Out of 16 metropolitan areas across Canada, the Conference Board of Canada forecasts Oshawa’s economic growth to be the highest in the country. Bolstered by a low unemployment rate, a growing population, relatively affordable housing and record levels of construction activity, 2018 is set to be another strong year for the city of Oshawa.
The report further highlighted Oshawa’s economic progress: “The past few years have been good ones for Oshawa’s economy. Real gross domestic product growth has exceeded 3 per cent in each year since 2014, averaging 3.2 per cent per year. The labour market has pumped out an average of 3,980 net jobs per year over the last four years”.
Most medium sized cities in Ontario will only see economic growth of less than two per cent this year, in part because of rising interest rates, new tariffs on Canadian exports and tougher mortgage rules. While tariff impacts on Oshawa’s automotive sector remain a caution, projections of growth continue to be positive.
For more information, or to obtain a copy of the Conference Board of Canada Metropolitan Outlook, visit: https://www.conferenceboard.ca/e-library/abstract.aspx?did=9758