London’s Economy Slowly Growing

While some Londoners may have tightened their purse strings over the past few years, a new report is showing some signs of hope.

The Conference Board of Canada released it’s Metropolitan Outlook: Summer 2014 on Wednesday, with at the economies of medium-sized metropolitan centres across Canada.

The report shows that London, along with a number of other similar-sized communities in Canada are seeing economic growth, albeit slow. 11 of the 15 centres the Board studied are expected to see economic growth this year of less than 2 percent.

Economist Greg Sutherland says the report should show Londoners they can be confident in the direction the city’s economy is heading.

Sutherland says London’s real GDP is expected to rise by one per cent this year, the biggest jump in the past few years. Last year, the Forest City’s GDP dropped by a tenth of a per cent.

Overall, Abbotsford-Mission (in British Colombia) was labeled as having the fastest growing economy, with Trois-Rivieres’ real GDP expected to contract by 1.2 per cent.

Economic growth is expected to be stronger in Western Canada, but a rebound in manufacturing activity in London, and improvements in the services sector are driving the slow growth.