubled compared to this time last year,” said Michael Marzolini, chairman and CEO of POLLARA. “This is the single biggest one-year increase in economic optimism we have seen.”

The survey also finds Canadians have increased confidence in their own financial situations heading into 2003. 61% of Canadians feel their household incomes will at least keep pace with the cost of living in 2003, versus 53% one year ago. “This is very positive news,” said Mark Adler, chairman of The Economic Club of Toronto. “It supports the general notion of a slow, modest recovery during 2003, led by consumer growth.”

Brighter consumer attitudes towards the economy bode well in 2003 for planned purchases of so-called “big ticket” items driving a recovery. Over half of Canadians say that worries about the economy will not cause them to delay the purchase of a house, car or major appliance in the coming year.

The national survey of 1,677 adult Canadians is accurate to plus or minus 2.4%, 19 times out of 20.