Major City Insights: London—July 2021

The Conference Board of Canada, July 21, 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 London as of June 3, 2021.

Document Highlights

  • Successive waves of closures and restrictions to contain the spread of COVID-19 led to a turbulent 2020 for London’s economy, with real GDP contracting by 4.5 per cent.
  • In 2021, London’s real GDP will grow by 6.4 per cent, outpacing the provincial recovery. Much of this growth will come in the second half of the year once public health measures are eased.
  • The provincewide stay-at-home order at the beginning of April caused the city’s unemployment rate to tick upward. However, with measures now easing, the economy and labour market recovery will pick up steam. By the end of the year, the unemployment rate should fall back to 7.0 per cent.
  • Significant job gains in several services-producing sectors, notably retail and hospitality, will drive employment gains in the final two quarters of the year.

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