Hamilton economy to outpace national average in 2016: study
http://www.thespec.com/news-story/63...in-2016-study/
A new Conference Board of Canada study says Hamilton's economy will outpace the national average this year although job growth will remain slow.
The board's latest Metropolitan Outlook Report says Hamilton's economy will remain steady and solid, outpacing the national average for the second straight year.
Alan Arcand, associate director of municipal studies for the Conference Board, said in a news release stronger activity in manufacturing and in non-residential construction, along with healthy gains in services-producing industries will drive healthy overall growth in the city.
Hamilton's economy is expected to grow by 2.2 per cent this year, following a similar increase in 2015. The manufacturing sector and non-residential construction will be growth engines again this year.
Even with U.S. Steel in the process of moving its operations to the United States over the next year, manufacturing output is forecast to rise 2.4 per cent in 2016, as the weak loonie and solid U.S. demand provide a boost to Hamilton's export-oriented manufacturing sector.
Meanwhile, a number of non-residential construction projects, including those at McMaster University—a new multi-purpose building and the Gerald Hatch Centre for Engineering Experiential Learning—as well as Phase two of the James Street Go station is expected to keep the local construction sector busy for 2016. Finally, services output growth will remain steady at 2.1 per cent for a third consecutive year.
The pace of job creation will slow in Hamilton this year. Some 3,600 positions were added to payrolls in 2015, while about 2,800 jobs are expected to be created in 2016.