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The Conference Board of Canada shined the spotlight on Sault Ste. Marie and Timmins as two mid-sized Canadian cities on the right track for economic growth.
The report, released June 30, includes historical economic and employment data for 32 mid-sized Canadian cities. Sault Ste. Marie, Timmins and Rimouski, Que. were identified as two cities projected to gain strength in 2015.
“Key sectors in the economies of Sault Ste. Marie and Rimouski are expected to show improvement this year, thanks in part to a weaker Canadian dollar and solid U.S. economy,” said Alan Arcand, Associate Director, Centre for Municipal Studies, about the policy institute’s Mid-Sized Cities Outlook 2015 report. “These factors will also help offset the negative impact of lower metal prices for Timmins’ mining industry.”
After expanding by 1 per cent last year, Sault Ste. Marie’s real GDP is expected to grow by 1.5 per cent this year and in 2016. Timmins’ economy is forecast to expand by 2.4 per cent this year and 2.3 per cent in 2016.
A weaker Canadian dollar and a solid U.S. economy is helping the Sault’s manufacturing sector as the city is forecasted to post its first gain on the economic growth side since 2011. Construction of the $50-million St. Mary’s College, road and sewer repair work, and various commercial building projects all bode well for that sector.
For Timmins, despite weak metal prices, mineral exploration is still continuing with production rising at some mines. The Conference Board expects output will continue to climb in both the resource and manufacturing sectors. Consumer spending in that city is forecasted to increase, thanks to a 1.6 per cent gain in employment this year and the construction industry is expected to be strong in 2015 with an output growth of 2.8 per cent projected for this year.
