Future bright for Manitoba’s economy, says Conference Board
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This article was published 07/12/2015 (2662 days ago), so information in it may no longer be current.
The Conference Board of Canada says that Manitoba is expected to be among the top provincial performers in 2016 and 2017.
The conference board’s latest Provincial Outlook says that the provincial economy is expected to post real GDP growth of 2.5 per cent in 2016 and reach 3 per cent in 2017.
“Manitoba will be one of the country’s strongest economic performers in 2016, thanks to healthy growth across key sectors, such as construction, manufacturing and service industries,” said Marie-Christine Bernard, associate director, provincial forecast, The Conference Board of Canada, in a news release this morning.
Highlights of the forecast:
- The construction, manufacturing and service industries are all set to post significant gains next year, which in turn will have a positive impact on job creation.
- Real GDP growth is expected to reach 2.5 per cent in 2016 and 3 per cent in 2017.
- British Columbia is expected to have the fastest growing provincial economy from 2015 to 2017.
Production at two new mines is ramping up, boosting output in metal mining. At the same time, all the key segments of the province’s manufacturing sector are expected to benefit from the lower Canadian dollar and a stronger U.S. economy. The manufacturing sector is expected to grow by 1.9 per cent in 2015 and 3.4 per cent in 2016.
Construction is booming in the province and will continue to do so as work ramps up on Manitoba Hydro projects and the rolling out of the provincial government’s infrastructure plan. Growth in the sector is expected to reach 1.4 per cent in 2016 and steadily increase over the next two years, the conference board said.
The healthy growth in the goods-producing industries will be mirrored by the services sectors. Bright spots in the services sector include transportation and warehousing, which is expected to post gains of 2.5 per cent for 2015 and 2016, and 4.1 per cent in 2017. The province’s finance, insurance and real estate sector is also performing well with gains forecast to average 3.4 per cent in 2016 and 2017.
The health of the economy is good news for job seekers as employment is expected to rise by 1.3 per cent in 2016 and 1.8 per cent in 2017, the board`s forecast said.