The Canada West Foundation has released its latest economic profile and forecast for Manitoba. Entitled Well-Balanced, the report argues that Manitoba is in a good position to weather the current economic storm and grow faster than the Canadian average. The Canada West Foundation is forecasting that Manitoba’s real GDP growth will be 2.3% for 2008 and 2.0% for 2009.
“It is striking how Manitoba is current sitting in an economic sweet spot where prosperity comes from different sources, none of which dominates enough to upset the economic apple cart too much,” notes Canada West Foundation Senior Economist Jacques Marcil. “Manitoba’s steady-as-she-goes growth will be spread among different areas of the economy, giving the province a degree of balance that will be the envy of other jurisdictions,” adds Marcil.
Key findings of the report include:
Non-residential construction activity remains high in Manitoba, with large projects in hydro generation, public works and mining.
Transportation equipment manufacturing is in high gear with solid orders in the aerospace and bus manufacturing industries.
Manitoba crop production is doing well. Canola volumes are expected to set a new record.
The province’s population is growing faster thanks to reversed migratory patterns with Alberta and Ontario, as well as increased international migration.
While Manitoba’s job creation pace is at par with the national average, its unemployment rate is much lower, second only to Alberta.
