Oshawa expected to have strong economic rebound
Projection comes from the Conference Board of Canada
A healthy economic rebound for the Oshawa Census Metropolitan Area (CMA) in 2021 is expected, says The Conference Board of Canada.
A CMA is defined as an area consisting of one or more neighbouring municipalities with a population of 100,000 or more, situated around a core of at least 50,000. The Oshawa CMA includes Oshawa, Whitby and Clarington.
With GDP expected to advance 5.8 per cent in 2021, 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 in 2021.
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 to 2024 is expected to be 3.1 per cent, making the Oshawa CMA a top-five area nationally in their growth projections.
“We’re pleased to see the economic rebound the Conference Board of Canada is projecting for the City of Oshawa CMA” says 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. The city offers a unique proximity to major North American markets with the kind of space and lifestyle that is growing in popularity.”
The City of Oshawa Mayor’s Economic Recovery Task Force will continue 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.
“We are optimistic on future trends pointing towards a strong recovery next year,” says Councillor Tito-Dante Marimpietri, Chair of the Mayor’s Economic Recovery Task Force.
We’re asking the local community to help us accelerate that trend by supporting local Oshawa businesses today and are further energized by the fact that the City is increasingly becoming the go-to for investment within the GTA as it offers a unique proximity to major North American markets with the kind of space and lifestyle that is growing in popularity as remote work normalizes. Oshawa is not only a great local choice; it’s dynamically becoming your new best choice.”
A summary of Oshawa economic indicators and highlights can be found at conferenceboard.ca.