Hampered by the slower than hoped for vaccine rollout, a report released by Workforce WindsorEssex indicates the timeline for the region’s more ‘resilient’ economic recovery from COVID-19 is likely January to June of 2022.
The 50-page document was part of larger look at the post-pandemic recovery for all of Southwestern Ontario and was headed up by Workforce WindsorEssex.
The report provides four different scenarios for the economic recovery based on varying factors, but Workforce WindsorEssex research associate Samantha Dalo said the current conditions most resemble the two slower recoveries.
“We’re looking at the labour market slowly improving after 2022,” said Dalo, who was one of two authors of the report along with Trudy Button.
“It will depend on the vaccine rollout and who is willing to take it.
“Sectors that rely on consumers and services that require more fact-to-face will take longer to recover. There’ll be a great deal of variation in the recovery from sector to sector.”
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We’re still reacting to a lot of things
Along with the other eight Workforce organizations in southern Ontario, the report involved over 250 government, industry, education and business partners from Windsor to Niagara to Owen Sound.
Samantha Dalo, lead research associate for the local scenario project for Workforce WindsorEssex, is pictured outside her home on Monday, March 22, 2021.Photo by Dax Melmer /Windsor Star
Localized reports were produced for each Workforce organization participating along with an overall regional study.
Dalo said until there’s significant vaccine distribution, the public health concerns will continue to hold Southwestern Ontario’s recovery back.
The report labels the stages of the post-pandemic recovery timeline as react, restart, recover and resiliency.
Dalo added the key to rebuilding for long-term economic prosperity is sustaining what we have, recruitment and job retention and developing programs to engage job seekers in the region’s growth industries.
The local sectors forecast to grow are manufacturing and related technologies, construction, machinery, education, healthcare and agriculture.
“We’re still reacting to a lot of things,” said Windsor-Essex Regional Chamber of Commerce CEO/president Rakesh Naidu.
“We’d hope to be past dealing with surges and rising numbers
“So much is going to hinge on the vaccine rollout. It’s not up to what was planned and that’s creating headwinds.”
Among the report’s key local recommendations is successor planning for skilled trades/apprenticeships, re-skilling, micro credentialing, employers engaging more directly with students, more collaboration among companies, updating infrastructure with 5G networks and nurturing interest in the high-demand technology sectors of AI and cyber security.
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Naidu said the chamber of commerce is also lobbying the province to target hard hit sectors and communities, increase access to capital to help businesses survive through the recovery phase and support decarbonizing Ontario’s transportation sector.
After the medical concerns are no longer the main focus, Button said permanent structural changes in the workforce and society are also going to require adjusting to.
“We’re not going back to what it looked like in February, 2020,” said Button, a research and policy analyst for Workforce WindsorEssex.
“I think the structural change in the work force is likely going to be more dramatic than the changes in society.”
Button said many of the adaptations companies have undertaken, such as more remote work or hybrid models, will remain.
Retail, hospitality and service industries are going to retain their ecommerce and delivery models while all sectors will look to domesticate and duplicate their supply chains.
“We see that shift being reinforced by announcements every week by companies saying they’re not going back to the office,” Button said. “There’s going to be less demand for office space now that companies see they can operate without that overhead.”
That change will also impact Southwestern Ontario’s mid-sized cities and towns.
Button said the flow of talent out of large urban regions afforded by remote work is already playing havoc with housing costs across southwestern Ontario.
“I think some of the other changes we’re likely to see is demand for more patios and the permanent closing of some city streets to traffic in favour of people walking around or cycling,” Button said.
“It’s interesting some of the structural changes we’re expected to see become permanent are positive.”
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
