Chamber predicts 15,000 more jobs
(Hamilton Spectator, Meredith MacLeod, Jan 17 2014)
More jobs, moderating home prices and an economy "on the upswing" led by construction and agriculture are among the highlights of a 2014 forecast issued by the Hamilton Chamber of Commerce Thursday.
The chamber predicts what it calls the Hamilton-Niagara Peninsula — which also includes Brantford, Haldimand and Norfolk — will add 15,000 jobs over the next two years. That comes after a labour force contraction of 1.5 per cent in 2013....
The report predicts employment will grow by 0.9 per cent this year and 1.3 per cent in 2015 to a total of 720,000 jobs.
That growth rate falls under the provincial growth rate of 1.4 per cent in 2014 and 1.6 per cent next year but comes after a loss of 10,000 jobs in 2013….
The report points to ongoing negative employment trends in information, culture and recreation, finance, insurance and real estate, health care and social services and public administration.
But strong construction numbers — especially thanks to big projects such as the Pan Am stadium, the downtown health campus and a performing arts centre and new retail outlet in Niagara — are helping to offset declines.
The unemployment rate in the local region is expected to remain steady this year at 7.1 per cent and fall to 6.6 per cent in 2015. Those rates put Hamilton slightly below the provincial average for both years….
The chamber forecast calls for homes sales to remain steady at about 20,500 and average price growth to fall to 2 per cent this year and 1.5 per cent next year (coming in at $343,000) due to higher interest rates and tougher mortgage rules. Prices had climbed 12 per cent since 2011.
The Hamilton-Niagara region is the second-most expensive place to buy a home in Ontario, with average prices about $235,000 less than those in Toronto.
Residential building permits are expected to climb a little over 2013 but have dropped off about 13 per cent from 2012 numbers.
Derived from the provincial comparatives in the Chamber’s
2014 Regional Economic Outlook:
Share of Ontario's Total Employment, Hamilton-Niagara Peninsula
2011: 709,200 of 6,731,000 jobs (10.5%)
2012: 715,000 of 6,783,000 jobs (10.5%)
2013: 705,000 of 6,887,400 jobs (10.2%)
2014: 711,000 of 6,986,000 jobs (10.2%)
2015: 720,000 of 7,099,000 jobs (10.1%)
+10,800 jobs, 2011-2015
Share of Ontario's Total Employment, Toronto
2011: 3,118,300 of 6,731,000 jobs (46.3%)
2012: 3,164,300 of 6,783,000 jobs (46.6%)
2013: 3,287,700 of 6,887,400 jobs (47.7%)
2014: 3,347,400 of 6,986,000 jobs (47.9%)
2015: 3,417,700 of 7,099,000 jobs (48.1%)
+299,400 jobs, 2011-2015