In this edition:
- Inflation rate falls to 2%, slowest pace since February 2021
- First all-Canadian electric vehicle stopping in Niagara for public showcase
- Region earmarks $376 million for capital budget
- Niagara highway projects include safety upgrades to support increased speed limit
- Andrew Peller shuffles leadership team
- Niagara Falls seeks community input on brand strategy
- Longer-term business sentiment at highest level in almost three years
- Job vacancies fall across the board as labour market continues to slacken
- Focus on Finance & Economy
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Photo credit: Monster Ztudio / Adobe Stock
Inflation rate falls to 2%, slowest pace since February 2021
The Consumer Price Index (CPI) rose 2.0% on a year-over-year basis in August, Statistics Canada reported today, increasing at the slowest pace since February 2021, and down from a 2.5% gain in July 2024. Lower prices for gasoline led the deceleration; excluding gas, the CPI rose 2.2% in August. Mortgages and housing costs remain well above the inflationary rate, although the mortgage interest cost index continued to rise at a slower pace year over year in August (+18.8%), for the 12th consecutive month, after peaking in August 2023 (+30.9%).
Analysts had expected a faster rate of inflation in August of 2.1%, leading some to question whether the faster-than-predicted return to the target inflationary rate would lead to further interest rate cuts from the Bank of Canada.
Photo credit: Project Arrow
First all-Canadian electric vehicle stopping in Niagara for public showcase
On October 1st, Niagara Economic Development and the Automotive Parts Manufacturers Association (APMA) welcome the public and car enthusiasts to view Project Arrow, the first all-Canadian electric vehicle prototype, when it stops in Niagara on its two-year global tour.
Led by the APMA, Project Arrow is the first all-Canadian, zero-emission vehicle that has been designed, engineered, and built through the joint efforts of Canada’s world-class automotive supply sector and post-secondary institutions.
Photo credit: suwichan / Adobe Stock
Niagara highway projects include safety upgrades to support increased speed limit
A highway project to support a speed limit increase is among the projects underway in the Niagara Region by area contractor Rankin Construction.
The objective of the Ministry of Transportation governed Hwy. 406 project is to make safety upgrades from Hwy. 140 to two kilometres north of Hwy. 58 in the cities of St. Catharines, Thorold and Welland to support the increase in speed to 110 km/h from 100 km/h along this stretch of highway.
Rankin Construction submitted change proposals to the MTO that resulted in reduced construction time, reduction in cost, and improved quality of work for the westbound portion of the project.
Image credit: Andrew Peller Ltd.
Andrew Peller Ltd., producer and marketer of wines and craft beverage alcohol products, has announced several leadership appointments.
Renee Cauchi is now vice president of finance and interim chief financial officer; Richard Wong is vice president of corporate strategy; and Stephanie Matthews is vice president of people and culture.
Vincent Ong has joined as vice president of government and industry relations, succeeding Gregory Berti, who is retiring this month after 35 years with the company.
Photo Credit: City of Niagara Falls
Niagara Falls seeks community input on brand strategy
In collaboration with branding experts at Cinnamon Toast New Media Inc., the City of Niagara Falls is embarking on a community engagement initiative to create a brand strategy that reflects the City’s shared pride and evolving identity. Opportunities for feedback are now available.
Photo credit: bernardbodo / Adobe Stock
Longer-term business sentiment at highest level in almost three years: Canadian Chamber
While short term business sentiment in Canada dipped in the third quarter, businesses’ longer-term optimism rose to its highest level in almost three years, according to a new report from the Canadian Chamber of Commerce’s Business Data Lab (BDL).
In the latest Canadian Survey on Business Conditions report, the BDL’s analysis reveals that longer-term business optimism rose for the third straight quarter. “In fact, this is now the best showing for the “year-ahead” question in the almost three years,” says Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce.
Photo credit: snowing12 / Adobe Stock
Job vacancies fall across the board as labour market continues to slacken
Job vacancies fell by 59,000 (-9.2%) to 582,600 in the second quarter, marking the eighth consecutive quarterly decline from the record high of 983,600 reached in the second quarter of 2022. The drop in the second quarter of 2024 was approximately twice the decline observed in the previous quarter (-30,200; -4.5%).
In the second quarter, job vacancies decreased for both permanent positions (-43,400; -8.3%) and temporary positions (-15,600; -12.9%). Vacancies also fell for full-time positions (-45,400; -9.5%) and part-time positions (-13,600; -8.3%).
Did you know?
Focus on Finance & Economy
Feds hesitant about back-to-work legislation: labour analysts
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.
