Good news for Manitoba economy
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Hey there, time traveller!
This article was published 28/11/2014 (4349 days ago), so information in it may no longer be current.
One of the country’s leading economic forecasters — the Conference Board of Canada — remains bullish about Manitoba’s prospects for next year.
“Manitoba’s near-term economic outlook is a good-news story,” the Ottawa-based think-tank said in its latest Provincial Outlook report released Thursday.
“Manitoba will quickly become a top performer next year, fuelled by a boom in the construction industry as the government allocates more money for public infrastructure and as business investment gets a lift from a new electricity-transmission project.”
The board predicted the province will turn in the third-strongest real gross domestic product (GDP) growth in the country in 2015, at three per cent, before slowing to 2.4 per cent growth in 2016.
The only two provinces it thinks will do better next year are Newfoundland and Labrador and Alberta, at 3.4 per cent and 3.3 per cent, respectively.
The Conference Board’s forecast for 2015 is slightly rosier than the latest consensus forecast from the nine key private-sector forecasters monitored by the Manitoba government. That has the Manitoba economy growing by 2.5 per cent next year, or fourth-best among the provinces.
The Conference Board’s latest growth projection for 2015 is unchanged from its previous forecast. However, it did boost its projection for this year to 2.3 per cent from two per cent. That should be good for second-best among the provinces after Alberta’s anticipated 4.4 per cent growth, it added.
The board said Manitoba’s construction industry will be one of its top performers for the next couple of years, with anticipated growth of 11.6 per cent in 2015 and 6.6 per cent in 2016.
Investment in energy projects such as Manitoba Hydro’s Bipole III transmission line, which is expected to get underway next year, will support gains in private-sector non-residential construction activity, it said.
“Residential investment will also post strong gains as fairly strong population growth is spurring demand for housing.”
The board said metal mining will be another economic driver next year, as the completion of several mining projects leads to a ramp-up in overall production.
“Utilities will post decent gains as well, while growth in manufacturing will moderate somewhat.”
The board predicts the province’s labour market will also rebound from this year’s sluggish performance, with employment growth of two per cent in 2015.
— with files by The Canadian Press
murray.mcneill@freepress.mb.ca