Hamilton's economic growth to outpace national average in 2016: study
Weak loonie to boost Hamilton's export-oriented manufacturing sector
A new study from the Conference Board of Canada suggests Hamilton's economy will grow throughout 2016, outpacing the national average for a second straight year.
According to the board's Metropolitan Outlook 1: Winter 2016 report, Hamilton's economy is expected to grow by 2.2 per cent this year, similar to last year's 2.1 per cent increase. Economic growth in Canada as a whole is only expected to reach 1.7 per cent.
The growth engines driving Hamilton's economic machine will be the manufacturing sector and non-residential construction, the report says. The study forecasts manufacturing output to rise 2.4 per cent in 2016.
The weak loonie and constant demand from the United States will help provide this boost to Hamilton's export-oriented manufacturing sector.
There are also a number of non-residential construction projects to keep the sector busy this year, the report said. Some examples of upcoming projects include the new multi-purpose building at McMaster University and the second phase of the James Street GO station.
On a negative side, the pace of job creation may slow this year from 3,600 positions to around 2,800 this year.
The Conference Board of Canada is an independent, not-for-profit applied research organization in Canada.