Conference Board predicts a rebound in GDP growth in Oshawa
The Conference Board of Canada is projecting a rebound in GDP growth in the Oshawa Census Metropolitan Area (CMA).
In its Winter 2021 Major City Insights Report, the Board anticipates GDP growth of 5.2 per cent this year and 4.7 per cent in 2022. The report also anticipates that manufacturing output in the Oshawa area will rebound by 8.2 per cent in 2021 and 8.5 per cent in 2022, while construction output will rebound by 6.8 per cent in 2021 and 4.3 per cent in 2022.
A CMA is defined as an area consisting of one or more neighbouring municipalities with a 100,000 population, situated around a core of at least 50,000. The Oshawa CMA includes Oshawa, Whitby and Clarington.
The projections point to a significantly improved job market, with employment predicted to expand by 5.9 per cent this year. The Winter 2021 Major City Insights Report cites the reopening of GM Canada’s assembly and steady non-residential construction activity as key factors in the rebounding of Oshawa’s manufacturing sector and the recovery of Oshawa’s construction output in 2021.
Additionally, the report anticipates that the Oshawa CMA will welcome 4,700 newcomers in 2021 and notes that housing prices will support population growth in the Oshawa CMA in 2022 and beyond.
In other recent news, Statistics Canada has reported that the Oshawa CMA is leading the country in population growth, with a growth rate at 2.1 per cent in 2020.
In 2020, Oshawa issued $480.4 million dollars in construction permits and recorded nine building records. To learn more, read the media release.
For updates on the City of Oshawa, visit www.oshawa.ca and sign up for news, alerts and e-newsletters. Stay connected with us on Twitter, Facebook,Instagram, LinkedIn, YouTube and Connect Oshawa.
For more information on Economic Development Services, visit www.oshawa.ca/business or follow @InvestOshawa on Twitter.
Quotes:
“This is yet another strong indicator that Oshawa’s rich and diverse economy is on a path towards healing from the challenges of the past year,” said Oshawa Mayor Dan Carter. “We celebrate this positive news and will let it lift our spirits as we continue to focus on supporting local business and restoring quality jobs to our great city.”
“The City of Oshawa welcomes the positive news that points to solid job and growth projections in our community,” said Councillor Tito-Dante Marimpietri, Chair, Development Services Committee. “It has been extremely difficult to be a small business owner during this past year. We are encouraged to learn that the Conference Board anticipates recovery ahead for our local economy and business community.”
“These very positive predictions for growth and jobs are reassuring bright lights that indicate how well positioned the Oshawa CMA is to embrace and advance changes that will accelerate the local economy when it reopens,” said Councillor Rosemary McConkey, Vice-Chair, Development Services Committee.