TIMMINS – Economic news for Timmins has been quite positive over the past few weeks, with a new manufacturing facility being built, the Dome Mine cancelling its plans to close, and the possibility of a Chinese basalt company considering opening a rock-insulation plant in the city.
The news has been so good, in fact, that national economists are beginning to notice. The Conference Board of Canada, an economic think tank, released a report on Thursday outlining the economic outlook for seven mid-sized cities in Canada: Timmins, Sault Ste. Marie, Rimouski, Lethbridge, Brandon, Red Deer, and Medicine Hat.
The report suggests the outlook for Timmins is very favourable. According to the think tank’s projections, the Timmins overall gross domestic product (GDP) is expected to grow by 1.9%. On top of that, job growth is expected to increase by 7.3% — almost completely offsetting a 7.4% drop in 2015.
The board’s report is based on a variety of data sources, explained Alan Arcand, the board’s associate director. These includes data from Statistics Canada, market surveys, other national and global analyses done by the board, as well as many other sources of information. All of which was analyzed to arrive at the conclusion that Timmins’ economy will be growing this year and likely next year as well.
“A lot of it is factoring in past trends and the future outlook of macroeconomic variables,” explained Arcand.
The driver behind the growth in Timmins is the recent boom in the gold industry supported by rising process. The board’s report pointed to the merger between Lakeshore Gold and Tahoe Resources, the deepening of the shaft at the Bell Creek Mine, and the ongoing operations at the Hollinger pit all as signs of a strong gold industry in the city.
For the rest of this opinion column, click here: http://www.timminspress.com/2016/07/28/sunny-economic-outlook-for-timmins