The Conference Board of Canada is projecting a healthy economic rebound for the Oshawa Census Metropolitan Area (CMA) with GDP expected to advance 5.8 per cent in 2021.
A CMA is defined as an area consisting of one or more neighboring municipalities with a 100,000 population, situated around a core of at least 50,000. The Oshawa CMA includes Oshawa, Whitby and Clarington, said a city statement.
The projections point to a significantly improved job market, with employment expanding by 5.7 per cent and the unemployment rate returning to its 2019 level of 5.4 per cent. The Oshawa CMA’s GDP grew by an average of 2.6 per cent annually from 2015 to 2019. In a cross-city comparison, Oshawa’s average annual GDP growth from 2021-2024 is expected to be 3.1 per cent, making the Oshawa CMA a top-five area nationally in their growth projections, the city said.
The City of Oshawa Mayor’s Economic Recovery Task Force continues to advise on opportunities and projects related to the full recovery and ongoing transformation of the city’s economy. The task force will seek to capitalize on the economic momentum projected in this Conference Board of Canada report by encouraging the community to support locally owned family lead businesses by buying local, the statement said.
Further to the Conference Board of Canada’s findings, improved housing markets in Oshawa are expected to spur an expansion in the finance, insurance, and the real estate industry, while the winding down of the pandemic should allow some travel to resume and larger numbers of people to gather, boosting prospects for Oshawa’s accommodation and food services sector and its arts and entertainment sector. According to the report, retail trade should also expand briskly.
“We’re pleased to see the economic rebound the Conference Board of Canada is projecting for the City of Oshawa CMA” said Mayor Dan Carter. “As businesses continue to adapt and recover during these unprecedented times, the City of Oshawa will continue to grow as an attractive location for organizations within the Greater Toronto Area (GTA). The City offers a unique proximity to major North American markets with the kind of space and lifestyle that is growing in popularity.”
A summary of Oshawa economic indicators and highlights can be found on the Conference Board of Canada’s website.
great reporting and very good news, thanks for keeping our community informed/ Dave Carter, Chair ,Oshawa Liberal Association