Hamilton began the year on a positive note, after posting solid growth in real GDP in 2021. The removal of most public health and safety measures associated with COVID-19 also provided a boost to the economy through the early part of 2022.
Economic activity is now beginning to slow, however, amid inflationary pressures and rising interest rates. Many industries are also facing labour shortages.
Our call is for real GDP growth of 3.0 per cent in Hamilton this year, slowing further to 2.2 per cent over each of the next two years.
Hamilton’s modest but steady output growth over the next three years will be supported by strength in on manufacturing, healthcare, and professional services.
Output in services such as restaurants, hospitality, and recreation will also continue to rebound strongly over the next couple of years.
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