In this edition:
- Highway 406 speed limit permanently raise to 110km/h
- Bob Gale appointed Niagara Parks Commission Chair
- Declining gasoline sales leads retail downturn in February
- Ontario pushing forward on modular home plans, invites businesses to participate in market sounding
- Bank of Canada governors link stronger-than expected economic growth to population increase
- Focus on Climate
Highway 406 speed limit permanently raise to 110km/h
The Ontario government is raising the speed limit permanently from 100 km/h to 110 km/h on 10 additional sections of provincial highways in northern and southern Ontario. The change builds on the safe and successful increase to six sections of provincial highways in 2022 and aligns with posted speed limits in other jurisdictions across Canada. Among those being raised is Highway 406 from Thorold to Welland, a stretch of approximately 13 km.
Bob Gale appointed Niagara Parks Commission Chair
The Niagara Parks Commission is pleased to announce the appointment of Bob Gale as the new Chair of the provincially appointed Board of Commissioners, effective April 11, 2024. Gale replaces outgoing chair April Jeffs who previously served as Vice-Chair and Chair respectively from 2019 to 2024.
Declining gasoline sales leads retail downturn in February
Retail sales decreased 0.1% to $66.7 billion in February, Statistics Canada reports. Sales were down in five of nine subsectors and were led by decreases at gasoline stations and fuel vendors (-2.2%).
Statistics Canada is providing an advance estimate of retail sales, which suggests that sales were unchanged in March. Owing to its early nature, this figure will be revised.
Ontario pushing forward on modular home plans, invites businesses to participate in market sounding
Associate Minister of Housing Rob Flack today announced that the Government of Ontario is moving forward with the next steps in their plan to build more modular homes.
“Modular housing will be an important part of the solution to Ontario’s housing supply crisis by building high-quality homes of all types that are manufactured at scale off-site, providing the opportunity to build more homes faster and at a lower cost,” Minister Flack said.
Modular housing developers and providers can participate in the market sounding exercise on Infrastructure Ontario’s webpage.
Bank of Canada governors link stronger-than expected economic growth to population increase
In a summary of the Bank of Canada Governing Council’s deliberations this month, the Bank noted that a sizable upward revision to projected growth in the first half of this year is largely supported by stronger-than-expected population growth. After stalling in the second half of 2023, economic growth was expected to strengthen in early 2024.
With both GDP and potential output growing at roughly the same rate in 2024, the economy was expected to remain in excess supply through the year. The output gap was expected to begin narrowing in 2025 as GDP growth picks up slightly and potential output growth slows due to lower population growth in 2025 and 2026.
Did you know?
Champagne bottles are pressurized to about 90 PSI – about three times the pressure in a car tire.
Focus on Climate
Climate change causes extreme weather events across the world that endanger people’s lives and disrupt the businesses on which they depend. In Africa, for example, recurring droughts, floods and cyclones due to climate change might cause crop failures and food insecurity. As businesses make plans to mitigate climate risks such as extreme weather events, they have an opportunity to innovate with new business models and demonstrate leadership by implementing more sustainable practices.
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.
