A new report by the Business Development Bank of Canada says small and mid-sized businesses in Canada are expected to increase their investments by 3% this year to $140.5 billion.

BDC says the increase is due largely to a surge in business acquisition plans.

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It says business owners expect to increase their spending on acquiring other businesses this year to $18.9 billion, up from $10.6 billion in 2017.

Sustaining growth was the top-cited reason for investing, followed by boosting the value of the business and keeping pace with the competition, the report says.

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The technology sector saw the highest growth in investment intentions, followed by the services sector. Plans for the manufacturing were flat and a decline was expected in the construction and resources sector.

About the survey: BDC’s annual study of investment intentions is based on a survey conducted last August and September that included 4,019 business owners.

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