Vancouver trumps economic growth in Canada in 2016
Vancouver will be the fastest growing metropolitan economy in Canada again this year, according to a new report – but you might not be too happy about the source of that success.
After growth of almost 4% last year, and more than 3% in 2014, The Conference Board of Canada’s Metropolitan Outlook: Winter 2016 predicts Vancouver will see its gross domestic product, or the value of all its goods and services, increase again, this time by 3.3%.
“Vancouver is projected to be the only Canadian metro region that will post economic growth above 3 per cent this year – nearly double the national average,” said Alan Arcand, Associate Director, Centre for Municipal Studies, in a press release.
So what’s behind all this good news? According to the report, Donald Trump…sort of.
The board says building projects like the Trump-branded International Hotel and Tower, alongside other mixed-use and non-residential developments, are among the projects responsible for Vancouver’s fast-growing construction sector.
Meanwhile, as Vancouverites struggle with the high cost of cross-border shopping, the low Canadian dollar and healthy U.S. economy are giving Americans a much cheaper ride on this side of the border.
That’s forecast to boost Vancouver’s manufacturing and tourism industry and make this year one of the city’s busiest cruise ship seasons yet, while shipbuilding for the federal government will also help boost the manufacturing sector.
There is still some hope for that trip to Seattle though.
The report forecasts 26,600 more jobs will be coming to Vancouver this year – so you could always earn some extra spending money of your own.