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Conference Board of Canada report paints a rosy picture of Guelph economy

According to a report released by the think tank, the Guelph economy is expected to see real growth in gross domestic product of 3.9 per cent in 2022 and 2.3 per cent in 2023.
Downtown Guelph. Wikimedia Commons/Flickr user David J. Sullivan

The Conference Board of Canada is giving Guelph a positive economic outlook.

According to a report released by the think tank last week, the economy in Guelph is expected to see real growth in gross domestic product of 3.9 per cent in 2022 and 2.3 per cent in 2023.

It said in a news release that job growth reached an astounding 8.5 per cent in the region last year, allowing employment to surpass pre-pandemic levels.

The board’s director of economic forecasting Ted Mallett said the city has a number of advantages, especially in the manufacturing sector.

“There is a lot of reasons that Guelph is on the positive side of our radar,” said Mallett.

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“The whole industrial turnover from new energy sources is bringing changes in the industry. We are seeing bigger investments to Linamar and Magna toward automotive electrification.”

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Mallett says a lot of the growth will depend on whether there is an availability of housing in the city.

“There is also some wondering about the business cycle as interest rates are rising significantly,” said Mallett.

“We are going to be seeing a slowdown but the prospects of a recession will be 50-50.”

Shakika Shayani, president and CEO of the Guelph Chamber of Commerce, said while she is encouraged by the report, affordability continues to be a challenge for businesses and households in Guelph.

“Our attention should be on comprehensive plans to address pressures on issues such as pressures on our healthcare system, the lack of skilled trades labour available to progress critical infrastructure needs, as well as our ability to create a competitive environment for investment and growth,” Shayanki said in an email to CJOY.

She added that the city and surrounding area continue to be resilient.

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