The forecast is looking good for Nanaimo’s economy. The Conference Board of Canada is predicting economic growth in the region to hit 2.1 per cent this year, after averaging only 1.5 per cent for the last three years.
The 2014 Mid-Sized Cities Outlook for Nanaimo shows those numbers are being driven by a strong manufacturing and construction sector.
Nanaimo Economic Development Corporation CEO Sasha Angus says the manufacturing sector has been performing very well.
Angus says the number and value of both residential and commercial building permits is also up. After outperforming the rest of the province for the last few years, job gains are expected to dip 1.2 per cent this year, but Angus says it’s not necessarily a bad thing.
Angus says job growth is expected to rebound next year. He says NEDC is going to continue working with the Conference Board of Canada to keep tabs on economic growth in Nanaimo.