Toronto’s economy is expected to grow faster this year, while unemployment should fall, thanks to lower oil prices and a stronger U.S. dollar, the Conference Board of Canada says.
The Pan Am games will help boost tourism, condo and new home construction will resume and manufacturing will recover at an accelerating pace, the Ottawa-based think tank says in a cross-city comparison.
“The lower loonie and strong U.S. economic growth is all good news for Toronto,” said Alan Arcand, the board’s associate director of the Centre for Municipal Studies.
Toronto’s growth will accelerate to 2.8 per cent, the strongest gain in five years, and by a similar pace in 2016, up by 2.9 per cent, the board predicts, in its report Economic Insights Into 13 Canadian Metropolitan Cities.
That’s up from 2.4 per cent in 2014.
Arcand said this year’s growth rate would be considered average. But given how soft the economy has been in recent years, “a year of average growth is going to feel pretty good.”
Unemployment is expected to fall to 7.8 per cent from 8 per cent, the board says. As well, Canadians will save an estimated $1,000 this year on gas pump prices putting more spending money in their pockets
In a dramatic “reversal of fortunes across the country,” Edmonton’s growth rate will plunge to 1.9 per cent, the board also predicts.
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http://m.thestar.com/#/article/busi...-canada.html?referrer=https://news.google.ca/
The Pan Am games will help boost tourism, condo and new home construction will resume and manufacturing will recover at an accelerating pace, the Ottawa-based think tank says in a cross-city comparison.
“The lower loonie and strong U.S. economic growth is all good news for Toronto,” said Alan Arcand, the board’s associate director of the Centre for Municipal Studies.
Toronto’s growth will accelerate to 2.8 per cent, the strongest gain in five years, and by a similar pace in 2016, up by 2.9 per cent, the board predicts, in its report Economic Insights Into 13 Canadian Metropolitan Cities.
That’s up from 2.4 per cent in 2014.
Arcand said this year’s growth rate would be considered average. But given how soft the economy has been in recent years, “a year of average growth is going to feel pretty good.”
Unemployment is expected to fall to 7.8 per cent from 8 per cent, the board says. As well, Canadians will save an estimated $1,000 this year on gas pump prices putting more spending money in their pockets
In a dramatic “reversal of fortunes across the country,” Edmonton’s growth rate will plunge to 1.9 per cent, the board also predicts.
..more...
http://m.thestar.com/#/article/busi...-canada.html?referrer=https://news.google.ca/
