MONCTON, NB, June 27, 2012 /CNW/ - Moncton's economy will grow by 2.1
per cent in 2012, and that pace is expected to accelerate in both 2013
and 2014, according to The Conference Board of Canada's first-ever
Metropolitan Outlook for the Moncton Census Metropolitan Area (CMA).
"Economic growth in 2012 will be fuelled by continued strength in
manufacturing and a rebound in the services sector. In 2013 and beyond,
a rebound in the construction sector will add further strength to the
Moncton economy," said Mario Lefebvre, Director, Centre for Municipal Studies at The Conference Board of Canada.
Moncton will also continue its recent trend of growing faster than the
provincial economy in each of the next five years. On average,
Moncton's real gross domestic product (GDP) is expected to grow about
0.5 percentage points faster than the New Brunswick economy as a whole
annually through 2016.
The manufacturing sector has done very well over the past three years,
increasing by an average of 9.2 per cent per year. While part of this
growth was attributable to a rebound in demand following the global
recession in 2008-09, it was also a testament to the diversity of the
manufacturing sector in Moncton.
"Given its central location in the Atlantic region, its bilingual
workforce, and its relatively low cost-of-living, Moncton has been able
to attract a number of different types of manufacturers, including
firms in high tech/gaming, paper products, building products, food and
beverage, chemicals, and heavy equipment," said Lefebvre.
The manufacturing sector is expected to grow another 4.6 per cent this
year and 4.1 per cent in 2013. Strong income and employment growth in
2012 should help to boost the services sector as well. However,
construction output in 2012 is expected to decline for the second year
in a row despite an increase in housing starts, as non residential
construction activity is set to decline this year.
As the construction sector begins to improve in 2013, overall GDP growth
is expected to rise to 2.5 per cent and to 2.6 per cent in 2014.
This is the first time that the Metropolitan Outlook 2 publication from The Conference Board of Canada includes Moncton. This
publication contains a detailed five-year economic forecast for 15 of
Canada's census metropolitan areas (CMAs).
The Moncton CMA includes Moncton, Dieppe, Riverview, Memramcook,
Coverdale, Salisbury, Hillsborough, Dorchester, Elgin, Saint-Paul and
Fort Folly. The Moncton outlook will be updated twice a year.
Of the 15 small and medium-sized CMAs covered in this edition of the Metropolitan Outlook publication, two Ontario CMAs, Kitchener-Cambridge-Waterloo and Oshawa,
are clearly setting the pace in economic growth this year. Both are
expected to grow by 3.3 per cent in 2012.
SOURCE CONFERENCE BOARD OF CANADA
For further information:
Brent Dowdall, Media Relations, Tel.: 613- 526-3090 ext. 448