The Ontario Chamber of Commerce and the Credit Unions of Ontario have released a provincial economic forecast for 2016 which includes projections for the northeast.  The analysis finds that over the past year the northeast actually saw employment contract. Jason Naccarato is a business consultant and the 2nd Vice-President of the Sault Chamber of Commerce. He talks about the challenges the region faced…

Job growth in the region will be very modest according to the report,  with employment set to grow at .4% yearly in 2016 and 2017.  A real strength for the northeast region has been the forestry sector—- Naccarato says there are a few factors at play…

Overall, forest product shipments climbed 12% in the first nine months of 2015 compared to the same period last year.  A strengthening US economy, a weak Canadian dollar, and a rebound in housing markets bodes well for forest products, particularly lumber.   In terms of province-wide data, the report suggests that most areas will enjoy improving economic conditions in the coming year driven in part by an uptick in exports.  Naccarato talks about the export potential for local companies…

While the region experienced strong housing sales in 2015—7.8% residential sales growth—-this activity belies underlying weakness in Sault Ste. Marie, Sudbury, Timmins and North Bay where average sale prices have slipped year-to-date.