Major City Insights: Oshawa—July 2021

The Conference Board of Canada, July 19, 2021
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Climbing vaccination rates mean cities across Canada are poised to bounce back from COVID-19-induced recessions this year. Hot housing markets and pent-up demand for in-person shopping, eating in restaurants, and travel will all help fuel the economic recovery.

This edition of Major City Insights provides our new forecast for growth in Oshawa as of June 3, 2021.

Document Highlights

  • Oshawa’s economy plunged by 4.8 per cent in 2020, hurt by lockdown measures and travel bans to limit the spread of COVID-19. Renewed provincial lockdown measures in January and again starting in April then slowed the recovery in the first half of 2021.
  • But strong population growth, the accelerated rollout of vaccines, an increase in building permits, and the reopening of the General Motors assembly plant will support Oshawa’s economic growth in the second half of this year.
  • Real GDP will rebound by 5.7 per cent in 2021 and increase again by 3.9 per cent in 2022.
  • As more Torontonians move to Oshawa, the city’s housing starts will remain elevated for the next two years.
  • Despite weak employment growth this spring, job growth is forecast to reach 3.8 per cent in 2021 and 3.6 per cent in 2022.

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