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Greater Niagara Chamber of Commerce

Daily Update: January 31, 2023

Economy edged up in November, but most likely flat for December; Province maintains stable debt outlook, and more.

In this edition:

Economy edged up in November, but most likely flat for December as interest rate hikes slow growth

Real gross domestic product (GDP) edged up 0.1% in November, following a +0.1% uptick in October. Growth in services-producing industries (+0.2%) was partially offset by a decline in goods-producing industries (-0.1%), as 14 of 20 industrial sectors increased in November.

Advance information indicates that real GDP was essentially unchanged in December. Increases in the retail, utilities, and public sectors were offset by decreases in the wholesale, finance and insurance, and mining, quarrying, and oil and gas extraction sectors.

Click here to read more.

Province maintains stable debt outlook, “extremely strong” borrower status

After dramatic improvements in Ontario’s finances stemming from a post-pandemic surge in economic activity, the four credit rating agencies tasked with assessing the Province’s creditworthiness have all recently reaffirmed their ratings for the Province in updated assessments and maintained the outlook as stable. In general, the agencies continue to rate Ontario as an “extremely strong,” investment-grade borrower.

The credit rating agencies indicate that Ontario’s strong credit rating is supported by its large and diversified economy, high liquidity and prudent debt management program. As well, Canada’s federal-provincial framework provides provinces with the flexibility to adjust both tax policy and program spending, in addition to continued and predictable federal transfers.

Click here to read more.

St. Catharines to hold public meeting on future of Ontario Street

St. Catharines is looking for input on the future of one of its main roads.

The city is set to hold a public meeting on February 7th to launch a land-use study of the Ontario Street corridor from the QEW in the north to Welland Avenue in the south.

The stretch of land includes the highly talked about former GM lands along with residential and commercial areas.

The open house is scheduled for February 7th at 7 p.m. at the Holiday Inn on Ontario Street.

For more information or to submit thoughts and question before the event visit

Click here to read more.

Welland staff on-site for seasonal recruitment blitz during February college and university job fairs

Welland staff will be on-site at Brock University and Niagara College, generating excitement and anticipation for this year’s seasonal recruitment campaign blitz.

Expected to welcome more than 1,500 prospective applicants over three days, Welland staff are focusing on the unique opportunities, and complimentary training offered this year.

“We’re looking at hiring more than 150 seasonal and causal positions this year,” said Brooke Iannuzzelli, HR coordinator. “Job fairs allow us to speak one-on-one with potential applicants and answer any questions they may have. They are a great way to get familiar with an organization, and we’re excited to share with everyone the benefits of working in Welland this year.”

Click here to read more (PDF link).

Private landowners invited to participate in Trees for All initiative

The Niagara Peninsula Tree Planting Partnership (NPTPP)’s new Trees For All initiative for the Niagara Peninsula watershed will engage private landowners from Niagara, Haldimand, and Hamilton, to build the capacity necessary to participate in the Government of Canada’s national tree program, and collectively deliver a local, long-term tree planting plan for impactful and measured results.

The Government of Canada’s 2 Billion Trees (2BT) Program seeks to partner with governments and organizations to plant two billion trees – trees that will capture and store carbon from the atmosphere, improve air and water quality, help to restore nature and biodiversity, cool urban centres and create and support thousands of green jobs. As such, community groups, environmental agencies, and governmental organizations in the Niagara Peninsula watershed have joined to create the NPTPP, with the common interest of supporting this initiative at the local level.

Click here to read more.

Future Black Female to showcase Black female artists in recognition of Black History Month

In recognition of Black History Month 2023, Future Black Female invites you to join them on the evening of February 21 for a celebration through songs and spoken word poetry by Black female performers.

The virtual celebration will feature Black female spoken word artists and musical performances from Shahaddah Jack, Priscille Buckasa, Jaylah Hall and Sacha. During the event, we will also be sharing the stories of the youth we support.

Founded in 2019, Future Black Female is committed to the empowerment of Black female youth ages 16-22 in Canada and worldwide. Their mission is to increase access to opportunities that result in Black female youth across the globe becoming more socially, politically, and economically empowered through strong networks, skills advancement, and rights-based advocacy.

Click here to learn more and register.

Focus on Finance & Economy

IMF eyes ‘turning point’ for world economy as growth bottoms

The International Monetary Fund sees a “turning point” for the global economy as it raised its growth outlook for the first time in a year, with resilient U.S. spending and China’s reopening buttressing demand against a litany of risks.

Gross domestic product will likely expand 2.9 per cent in 2023, 0.2 percentage point more than forecast in October, the fund said Tuesday in Singapore in a quarterly update to its World Economic Outlook. While that’s a slowdown from a 3.4 per cent expansion in 2022, the IMF said it expects growth will bottom out this year before accelerating to 3.1 per cent in 2024.

Central banks’ interest-rate hikes and Russia’s invasion of Ukraine will continue to weigh on economic activity this year amid a protracted inflation crisis, the Washington-based institution said.

Click here to read more.

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.

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