Posted Dec 23, 2006, 12:33 AM
|
|
"CITY OF THUNDER"
|
|
Join Date: Aug 2006
Location: Discover Niagara!
Posts: 219
|
|
Power projects will fuel Niagara growth
MONIQUE BEECH / Osprey News Network
Local News - Friday, December 22, 2006
Niagara's economic outlook is headed for a major upswing in 2007 fuelled by two large power projects, predicts the Conference Board of Canada. For St. Catharines-Niagara, economic growth is expected to hit 3.1 per cent, the fastest rate since 2000, states the 2007 Metropolitan Outlook, an annual economic performance and trend report. In 2006, projected growth was a mere 0.4 per cent. This year, St. Catharines-Niagara is forecast to have the fourth fastest-growing economy out of 27 major Canadian metropolises, falling just behind western boom towns, Calgary, Edmonton and Vancouver, the recently released report found. "It's a little bit of a different story for the western provinces, where the economy has been growing for years and will continue to be strong," the report's author, Alan Arcand, said from his Ottawa office. "St. Catharines is more of a rebound." Niagara's economic engine will be revved by two new power projects. The $470-million natural-gas-fired power plant planned for Abitibi Consolidated's recycled newsprint mill in Thorold will be complete in 2009. The project will create more than 300 jobs during construction, starting early next year. The second project is the 10.4-kilometre tunnel to bring water from Niagara Falls to Queenston's hydroelectric generating complex, which will be completed by 2009. About 230 jobs will be created during construction. The projects are also forecast to create spinoff jobs in the transportation, storage and communications sectors. "When you have two major construction projects, it really boosts the numbers," Arcand said. "It's not surprising you'll see growth next year, given you have two big projects." The forecast good news is welcome after several years of big blows to Niagara's manufacturing sector, said Patrick Gedge, chief executive officer with the Niagara Economic Development Corp. Gedge said he hopes the boom in the region's power-producing sector lures other lucrative companies to Niagara. "I hope it gets the business community in Canada thinking about how St. Catharines-Niagara area is in fact a business community," Gedge said. "One where companies can make good and profitable investments, and see us not just as a tourism destination." Gedge said the region still needs to spend energy strengthening its weaker economic sectors, such as manufacturing. Trudy Parsons said the projected growth is great as long as Niagara's workforce is qualified to fill available jobs. "We need to identify exactly what the skills sets are that these employers are going to be looking for so we can actually match the people to the jobs," Parsons said.
Conference Board of Canada - Metropolitan Outlook Winter 2007
Top four centres (out of 27) projected to have the fastest-growing economies in 2007:
1. Calgary - 3.9 per cent
2. Edmonton - 3.6 per cent
3. Vancouver 3.1 per cent
4. St.Catharines/Niagara Falls - 3.1 per cent
|