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Halifax’s strong recovery from its pandemic-induced economic contraction in 2020 has continued into 2022.
The recovery has met some headwinds in recent months, as strong consumer demand, global supply chain problems, and labour shortages have boosted inflationary pressures nationwide.
On the back of a strong first half, Halifax’s real GDP will expand 3.2 per cent this year. Growth will then slow to 2.0 per cent next year and 2.3 per cent in 2024.
Retail sales will take a hit going forward, as consumers’ budgets will be stretched due to persistent inflation.
Halifax’s total population is expected to grow 2.6 per cent this year. Our call is for another 2.0 per cent increase next year and a 1.8–per cent gain in 2024.
While we expect net intercity migration will increase following a slowdown over the past two years, net international migration will have the biggest impact on population through the next few years.
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