Vancouver’s economy is expected to outpace other urban economies in Canada this year, according to The Conference Board of Canada’s Metropolitan Outlook: Autumn 2015 that looked at 13 cities.
“Vancouver’s economy is on track to extend its streak of strong growth this year,” said Alan Arcand, associate director at the Centre for Municipal Studies. “In fact, 2015 will mark the fifth time in the past six years that growth in the region has topped three per cent,”
Vancouver’s manufacturing sector is expected to grow by 8.6 per cent, a spike due to U.S. demand, the lower dollar and a multi-billion dollar contract to build non-combat ships for the federal government at Seaspan’s North Vancouver site.
The report also notes that Toronto, Winnipeg, Halifax and Montreal are the other four big economic performers for the year at a more than two per cent growth rate. Meanwhile, Calgary and Edmonton continue to face recession from plummeting oil prices.
On Vancouver’s commercial front, gains above four per cent are expected for a consumer-driven wholesale and retail trade sector, while an active housing market will help boost finance, insurance and real estate, and business services sectors.
Construction is also booming in Vancouver with several new projects in the works, including the Trump International Hotel and Tower, the Vancouver International Airport, and the Port Mann water supply tunnel.