The Canadian Industrial Outlook Service includes detailed five-year forecasts in 16 key Canadian industries. The report examines the short-and medium-term economic and profitability outlooks for these industries.
Canada’s Accommodation Industry: Industrial Outlook, Winter 2007
Canada’s Accommodation Industry: Industrial Outlook, Winter 2007
Industry Economic Analysis
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- The healthy domestic economy is leading to stronger real production growth, but it has also raised the accommodation industry’s costs. In particular, the tight labour market is a problem, as it has translated into rising labour costs and an impediment to growth for the industry.
- After a strong 2006, which witnessed estimated growth in real production of 4.9 per cent, industry expansion will be more subdued over the forecast period, with growth averaging 1.9 per cent per year. A continued decline in the number of U.S. visitors in the near term will be the primary impediment to growth.
- The accommodation industry reported its second consecutive year of losses in 2006, as it struggled to control labour and capital costs. The industry will return to profitability in 2007, but slow growth and continued cost pressures will prevent profits from recovering quickly.
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