Economy

Niagara Economic Development releases an economic update

Published

2 years ago

October 26, 2022

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
janet.rose@niagararegion.ca

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Economy

Opinion: Bond markets are signalling trouble for the American economy – The Globe and Mail

Published

19 mins ago

October 19, 2024

Harry Miller

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Opinion: Bond markets are signalling trouble for the American economy The Globe and Mail

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Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

Published

3 days ago

October 17, 2024

Anne Joseph

OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

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Economy

Statistics Canada says levels of food insecurity rose in 2022

Published

3 days ago

October 16, 2024

Anne Joseph

OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

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