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Resurgence of RBC Place good sign for London, Ont. economy – CTV News London

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London, Ont. –

Business is starting to move again at RBC Place, which is great for the local economy, but also for workers whose income dried up when the pandemic began.

“I found the transition from being here all the time, to stopping, more difficult. But, yeah, getting back to it is a really good feeling,” says employee Matt Mullenix.

In 2019, the last full year of operation for RBC Place, it calculated an economic impact of over $18 million for the City of London.

The London Chamber of Commerce Business Awards was the first big event to return to RBC Place on Sept. 22, which was the same day the province began requiring proof of vaccination.

“It was a great test for us to have the doors open and all team working,” says General Manager and CEO Lori Da Silva. “And all our team was helping to screen guests coming in at the doors, to make sure they got in on a very timely basis.”

Following the awards, this week RBC Place had two events running at the same time, a first since the pandemic began.

“It was actually a hybrid conference, so we were excited to have 150 delegates on site,” says Da Silva

It was not only a test for the front-of-house staff, but the kitchen staff as well, which has been working on a project with the London Food Bank providing daily meals to the homeless, but this week fired back up to serve breakfast, lunch and dinner during the conference.

“It’s great to be creative again,” says Executive Chef David Van Eldik. “Getting familiar faces back in the building and also our guests.”

The convention business is usually plotted out well in advance, and it will be a slow return to pre-pandemic numbers, but there are a few more events this year, and increasing interest in 2022.

“We’re getting calls, and every week those calls are ramping up. So, certainly clients are asking about availability, wanting to better understand what the restrictions may be,” says Da Silva.

According to RBC Place’s 2019 report, the average convention delegate spends $341 per day on accommodations, transportation, food and shopping. And a return of that kind of cash injection would benefit the local economy greatly.

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Vaccines are helping the economy return to normal. Supply chain problems are holding it back – CNN

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New York (CNN Business)Covid continues to loom over the US economy, but economic activity is nonetheless inching closer to its pre-pandemic strength, helped in large part by people returning to their offices.

The biggest problem putting a damper on early celebrations: the ongoing supply chain crisis.
The Back-to-Normal Index created by CNN Business and Moody’s Analytics, stood at 94% on Friday, down one percentage point from the week before.
“Business sentiment was the biggest negative weight on the index this week, likely the result of ongoing supply chain issues as well as continued hiring struggles,” said Dante DeAntonio, senior economist at Moody’s Analytics.
Even so, some states, such as Idaho, Rhode Island and South Dakota, have already exceeded their pre-pandemic levels, surpassing the 100% mark,
New York and Illinois trail the rest of the nation, at only 86% and 88% back to normal, respectively. New York was particularly hard hit during the height of the pandemic and its economy is still reeling. Louisiana, still recovering from the impact of Hurricane Ida, is 89% back to normal, the index shows.
Yet there’s reason for cautious optimism about the those states and the broader US economy: “We’ve seen things rise quite steadily since mid-September, coinciding with the winding down of [Covid] cases,” said Moody’s Analytics Associate Economist Matt Colyar.
The improvements have been broad-based — the index tracks a number of variables, which show state unemployment rates have fallen, box office sales are back up, and the number of people traveling through TSA checkpoints has more than doubled versus last year.
This looked very different last month, when the Delta variant drove cases higher, people got worried about traveling and dining out again and the Back-to-Normal Index fell to its lowest level since June.
But America seems to have turned a corner — again.
For one, mobility data suggests that people are returning to the office, said Colyar. Companies made a push over the summer to get employees back to their desks. Rising vaccination rates helped with that effort.
“A behavioral shift has occurred, driven by some combination of the school year starting and parents going back at least a few days a week and vaccine mandates allowing employers to put more firm plans out there,” he added.
Last month’s rolloff of pandemic jobless benefits also helped the Back-to-Normal Index take a big step in the right direction. Claims for jobless benefits fell to a new pandemic-era low of 290,000 last week, adjusted for seasonal swings. As of October 2, some 3.3 million Americans had received benefits under various government programs.
And after another disappointing jobs report in September, Colyar is among the economists confident that October will be better, not least because the survey week for the September report coincided with a lot of Covid cases.
The Back-to-Normal Index measures data frequently and is upated once per week, which means it’s way ahead of some of the official government data that could show the improvements to the economy this fall.

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Economy

Canada criticizes proposed U.S. EV tax credit, says could harm auto sector

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The Canadian government on Friday warned that U.S. Legislative proposals to create new electric vehicle tax credits for American-built vehicles could harm the North American auto industry and run afoul of trade agreements, according to a letter seen by Reuters.

Canadian Trade Minister Mary Ng told U.S. lawmakers proposed credits if approved “would have a major adverse impact on the future of EV and automotive production in Canada, resulting in the risk of severe economic harm and tens of thousands of job losses in one of Canada’s largest manufacturing sectors. U.S. companies and workers would not be isolated from these impacts.”

 

(Reporting by David Shepardson in Washington and David Ljunggren in Ottawa; Editing by Chris Reese)

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Economy

Province Invests in Midland Automotive Parts Manufacturer to Boost Local Economy | Ontario Newsroom – Government of Ontario News

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Province Invests in Midland Automotive Parts Manufacturer to Boost Local Economy | Ontario Newsroom  Government of Ontario News



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