Posted: Sep 10, 2014
The local economy is poised to grow over the next couple of years, according to a recent report from the Conference Board of Canada.
Sparked by a turnaround in the manufacturing sector, Sault Ste. Marie’s gross domestic product (GDP), which is a measure of all goods and services produced, is expected to grow by 1.1% per year throughout 2014 and 2015.
In 2012, 34,000 individuals participated in the Sault Ste. Marie workforce. According to forecasts from the Sault Ste. Marie Economic Development Corporation, based on data from Statistics Canada, that number is expected to grow to more than 37,000 in 2014 and more than 38,000 in 2015. Though these levels are down from the 40,000-strong workforce in 2008, before the global recession hit, the recent trend is encouraging.
Other metrics, including population, personal income per capita and retail sales, are also on the rise, according to the Conference Board of Canada, which is the foremost independent, not-for-profit, applied research organization in the country. Essentially, with Sault Ste. Marie having managed its way through the global recession reasonably well, there appears to be promise for the local economy.
“We’re not growing by leaps and bounds, but there’s definitely a positive trend,” said Tom Dodds, CEO of the Sault Ste. Marie Economic Development Corporation and a Destiny Sault Ste. Marie Board Member. “The indicators are promising, meaning our future is as well.”