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Greater Niagara Chamber of Commerce

Daily Update: November 15, 2022

Living Wage Network releases wage rate updates, Prime Minister strengthens ties with ASEAN, new industrial park coming to Welland, and more.

In this edition:

Ontario Living Wage Network releases wage rate updates

The Ontario Living Wage Network has released new living wage calculations against a backdrop of record–breaking inflation and Consumer Price Index increases. Workers at the bottom end of the wage scale are most vulnerable to these kinds of fluctuations. A living wage is an effective tool to combat working poverty by making sure that employees can make ends meet where they live. By incorporating expenses that a worker must cover, such as shelter, food, transportation and more, the Living Wage Network aims to produce living wages that are much closer to reality than a politically set minimum wage.

The 2022 living wage rates range from $23.15 for the Greater Toronto Area to $18.05 in London. Many areas will see an increase in living wage rates over last year’s calculations. Sault Ste. Marie’s rate will increase by 21.6% to $19.70 per hour, which is the largest increase. Thirteen areas, as defined by the previous boundaries, will see an increase of over 10%.

Niagara warranted a 4.8% increase, bringing the local living wage up to $19.80 per hour.

Click here to read more.

Prime Minister strengthens ties with ASEAN and expands partnerships in the Indo-Pacific

The Prime Minister, Justin Trudeau, concluded his participation in the Association of Southeast Asian Nations (ASEAN) Summit yesterday, hosted by Cambodia in Phnom Penh, where Canada was invited as a guest of the Chair.

During an ASEAN-Canada Commemorative Summit on November 12, which marked the 45th anniversary of ASEAN-Canada dialogue relations, Canada and ASEAN committed to establish a Canada-ASEAN Strategic Partnership. The Prime Minister also announced an investment of $40 million to launch a new Indo-Pacific Engagement Initiative (IPEI).

Click here to read more.

New Class “A” industrial park coming to Welland site

Ground has broken on a brand new, 36,000 square feet, multi-tenant, Class “A” flex industrial building at 150 Downs Drive in Welland, the city’s most recent and sixth city-owned industrial park.

The building is optimally located seconds from the Woodlawn Road exit off Highway 406. Units range from 1,500 SF up to 24,000 SF and are competitively priced. All units offer 24-foot-high clear ceiling spans, 12’ x 14’ grade-level ship door(s), and natural and LED light.

Click here to read more (PDF link).

Manufacturing sales hold steady after 4-month decline, wholesale trade posts slight increase

Following four consecutive monthly declines, manufacturing sales were unchanged at $70.4 billion in September. Durable goods were the main source of sales growth in September, increasing 1.0% to $34.1 billion, following a decline of 2.0% in the previous month. Among durable goods manufacturers, aerospace product and parts (+11.1%), primary metal (+2.9%) and machinery (+3.6%) posted the largest gains during the month.

In September, wholesale sales rose 0.1% to $81.8 billion, with the largest increases coming from personal and household goods and food, beverage and tobacco. Sales rose in five of seven subsectors, which accounts for 70.2% of wholesale sales.

Meanwhile, constant dollar sales fell 0.2% in September.

Auditor General: federal government does not know if it is reducing chronic homelessness

A report from Auditor General Karen Hogan tabled today in the House of Commons found that although 5 years have gone by since the launch of the federal government’s National Housing Strategy, there is still no organization in the federal government taking the lead on Canada’s target to prevent and reduce chronic homelessness by half by 2028. In addition, the organizations did not know whether their efforts so far had improved housing outcomes for people experiencing homelessness and chronic homelessness.

“One of my biggest concerns is the lack of federal accountability for achieving Canada’s target to reduce chronic homelessness by half by 2028,” said Ms. Hogan.

Minister of Housing and Diversity and Inclusion Ahmed Hussen thanked the Auditor General in a statement, and acknowledged that “despite the programs and services brought forward by our government, more needs to be done to support communities in collecting data and strengthening coordination.” The Minister announced a commitment to data-gathering, coordination, and other efforts to deliver on the government’s homelessness strategy.

Click here to read more.

NPCA to enhance Rockway Conservation Area in Lincoln

The Niagara Peninsula Conservation Authority (NPCA) will soon begin a project to enhance the Rockway Conservation Area in Lincoln. Community members are invited to learn more at an upcoming virtual information session on November 23, 2022, from 7-8 p.m.

Rockway Conservation Area (Rockway) is considered one of the Niagara Peninsula watershed’s hidden gems, as it is part of the Niagara Escarpment, with significant ecological features, flora, fauna, and recreational assets. The extensive trail system connects to the Bruce Trail. It offers a hiking experience within the Fifteen Mile Creek Valley, surrounded by mature trees, a salt spring, and two spectacular waterfalls.

Click here to read more.

A day after Ontario’s top doctor urges masking, health minister says doing so is a ‘personal choice’

Ontario’s health minister says it’s a personal choice to wear a mask, defending the majority of her Progressive Conservative colleagues who did not wear masks in the legislature Tuesday — including Premier Doug Ford.

That stands in contrast to Chief Medical Officer of Health Dr. Kieran Moore’s message to Ontarians on Monday, in which he strongly recommended masking indoors.

Moore made the masking recommendation in a bid to ease pressure on children’s hospitals, which are at capacity provincewide due to respiratory illnesses and have had to cancel non-urgent surgeries to deal with the surge of young patients in intensive care, emergency departments and pediatric wards.

Ford said Sunday that Ontarians should wear a mask every time possible.

Click here to read more.

Brock to continue requiring masks in instructional spaces for exams, Winter Term

The requirement to wear a mask in instructional spaces will continue through the Fall exam period and into the Winter Term at Brock University.

Masks will continue to be required for all students, faculty and instructors in all instructional spaces, including classrooms, lecture halls, seminars, teaching labs and other spaces when instruction or examination is taking place.

The use of masks continues to be very strongly recommended everywhere on campus, especially when maintaining distance from others is not possible.

Click here to read more.

Focus on Finance & Economy

From crypto to housing, collapse of speculative wealth could refocus investment on real growth

Investors hoping to make a killing as cryptocurrencies rebounded from this year’s plunge in valuations got a rude surprise last week after one of the most trusted exchanges for crypto trading, FTX, filed for bankruptcy.

But while old-school financial advisers may be tut-tutting at young and inexperienced crypto investors who they say should have known better, there are new signs a decline in speculative investments may be part of a trend that goes far beyond bitcoin and its many imitators.

Suddenly things like house prices, tech company valuations and fintech innovations, including cryptocurrency, that so recently seemed to be shooting for the moon are coming back down to Earth.

Click here to read more.

Oil and key grains jump after Russian rockets hit Poland

Commodities from oil to corn jumped following media reports of Russian missiles crossing into Poland, as the potential for a widening conflict jolted the market out of slowdown-related concerns.

West Texas Intermediate futures climbed as much as 3.3% following a quick succession of reports signaling Russia’s offensive in Ukraine may be spilling across borders. Futures pared gains to settle near $87 a barrel.

The Associated Press reported two people were killed in Poland by Russian missiles. Amid a barrage of shelling that struck Kyiv and other targets in Ukraine, Hungarian energy company MOL said a power station serving Europe’s largest pipeline was struck by artillery fire, halting deliveries on the Druzhba pipeline.

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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