Niagara Economic Development says the region is bouncing back after the pandemic
Some good news for Niagara's economy.
Niagara Economic Development has released its latest report, indicating the region has shown some growth coming out of the pandemic.
In the first quarter of 2021, Niagara's gross domestic product was $16.3 billion.
That number rose to $17.6 billion by the end of last year.
The region's GDP is expected to grow by $300 million by the end of this year, and $800 million by the end of 2024.
The group also notes the region has experienced increases in disposable income, employment and the number of new businesses.
From 2022 to 2023, 1,066 new businesses set up shop, and the region's labour force went from 209,900 to 229,400.
"Niagara’s current economic outlook looks promising. Niagara continues to attract new investment and employment remains strong. With that said, we will be monitoring the impacts of the Bank of Canada policy interest rate increase and the potential short-term effects it could have on Niagara’s economic performance." ~ George Spezza, Director, Economic Development, Niagara Region
The full report can be found here.
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