TD Bank Group Vice President and Deputy Chief Economist Derek Burleton virtually addressed over 150 local business professionals and community leaders from across the GTA at the City of Oshawa’s Economic Outlook Event on May 20.
Deputy Chief Economist Burleton highlighted key aspects of the global, national, and Ontario economies, as well as a local perspective on Oshawa’s economic landscape.
Burleton noted that Canada’s prospects for economic growth are showing strength going into the second half of 2022, with the City of Oshawa’s economy as being particularly resilient. “Throughout the pandemic, Oshawa has outperformed national and provincial averages,” said Burleton, noting measures of GDP and employment over the past year. Oshawa’s real estate market was also highlighted, as residents continue to flow into Durham Region seeking greater value and space.
Oshawa Mayor Dan Carter provided additional local highlights, including Oshawa’s recent strong ranking on Maclean’s Best Communities in Canada 2021 report. Oshawa placed 34th out of 415 as one of the best communities across Canada, and ranked 13th in Ontario. The ranking also revealed Oshawa as the #1 community across Durham Region.
Mayor Carter noted that despite global challenges, many areas of Oshawa’s economy have grown. This includes GM Canada’s decision to select Oshawa for the production of a new line of pickup trucks in 2021.
“Despite challenges, Oshawa’s economy is growing. Significant investments in manufacturing from GM Canada will further help drive our recovery and restore quality jobs to our great City,” said Oshawa Mayor Dan Carter. “Mr. Burleton’s forecast that Oshawa’s economic growth will remain strong throughout next year brings us reassurance that all of our efforts are making a difference during this pandemic.”
“As we look towards Canada’s economic recovery, Mr. Burleton’s remarks shed an optimistic outlook that we are very pleased to hear,” said Councillor Tito-Dante Marimpietri, Chair of the Development Services Committee. “While we remain vigilant to public health measures, it is encouraging to hear of Oshawa’s resilience in facing the COVID-19 pandemic. We believe that key investments made in our community over the past year will have Oshawa leading the way in terms of new job creation and economic growth. Supporting local businesses will further accelerate those efforts.”
“It was interesting to hear Mr. Burleton’s economic outlook for this latest passage of time as ‘navigating uncertainty and healing the economy’,” said Councillor Rosemary McConkey, Vice-Chair of the Development Services Committee. “There was also great encouragement in his words that although we are still dealing with the impact of the pandemic’s Third Wave we may have seen the peak, and soon see the outlook brighten.”