Major City Insights: St. Catharines–Niagara—July 2022

Name: Major City Insights: St. Catharines–Niagara—July 2022
SKU: 11720-0405-WEB
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Canadian Economics

July 15, 2022

Urban City Economic Analysis

8 min read

Author: The Conference Board of Canada

$985.00

Although the threat of COVID-19 is far from over, the economies of most major cities across Canada are back on track and weathering the storm of soaring inflation, rising interest rates, and—in a number of cities—cooling housing markets. Employment will keep growing this year, particularly in sectors of the economy hardest hit by the pandemic.

This edition of our Major City Insights provides new forecasts for growth in 11 major cities across Canada as of June 9, 2022.

This publication focuses on the St. Catharines–Niagara metropolitan economy.

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The lifting of public health restrictions will allow the St. Catharines–Niagara economy, with its all-important tourism industry, to rebound this year.

Last year, even as the region continued to deal with new variants of the virus, economic growth picked up in the second half of the year. Real GDP growth in St. Catharines–Niagara reached 6.0 per cent in 2021, nearly offsetting the 6.1 per cent decline in 2020.

This year, we expect the growth to continue, as public health restrictions have been lifting since March. Our call is for total output to grow by 4.4 per cent in 2022, followed by a healthy 2.6 per cent increase in 2023.

We expect total inbound travel to the area will recover by 38.8 per cent in 2022 and 14.6 per cent in 2023.