Economic Growth

In its Autumn 2007 Metropolitan Outlook report, the Conference Board of Canada projects that Winnipeg will post a growth rate of 3.7%, more than the National average and 3rd strongest in Canada. Winnipeg's GDP growth is expected to continue to surpass the National average, with growth projected at 3.6% for 2008.

Winnipeg's employment growth is also above projections for Canada as a whole. The city enjoys one of the lowest unemployment rates among major Canadian cities and the rate is forecast to remain low for the foreseeable future.

After a year of record building permits and construction activities, Winnipeg's outlook remains strong. Building permit values rose by 11% in the 2nd quarter of 2007, led by continued strength in the residential market. Construction led the economic charge in 2004, building on a very active 2003 in which Winnipeg building activity led most cities in Canada.

With major projects, such as the Manitoba Hydro's $188 million downtown head office, the short-term and medium-term outlook for construction remains strong.