OTTAWA, June 27, 2014 /CNW/ - Economic growth in Saint-Jean-sur-Richelieu is expected to improve over the next two years. This follows an increase of only 1.1 per cent in 2013, the city's slowest growth in real gross domestic product (GDP) since 2009. The Conference Board of Canada's Mid-Sized Cities Outlook - 2014 forecasts a gain of close to two per cent each in 2014 and 2015.
"A recovery in the goods sector and steady growth in the services sector will help Saint-Jean-sur-Richelieu's economy improve this year," said Alan Arcand, Associate Director, Centre for Municipal Studies.
"The tepid local growth mirrored the weak provincial performance last year. Quebec's growth in 2013 was also its slowest since the recession."
Saint-Jean-sur-Richelieu's goods sector declined by 1.8 per cent in 2013, as output fell in the manufacturing and construction industries. This year activity in manufacturing and construction will recover, boosting growth in the goods sector by 1.8 per cent.
The city's services sector fared better than the goods sector last year, with all industries except public administration experiencing growth. The story will remain much the same over the next two years, allowing output growth in the services sector to hover near two per cent in 2014 and 2015.
Employment in Saint-Jean-sur-Richelieu fell seven per cent in 2013. Both the goods and services sides of the economy saw job losses, with the biggest declines occurring in manufacturing and wholesale and retail trade. But propelled by brisk gains in services jobs, employment is expected to increase by 3.4 per cent in 2014 and a further 1.5 per cent in 2015.
The Mid-Sized Cities Outlook provides economic forecasts for eight cities that contributed financially to the research — Lethbridge, Red Deer, Medicine Hat, Saint-Jean-sur-Richelieu, Timmins, Sault Ste. Marie, Brandon, and Nanaimo. It also includes historical economic and employment data for 46 mid-sized Canadian cities.
SOURCE: Conference Board of Canada
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