Quote:
Originally Posted by ReginaGuy
I'd rather live in a hick town than a poor one!  |
Here's a good read for ReginaGuy: --------------------------------------------------------------------
Conference board bullish on Winnipeg in 2008
To be 3rd in economic growth after Calgary, Edmonton
Tue Jan 22 2008
By Larry Kusch
MIKE DEAL / WINNIPEG FREE PRESS
City posted economic growth of 3.9 per cent in 2007, its best since '97.
WINNIPEG will sport the third-strongest economy among Canadian cities this year because of a continuing construction boom and a thriving manufacturing sector, the Conference Board of Canada said Monday.
The think-tank projects that Winnipeg's census metropolitan area (CMA), which includes bordering municipalities, will enjoy real economic growth of 3.4 per cent in 2008, trailing only those of Calgary (4.2 per cent) and Edmonton (4 per cent).
The board said in its Metropolitan Outlook the city posted economic growth of 3.9 per cent last year, its best showing since 1997 and fourth best in Canada.
John McCallum, a University of Manitoba economist, said he feels the conference board's growth projections are generally a little too robust, although he doesn't dispute Winnipeg's No. 3 ranking.
"I'm not surprised at all that they have Calgary and Edmonton and Winnipeg high relative to other cities in Canada," McCallum said.
"I'm surprised that they have Winnipeg up at such a high number because for some time now, I've been thinking that Canada is going to get growth around two or two and a quarter per cent this year," he said.
"I just don't see Winnipeg outpacing Canada to that extent."
The conference board projects real Canadian GDP growth in 2008 at 2.8 per cent and pegs Manitoba's growth at 3.5 per cent, second to Alberta among Canadian provinces.
Winnipeg's lofty ranking was no surprise to the city's economic tourism and promotion agency or to the Chamber of Commerce.
Stuart Duncan, president of Destination Winnipeg, said the Manitoba capital is "riding one of the better economic cycles this city has seen for a long, long time."
"We have been pointing out the real economic comeback and turnaround for Winnipeg over the past four years," Duncan said in a statement. "2007 was very strong -- probably peak of this cycle -- but 2008 should be another good year overall," he said.
Dave Angus, president of the Winnipeg Chamber of Commerce, noted that the city's manufacturing sector has been able to adjust to the negative impact of a rising Canadian dollar better than other jurisdictions.
"We have the diversity that you need to weather some of the (economic) storms in the U.S.," Angus said, referring to the Manitoba economy as a whole.
Wilf Falk, Manitoba's chief statistician, said the conference board projections are on the high side of what has been predicted for Manitoba -- and by implication for Winnipeg -- so far this year.
Provincial GDP growth projections for Manitoba in 2008 range from 2.2 per cent (TD bank) to the conference board's 3.5 per cent. Several Canadian banks have pegged Manitoba's 2008 growth at three per cent.
Taking the average of all of the predictions so far, Manitoba's economy would grow 2.8 per cent this year compared with a Canadian growth rate of 2.4 per cent, Falk said.
"All things being equal, '08 should be a reasonably good year for us relative to other jurisdictions," he said.
larry.kusch@freepress.mb.ca
Top nine cities
Projected 2008 GDP growth among cities:
1. Calgary 4.2 per cent
2. Edmonton 4.0
3. Winnipeg 3.4
4. Vancouver 3.3
4. Abbotsford 3.3
6. Quebec City 2.8
6. Toronto 2.8
6. Halifax 2.8
9. Saskatoon and three others 2.7
Source: Conference Board of Canada
'Pegged for success
Highlights of Conference Board of Canada report on Canada's census metropolitan areas*:
* Winnipeg will post the third highest growth in gross domestic product (GDP) among Canadian cities this year, after a fourth place finish last year.
* The city's economy will grow 3.4 per cent in 2008 after expanding by 3.9 per cent in 2007 -- the fastest since 1997.
* Heavy infrastructure spending, "sturdy" housing starts together with a strong manufacturing sector and solid performance from farms in the census metropolitan area contributed to last year's heady result.
* Winnipeg's manufacturing output expanded four per cent in 2007 and should rise similarly in 2008.
* Winnipeg's per capita income in 2006 was $33,100, slightly lower than the national average of $33,600.
* Employment grew two per cent last year in Winnipeg compared with an average of 1.5 per cent over the preceding decade.
* Winnipeg's unemployment rate will fall to 4.3 per cent, the lowest on record, in 2008 after averaging 4.6 per cent the last two years.
* Employment in the Winnipeg construction sector is expected to rise 10 per cent to 21,700 this year, compared with 2007.
* Manitoba's GDP will grow by 3.5 per cent in 2008, after a robust 3.7 per cent expansion last year.
* Canada's GDP growth is forecast at 2.8 per cent this year, compared with 2.6 per cent last year.
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