TIMMINS – The Timmins economy will continue to expand, albeit moderately in the next couple of years, according to a new report by the Conference Board of Canada (CBoC), which shows some significant numbers on this city’s economic performance.
The report, which is called the Mid-Sized Cities Outlook 2018, reviews the economic performances of several such cities across Canada. The CBoC report said it recognizes “the valuable role that Canada’s mid-sized cities play as regional hubs and economic engines in their respective areas.”
The report also noted that while there was a drop in employment in Timmins last year, things are expected to bounce back in the job market. It also noted that although the growth rate for Timmins is predicted to be “modest” and lower than the average among Canadian cities, it is still growth.
“Real gross domestic product ticked up by 1.3% in 2017, the fastest since 2013, although this remains well below our calculation of roughly 2 % average annual advances over the previous 20 years,” said the report.
“For 2018 and 2019, we see growth backing off to 0.9% and 0.8%, respectively. The easing is the result of slower growth on the economy’s goods side, as advances in output throttle back for the three big sectors — manufacturing, construction, and primary and utilities (including mining).”
Despite that, the report said there will still be expansion in those sectors locally, thanks to the gains in the price of gold and the low value of the Canadian dollar, which enhances the value of gold in U.S. dollars.
“The economy’s services side will contain Timmins’ three fastest-growing industries in 2018 — transportation and warehousing; wholesale and retail trade; and finance, insurance, and real estate — although the aggregate services growth will slightly trail growth in goods,” the report stated.
There was also weakness in the job market, despite the continued growth, which made 2017 one of the worst years for the job rate in Timmins.
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