NIAGARA ECONOMIC UPDATE NIAGARA ECONOMIC SUMMIT NOVEMBER 1
NIAGARA ECONOMIC UPDATE NIAGARA ECONOMIC SUMMIT NOVEMBER 1, 2019
KEY FACTS • Nominal GDP is $17. 2 billion • Exports are $4. 7 billion and imports are $2. 3 billion • Investment in building construction is $1. 7 billion • Building permit values are $1. 1 billion • Retail sales are $5. 7 billion • Number of employer businesses are 13, 326 • Number of non-employer businesses are 27, 347 • Unemployment rate is 5. 9% • Per capita household income is $42, 511
POPULATION Population (x 1, 000), Niagara CMA 500 450 400 350 Population Growth Rate (%) 300 1, 8 250 1, 6 200 1, 4 150 1, 2 100 1 50 0, 8 0 2015 2016 2017 Actual 2018 Forecast 2019 0, 6 0, 4 0, 2 0 2016 2017 Niagara CMA 2018 Ontario 2019
GROSS DOMESTIC PRODUCT (GDP) Real GDP at Basic Prices (2012 $ Millions), Niagara CMA 18, 00 16, 00 14, 00 GDP Growth Rate (%) 12, 00 10, 00 3, 0 8, 00 2, 5 6, 00 2, 0 4, 00 1, 5 2, 00 0, 00 2015 2016 Actual 2017 2018 Forecast 2019 1, 0 0, 5 0, 0 2016 2017 Niagara CMA 2018 Ontario 2019
INTERNATIONAL TRADE Imports and Exports ($ billions), Niagara CMA 5 4, 5 4 3, 5 Net Exports ($ billions), Niagara CMA 3 2, 5 2 2, 350 1, 5 2, 300 1 2, 250 0, 5 2, 200 0 2016 2017 Exports 2018 Imports 2, 150 2, 100 2, 050 2, 000 1, 950 2016 2017 2018
INVESTMENT Investment in Building Construction ($ millions), Niagara CMA 1 200, 0 Investment in Non-Residential Building Construction ($ millions), Niagara CMA 1 000, 0 800, 0 300, 0 600, 0 250, 0 400, 0 200, 0 150, 0 2015 2016 Residential 2017 2018 100, 0 Non-residential 50, 0 2015 Industrial 2016 Commercial 2017 2018 Institutional
BUILDING PERMITS Building Permit Values ($ millions), Niagara CMA 900, 0 Non-residential Building Permit Values ($ millions), Niagara CMA 800, 0 700, 0 180, 0 600, 0 160, 0 500, 0 140, 0 400, 0 120, 0 300, 0 100, 0 200, 0 80, 0 100, 0 60, 0 2014 2015 Residential 2016 2017 Non-residential 2018 40, 0 20, 0 2014 Industrial 2015 2016 Commercial 2017 2018 Institutional
BUSINESS COUNTS Business Counts, Niagara Region Employer Businesses by Employment Size Range, Niagara Region, 2019 30 000 25 000 20 000 15 000 10 000 5 000 0 2015 2016 With employees 2017 2018 No employees 2019 1 -4 5 -9 10 -19 20 -49 50 -99 100 -199 200 -499 500 +
RETAIL SALES Retail Sales ($ billions), Niagara CMA 7, 00 6, 00 5, 00 Retail Sales Growth Rate (%) 4, 00 9 3, 00 8 7 2, 00 6 1, 00 5 0, 00 2015 2016 2017 Actual 2018 Forecast 2019 4 3 2 1 0 2016 2017 Niagara 2018 Ontario 2019
CONSUMER PRICE INDEX (CPI) Consumer Price Index (2002=1. 0), Ontario 1, 60 1, 40 1, 20 1, 00 0, 80 0, 60 0, 40 0, 20 0, 00 2015 2016 2017 Actual 2018 Forecast 2019
INCOME Household Income Per Capita ($) 60 000 50 000 Income Growth Rate Versus CPI (%) 40 000 3, 0 2, 5 30 000 2, 0 1, 5 20 000 1, 0 0, 5 10 000 0, 0 2016 2017 2018 -0, 5 0 2016 2017 Niagara 2018 Ontario 2019 -1, 0 -1, 5 -2, 0 Income CPI 2019
EMPLOYMENT Employment (x 1, 000), Niagara CMA 206 204 202 Unemployment Rate (%) 200 9 198 8 196 7 194 6 5 192 4 190 2014 2015 2016 2017 2018 3 2 1 0 2014 2015 2016 Niagara CMA 2017 Ontario 2018
EMPLOYMENT Participation Rate (%) 67 66 65 Employment Rate (%) 64 62 63 61 62 60 61 59 60 58 59 57 58 2014 2015 2016 Niagara CMA 2017 Ontario 2018 56 55 54 2015 2016 Niagara CMA 2017 Ontario 2018
SOURCES • Population: Conference Board of Canada, Metropolitan Outlook 2, St. Catharines-Niagara, Summer 2019 • GDP: Conference Board of Canada, Metropolitan Outlook 2, St. Catharines-Niagara, Summer 2019 • Trade: Statistics Canada, International Trade Division, Trade and Exporter Characteristics, and Trade and Importer Characteristics • Investment: Statistics Canada, Table: 34 -10 -0175 -01 • Building Permits: Table: 34 -10 -0066 -01 • Businesses: Statistics Canada, Canadian Business Counts • Retail Sales: Conference Board of Canada, Metropolitan Outlook 2, St. Catharines-Niagara, Summer 2019 • CPI: Conference Board of Canada, Metropolitan Outlook 2, St. Catharines-Niagara, Summer 2019 • Income: Conference Board of Canada, Metropolitan Outlook 2, St. Catharines-Niagara, Summer 2019 • Employment: Statistics Canada, Table: 14 -10 -0294 -02 and Table: 14 -10 -0090 -01
CONTACT Blake Landry, Ec. D Manager, Economic Research & Analysis Economic Development division Niagara Region 905 -980 -6000 x 3796 blake. landry@niagararegion. ca
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