Driving that growth was strength in both the labour and construction markets. Over 7,000 net new jobs were created last year in Winnipeg, and the various construction projects around our city also helped stimulate growth. Also last year housing starts topped 5,500, the highest rate in 30 years.
In 2018 Winnipeg is again forecasted to create over 7,000 jobs. However slowdowns in the construction sector and lower consumer spending partially caused by higher interest rates are expected to be a drag on growth. However the 2.2% growth rate forecasted for 2018 is in line with what the City has averaged over the past 20 years.
Looking a little farther ahead, the Conference Board also predicts that Winnipeg will grow by over 50,000 people in the next five years. While we are still decades away from being a city of a million plus people, it is imperative that we start planning for that growth now.
For further information on this and other Chamber advocacy initiatives, please contact Director of Advocacy, Michael Juce, at [email protected] or 204-944-3315.