Hamilton will gain 13,000 new jobs, chamber report predicts
Hamilton will see 13,000 new jobs over the next two years, shows a new report from the Hamilton Chamber of Commerce.
Steeltown job growth is at a faster pace than its neighbouring communities, and outpacing the provincial average, shows the report from the chamber and Credit Unions of Ontario.
That means a lower unemployment rate, the report says. The “modest economic growth” comes from U.S. demand and a good exchange rate.
The annual report comes from the chamber and Credit Unions of Ontario. It uses Central 1 Credit Union forecasts along with Statistics Canada figures and other data. Some of the figures are approximations.
The report covers the Hamilton Census Metropolitan area, so the results include Burlington and Grimsby.
Here are some other highlights:
- The area will add about 13,000 jobs over the next two years. Employment will increase by 1.6 per cent in 2015 and 1.8 per cent in 2016.
- Unemployment is declining and is expected to remain below the provincial average. It should hit 5.8 per cent by 2016. In 2009, it was 8.4 per cent.
- Manufacturing jobs have dropped. They account for 13 per cent of jobs, down from 20 per cent in the early 2000s.
- Manufacturing will never be as powerful as it used to be in Hamilton’s job market, but it is rebounding. The chamber cites National Steel Car’s announcement of 300 new jobs as an example.
- Service sectors are thriving. The Margaret and Charles Juravinski Centre for Integrated Healthcare, for example, will generate 400 new jobs over the next few years.
- Home sales will climb to about 15,000 units by 2016. The average price will rise about 4 per cent a year to $438,000.
- By 2016, the average price of home will have climbed $100,000 over the average 2010 price.