The Conference Board of Canada is projecting a rebound in GDP growth in the Oshawa Census Metropolitan Area (CMA).
In its Winter 2021 Major City Insights Report, the Board anticipates GDP growth of 5.2 per cent this year and 4.7 per cent in 2022. The report also anticipates that manufacturing output in the Oshawa area will rebound by 8.2 per cent in 2021 and 8.5 per cent in 2022, while construction output will rebound by 6.8 per cent in 2021 and 4.3 per cent in 2022.
A CMA is defined as an area consisting of one or more neighbouring municipalities with a 100,000 population, situated around a core of at least 50,000. The Oshawa CMA includes Oshawa, Whitby and Clarington.
The projections point to a significantly improved job market, with employment predicted to expand by 5.9 per cent this year. The Winter 2021 Major City Insights Report cites the reopening of GM Canada’s assembly and steady non-residential construction activity as key factors in the rebounding of Oshawa’s manufacturing sector and the recovery of Oshawa’s construction output in 2021.
Additionally, the report anticipates that the Oshawa CMA will welcome 4,700 newcomers in 2021 and notes that housing prices will support population growth in the Oshawa CMA in 2022 and beyond.
In other recent news, Statistics Canada has reported that the Oshawa CMA is leading the country in population growth, with a growth rate at 2.1 per cent in 2020.