OSHAWA, ONT. — Out of 16 metropolitan areas across Canada, the Conference Board of Canada forecasts the City of Oshawa, Ont.’s economic growth to be the highest in the country at 2.6 per cent.
Bolstered by a low unemployment rate, a growing population, relatively affordable housing and record levels of construction activity, 2018 is set to be another strong year for Oshawa, states a release issued by the city.
“The past few years have been good ones for Oshawa’s economy,” states the report. “Real gross domestic product growth has exceeded three per cent in each year since 2014, averaging 3.2 per cent per year. The labour market has pumped out an average of 3,980 net jobs per year over the last four years.”
Due to rising interest rates, new tariffs on Canadian exports and tougher mortgage rules, most medium-sized cities in Ontario will only see economic growth of less than two per cent this year.
While tariff impacts on Oshawa’s automotive sector remain a caution, projections of growth continue to be positive, adds the release.