The Sudbury Star is the City of Greater Sudbury’s daily newspaper.
The next four years will bring 4,000 new jobs to Sudbury, an economic forecast released Wednesday predicts, but it will not be your grandfather’s economic boom.
The forecast, from the economists at BMO Capital Markets Economics, predicts the kind of rapid, game-changing growth for Sudbury last seen in Alberta — both good and bad — its authors say.
Sustainably strong commodity prices coupled with the maturation of Sudbury’s economy — clearly the centre of Northern Ontario’s booming mining cluster — will lead the way, says Robert Kavcic, an economist at BMO Capital Markets. “Employment in Sudbury has recouped all of the declines suffered during the recession,” he said.
“The city’s small labour pool makes statistics like the jobless rate volatile, but the underlying trend is clearly improving.” Even at 7%, Sudbury’s jobless rate remains below Ontario’s, a feat achieved in 2007, and a stark turnaround from about 15 years of a consistently high local unemployment rate, he said.