BMO predicts 12,000 new jobs in Winnipeg

WINNIPEG – Manitoba’s diverse, stable economy will produce 12,000 new jobs in Winnipeg in the next three years, a report from BMO Economics says.

The new jobs will lower the unemployment rate to about five per cent, near the low end for Canadian cities, a news release from BMO Financial Group says.

Steady GDP growth of two per cent, which is above the national average, and a diverse economy have created stability in Manitoba, said Robert Kavcic, a senior economist with BMO Capital Markets.

“Stability remains one of Manitoba’s key economic strengths, and the city of Winnipeg is no exception,” Kavcic said in the release.

The manufacturing and energy and mining sectors were mentioned as particular strengths.

While transport and aerospace were hit hard during the economic downturn, both are on the mend, and the minerals sector and oil production have become key strengths, the BMO report says.

“Winnipeg is a strong economic engine for Manitoba and Western Canada, with local businesses providing diverse strengths,” John MacAulay, BMO’s senior vice-president for the Prairies, said in the release. “With business owners making important investments in new equipment, in expanding their operations and hiring people, the best is yet to come.”