In this edition:
- Inflation holds steady at 1.7%
- Port Cares to start vertical greenhouse with $45K gift from Jungbunzlauer
- FlixBus rolls out service connecting Toronto to Niagara-on-the-Lake and Niagara Falls
- Ontario government now accepting applications for new Rural Ontario Development program
- Cost to rehabilitate Canadian infrastructure now estimated at nearly $300B
- Retail sector shows strength amid global volatility, but consumption trends might slow
- Focus on Housing Solutions
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Photo credit: Monster Ztudio / Adobe Stock
Inflation holds steady at 1.7%
The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in May, matching the 1.7% increase in April.
Compared with one year earlier, a smaller price increase for rent and a decline in travel tours put downward pressure on the CPI in May. Smaller declines for gas and cellular services put upward pressure on the index compared with the previous month.
Port Cares’ Reach Out Centre supervisor Meagan Gallant (left) and Jungbunzlauer chief financial officer Mike Smith | Picture credit: Port Cares
Port Cares to start vertical greenhouse with $45K gift from Jungbunzlauer
A new vertical greenhouse project at Port Cares’ Reach Out Centre will soon supply fresh produce year-round to local residents in need, as a result of a $45,500 donation from Jungbunzlauer Canada.
Picture credit: FlixBus
FlixBus rolls out service connecting Toronto to Niagara-on-the-Lake and Niagara Falls
A new bus service will be rolling out Thursday, connecting Niagara-on-the-Lake to Niagara Falls and downtown Toronto.
The low-cost FlixBus service is to launch its maiden seasonal direct service from Toronto’s Union Station Bus Terminal to Niagara Falls at Rapidsview Park and Niagara-on-the-Lake on Queen Street. The service will operate six days a week, Thursday to Tuesday, through Nov. 2, with two trips per day.
Photo credit: Maurizio De Mattei / Adobe Stock
Ontario government now accepting applications for new Rural Ontario Development program
The Ontario government is now accepting applications for the new Rural Ontario Development (ROD) program to help support economic growth, protect jobs and improve infrastructure in small communities. In January, the government announced $20 million over the next two years to help rural communities attract investment and create new jobs and opportunities for rural workers.
Picture credit: Pavel Iarunichev / Adobe Stock
Cost to rehabilitate Canadian infrastructure now estimated at nearly $300B
At the end of 2022, owners of core public infrastructure estimated that $294.4 billion was required for the rehabilitation or replacement of existing core public infrastructure in Canada to upgrade or maintain assets in good condition.
In 2022, while $31.3 billion was invested to renew existing assets (11% of required renewal budgets), there was a decrease in the share of assets in good or very good condition from 59% in 2020 to 55% in 2022.
Photo credit: Yuliia / Adobe Stock
Retail sector shows strength amid global volatility, but consumption trends might slow
Despite significant macroeconomic and global geopolitical volatility, the Canada and U.S. retail sectors have held up surprisingly well in recent stock and financial performance, according to new industry analysis.
A review of retail spending shows that restaurant, grocery and apparel spending in Canada are, respectively, solid, resilient and strong, says National Bank of Canada analyst Visha Shreedhar, in a report.
Focus on Housing Solutions
Canada is facing a housing crisis. Could it take a page from Europe?
John Last, CBC News
While Europe struggles with similar trends to Canada of rising rents and skyrocketing home prices, experts say social housing models like Austria’s are among the best defence against a growing affordability crisis — and are begging governments to continue investing aggressively in such programs.
Could something similar ever come to Canada? It may seem far-fetched, but housing experts across Europe say it’s made possible thanks to a few relatively simple interventions.
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.
