Peterborough Examiner: http://www.thepeterboroughexaminer.com/2015/01/30/local-growth-to-slow-down-greater-peterborough-chamber-of-commerce-report
CHEX Television: http://youtu.be/Y9vc10sPKzM
Peterborough This Week: http://www.mykawartha.com/news-story/5295649-peterborough-s-economic-growth-forecast-to-taper-off-this-year
Extra Peterborough 90.5 FM: http://extrapeterborough.ca/default.asp?pid=5814694&wireid=01591_PTBO_Economic_Report_1_web_090033
Thursday, January 29, 2015
After a strong 2014, economic growth in Peterborough is expected to slow over the next two years, according to a new economic outlook from the Greater Peterborough Chamber of Commerce and the Credit Unions of Ontario.
Economic conditions in Peterborough exhibited surprising strength last year, as residential and non-residential investment surged and total employment grew by 9 percent. As a result, the unemployment rate dropped slightly in 2014 to 8.3 percent.
On balance, employment growth is forecast to ease considerably following last year’s strong growth, with forecast gains of 1.0 percent in 2015 and 1.8 percent in 2016. Growth will be underpinned by a general improvement in economic conditions in the province and higher tourism levels. Unemployment is expected to decline slightly to 7.8 percent by 2016.
According to the outlook, job creation in the area is forecast to record modest growth over the next two years as non-residential construction activity begins to taper off. While the investment flows of previous projects in the broader region should continue to benefit the economy, the value of non-residential building permits is expected to decline this year by about 30 percent before recovering in 2016.
Stronger U.S. demand and a weak Canadian dollar should buoy the region’s manufacturing sector, while tourism-related industries such as accommodations and food services, are expected to benefit from increased visits from outside the region.
"The challenges faced by Peterborough businesses in the past number of years have forced some companies to reach into other segments of the economy to fill in space left by traditional clients", says Stuart Harrison, President and CEO, Greater Peterborough Chamber of Commerce.
Some recent developments bode well for Peterborough’s future prospects. The new Nordia call centre opened in November 2014 and management plans to hire about 400 people in the first 12 to 18 months of the facility’s operation. Minacs, another call-centre operation in the city, will also be hiring another 60 people in the coming months. In addition, the GE Canada plant in Peterborough has won a tentative contract from TransCanada Corp. to build electric motors for the Calgary-based company’s Energy East pipeline project. The contract win for the plant follows the $65 million modernization of the facility over the past five years and is expected to create 250 jobs at its Peterborough facility and across its local supply chain over a two-year period.
"It’s anticipated recent and long-term investments in transportation will have a positive economic impact on the Peterborough area", adds Harrison. "The announcement of the construction of the 407 to the 35/115 expected to start in the fall and further growth at the Peterborough Airport will continue to open Peterborough to new markets and introduce new markets to Peterborough."
Population growth, which is primarily attributed to net positive flows of people from other parts of the province, is forecast to rise to 0.7 percent in 2016.
On the housing front, sales in Peterborough are forecast to increase to approximately 1.9 percent in 2016. Demographically driven demand and low interest rates have generated a stable environment for the regional housing market, which should help home prices rise moderately over the forecast horizon.
Key Facts and Highlights:
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The 2015 Board of Directors following the Inauguration of the Board of Directors’ Chair, Patric Marren
January 20, 2015
Chair – Patric Marren, Glenn Windrem Trucking
Vice-Chair - Jason Becker, BDO Canada LLP
Treasurer – Jim Hill, Pan-Oston Limited Secretary – Stuart Harrison, Greater Peterborough Chamber of Commerce
Directors at Large:
– Lisa Smith, United Way of Peterborough & District
– Scott Mancini – RBC Royal Bank – Kawartha-Lakeshore Business Banking Centre
- Past Chair – Bob Doornenbal, Driving Miss Daisy
Ann Farquharson – Farquharson Pineiro
Dawn Hennessey – Business Development Bank of Canada
Lorrie McMullen – The Venue PTBO
Neil Morton – PTBOCanada.com
Brenda O’Brien – CHEX Television
Karen Park – Marlin Travel
Allison Seiderer – Living Well Home Medical Equipment
Ben vanVeen – Century 21 United Realty Inc. Brokerage
Mayor Daryl Bennett, representing the City of Peterborough
Karl Moher, Douro-Dummer Township Deputy Mayor, representing the County of
Gwyneth James, representing Women’s Business Network
Steven Brackenridge, representing the Peterborough County Federation of Agriculture
The Greater Peterborough Chamber of Commerce is a member-based organization. Our main focus is to channel the collective strength of the business community to improve the economy. This includes providing representation on numerous committees, conducting surveys, issuing discussion papers and developing policy positions on issues of significance to our members.
For further information contact:
Sandra Dueck, Policy Analyst/Communications Specialist Greater Peterborough Chamber of Commerce
Phone: (705) 748-9771 ext.215
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It has been brought to our attention that a member of the Chamber of Commerce received a phone call this morning (Friday, January 9, 2015) from someone claiming to be calling on behalf of the Chamber. The caller was asking for credit card information to make sure payment was up to date.
Please be aware:
President and CEO
Greater Peterborough Chamber of Commerce
The Peterborough and the Kawarthas Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community.