Vancouver economy on pace to be fastest growing in Canada
Expansion in manufacturing, service sectors boost Vancouver to top of list
Vancouver is expected to have the fastest-growing metropolitan economy of 2015, according to economists with The Conference Board of Canada — beating out usual leaders Calgary and Edmonton.
The Conference Board projects a total expansion of 3.4 per cent this year for Vancouver, with gains expected in nearly all sectors of the city's economy.
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Their numbers show manufacturing experienced the most growth at 8.6 per cent, thanks to a multi-billion dollar contract to build non-combat ships for the federal government at Seaspan's North Vancouver site. The service industry also saw strong gains.
Despite development projects dotting the downtown core, construction output is actually projected to dip compared to last year, although the Conference Board's economists expect that decline to be short-lived.
Toronto and Winnipeg round out the top three growers. Calgary and Edmonton — both long-standing economic leaders — saw their economies shrink this year with a dive in oil prices.
Vancouver should continue its growth into next year. The Conference Board expects a 3.6 per cent expansion in 2016.