The Conference Board of Canada, a not-for-profit “think tank” whose sole purpose is dedicated to the research and analysis of Canada’s economic trends, made a noteworthy announcement recently. They are predicting that when it comes to economic growth, Ontario, along with British Columbia, will lead the rest of Canada, between now and the end of 2017.
What makes that statement so important, is the Conference Board’s non-partisan, objective nature; they have nothing to gain by their announcement.
British Columbia Predictions
The Ottawa-based charitable organization released their provincial outlook last month revealing expectations for British Columbia to register a 3 percent real gross domestic product (GDP) for 2016, and again for 2017.
When the Conference Board looked at Ontario, they came to similar conclusions, expecting real GDP growth to top 2.8 percent in 2016, and 2.6 in 2017.
The think-tank didn’t have such high expectations for the rest of the country. It anticipates resource-dependent economies such as Newfoundland and Labrador, and Saskatchewan to shrink. And Alberta is expected to do little more than hold its own over the next twenty-four-month period.
Because the GDP is a primary indicator used to gauge the health of the country’s overall economy, the predicted growth means good things for Ontario and British Columbia. A strong, healthy economy typically means low unemployment and wage increases for those already employed. It also means a higher demand for labour, required to meet the growing economy’s production output. Simply put, an increase in Ontario’s GDP means more work gets done, and that’s good news for everyone concerned.
What Increased GDP Means for Your Ontario-Based Business
- Increased GDP means steady economic growth
- Steady economic growth means employment growth
- Employment growth means increased demand for staffing
So if you have projects on the back burner just waiting for the right time to bring them out, dust them off and set them in motion, now might be a perfect time.
If you have outstanding work that needs completing? Are you ready to start new projects? Then reach out to the Niagara Region staffing experts at Employment Professionals Canada today. We can help find the talent you need to you grow your company. Contact us today to learn more about our HR and staffing services in Ontario.