Windsor economy to grow faster than national average, says study
Wednesday, August 10, 2016
The Windsor Star/Grace Macaluso
The Windsor area’s economy is expected to grow by 2.4 per cent this year — well above the national projected growth rate of 1.6 per cent, according to the Conference Board of Canada.
The board attributes its positive economic outlook in “large part” to Fiat Chrysler’s $3.7 billion investment in its Windsor Assembly Plant, which is building the new Chrysler Pacifica minivan, as well as the city’s plans to host major sporting events, such as the FINA swimming competition.
“The manufacturing sector has also been picking up steam, thanks in large part to FCA Canada’s $3.7-billion investment in its Windsor Assembly Plant and its subsequent hiring of 1,200 workers to manufacture the Pacifica,” the conference board’s report said.
“The area’s tourism outlook is also bright, due mainly to a string of major sporting events that the city is hosting.”
In all, local manufacturing output is forecast to expand by 4.6 per cent this year, while personal services output, which includes many tourist-oriented industries, is projected to climb by 2.9 per cent, the board said.
“Solid advances in these two key industries will support overall real GDP growth of 2.4 per cent in Windsor this year. After creating 3,000 jobs in 2015, the economy is projected to generate an additional 1,400 jobs per year over 20016 and 2017.”
The Windsor Census Metropolitan Area’s unemployment rate was 6.2 per cent in July.