In this edition:
- Regional analyst says Niagara economy poised for growth
- Will tourism fully recover this summer in Niagara Falls?
- Home buyers remain cautious amid increasing spring listings: Real Estate Assn.
- Niagara Jazz Festival to kick-off Summer Festival series at Oakes Garden Theatre
- Governments of Canada and Ontario invest over $7M in Grow Ontario Market Initiative
- Police Week Open House to be held at Niagara Pen Centre
- Manufacturing sales see slight downturn in March: StatCan
- Ontario’s economic growth expected to remain slow in 2024: FAO
- Ontario to change how it compensates injured migrant workers
- Focus on Climate
Regional analyst says Niagara economy poised for growth
Niagara’s economy will defy expectations and could outperform the province and the nation over the next two years, says Niagara Region’s manager of economic research and analysis.
During a recent meeting of the municipality’s planning and economic development committee, Blake Landry told regional councillors that while Niagara’s gross domestic product (GDP), the total value of all goods and services produced in an economy, grew minimally at 0.4 per cent over the past year, he anticipates it will improve by 2.4 per cent from the second quarter of 2024 to the same period in 2025.
Landry presented his report in a GNCC webinar on May 2nd. Click here to watch the recording.
Will tourism fully recover this summer in Niagara Falls?
It is shaping up to be the summer when Niagara Falls’ bread-and-butter industry fully recovers — or gets close to fully recovering — from the impacts of COVID-19.
While Niagara Falls prides itself on being a year-round destination, the unofficial start of the peak tourism season starts with the Victoria Day long weekend and ends with the Labour Day long weekend in September.
Home buyers remain cautious amid increasing spring listings: Real Estate Assn.
Canadian home sales dipped in April 2024 when compared to March, even as the number of properties available for sale rose to kick off the spring market, new data released by the Canadian Real Estate Association shows. Home sales activity recorded over Canadian MLS® Systems fell 1.7% between March and April 2024, coming in a little below the average of the last 10 years.
At the same time, the number of newly listed homes rose by 2.8% on a month-over-month basis. Slower sales amid more new listings resulted in a 6.5% jump in the overall number of properties on the market, reaching its highest level since just before the onset of the COVID-19 pandemic. It was also one of the largest month-over-month gains on record, second only to those seen during the sharp market slowdown of early 2022.
Niagara Jazz Festival to kick-off Summer Festival series at Oakes Garden Theatre
Niagara Parks in partnership with the Niagara Jazz Festival presented by TD Ready Commitment will host the kick-off to the Niagara Jazz Festival 2024 Summer Festival Series with The POWER of MUSIC at Oakes Garden Theatre on Friday, June 21.
Set within one of Niagara Parks’ most spectacular outdoor venues overlooking the Falls, the historic Oakes Garden Theatre, the evening will feature performances by 2024 JUNO Award nominated Blues group Blackburn Brothers and the Sean Stanley Quartet.
Governments of Canada and Ontario invest over $7 million in Grow Ontario Market Initiative projects
The governments of Canada and Ontario are investing over $7 million in approved projects through the Grow Ontario Market Initiative which is helping Ontario agriculture and food businesses to increase their sales in domestic and foreign markets.
This five-year, $12 million initiative, launched last year through the Sustainable Canadian Agricultural Partnership (Sustainable CAP) is still open and accepting applications.
Application information can be obtained by calling 1-877-424-1300 or visiting the program’s website.
Police Week Open House to be held at Niagara Pen Centre
On Thursday, May 16, 2024, from 1:00 PM to 6:00 PM, in honor of Police Week 2024, the Niagara Regional Police Service will host an Open House at the Pen Centre, located at 221 Glendale Avenue, in the City of St. Catharines.
During the event, members of the public will have the opportunity to observe and interact with various police vehicles and equipment as well as interact with officers from both the uniform front line and detectives within specialty units such as K9, Marine, Forensic Services, Recruiting, Cyber Crime and Traffic Enforcement.
Manufacturing sales see slight downturn in March: StatCan
Canadian manufacturing sales decreased 2.1% to $69.9 billion in March, led by lower sales of petroleum and coal products (-8.0%) and motor vehicles (-7.9%). The machinery subsector experienced the largest increase, rising 2.9% to $4.5 billion in March.
Sales in constant dollars decreased 2.0% in March, indicating that a lower volume of goods was sold as the Industrial Product Price Index increased 0.8% in March.
Ontario’s economic growth expected to remain slow in 2024: FAO
Ontario’s real GDP growth slowed sharply to 1.2 per cent in 2023 and is projected to remain slow at 1.1 per cent in 2024, the Financial Accountability Office of Ontario (FAO) reported today, reflecting the ongoing impact of higher interest rates on household spending and business investment. As inflation cools and interest rates decline over the outlook, Ontario’s real GDP growth is projected to improve to 2.0 per cent in 2025 and average 2.1 per cent over the 2026 to 2028 period.
Ontario to change how it compensates injured migrant workers
Ontario will revamp how it compensates injured migrant workers. Workplace Safety and Insurance Board president Jeff Lang says the changes affect how the board pays a worker who cannot return to a job due to injury, but is able to work elsewhere.
The WSIB pays workers 85 per cent of their salary if they are hurt on the job and unable to return to that role, but claws back money that is earned from other work. Lang says that is not fair because migrant workers who return home after injury usually earn far less in their countries than if they worked the same job in Ontario full time.
Did you know?
Focus on Climate
Buying and selling water is a reality in Alberta — sometimes for big money
Just south of the town of Taber, Alta., known for its potatoes, corn, and rich soil, the crew at North Paddock Farms finish their lunch, slide on their gloves, and get to work.
Russet Burbank seed potatoes drop onto a sizing belt, where they’re sorted and cut. Nearby, massive storage bins are full to the brim of potatoes, due for the nearby McCain Foods and Lamb Weston plants.
The work is underway on April 24 despite the stress that looms over the entire operation this year. This farm, which grows potatoes, canola, Timothy hay, wheat, flax, fava beans and garlic using irrigation, is part of the St. Mary River Irrigation District (SMRID), the biggest of its kind in Canada.
In April, the district said farmers would get eight inches of water — half the allocation they get in a good year — with a dry winter affecting snowpack and reservoir storage.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
