Niagara Economic Development has released its biannual
report that provides an overview of the key economic indicators for Niagara’s
economy with forecasts for 2023.
Niagara has
shown great improvement through the pandemic period and appears to be on a
trajectory of progress across many economic indicators in the near future. However,
there are some significant challenges facing Niagara’s economy.
A few key points of the report include:
- Gross domestic product (GDP) continued to grow through the pandemic period and is
projected to grow through 2023 - Niagara’s
international trade position has improved substantially - Business
counts show substantial growth of businesses both with employees and without
employees after the height of the pandemic - Investment
in building construction remains strong with the exception of the commercial
sector - All
labour force indicators have shown great improvement after the disruptive impacts
of the pandemic
Although
there were major improvements made in the economy, there are still many present
and potential challenges. Gross domestic product is growing and is projected to grow. However, gross domestic product per capita for Niagara is lower than Ontario and is not projected to improve in
2023. Retail sales in Niagara are stagnating and Niagara’s share of total
Ontario retail sales is projected to be reduced, but not by a significant
margin. In addition, income in Niagara is growing, but it is still
underperforming relative to Ontario and is projected to continue
underperforming through 2023.
Read the full Niagara Economic Update.
Quotes
“COVID-19 has had a significant impact on our economy. Despite our many successes rebounding from the pandemic, there is still a lot of work to be done to ensure our economy continues on the right path. Continued collaboration with local municipalities as well as attracting international businesses and encouraging established businesses to expand in Niagara is the best way to ensure our economy will continue to recover.”
~ Jim Bradley, Regional Chair, Niagara Region
“Niagara’s economy remains resilient despite many challenges posed by the pandemic, including record high inflation and labour market disruptions. Niagara’s economy is poised to remain strong going into 2023 with high-levels of trade, strong investment in building construction, new business creation and new employment opportunities. I look forward to our continued collaboration with Economic Development Officers to grow local business and promote Niagara globally to attract investment and jobs to the region.”
~ George Spezza, Director, Economic Development, Niagara Region
Media Inquiries
Janet Rose
Niagara Region
289-668-3629
[email protected]
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