Guelph, Ont., September 20, 2018– The Conference Board of Canada, a national, independent research organization, has projected real gross domestic product (GDP) for the Guelph region at 2.3 per cent in 2018. The Guelph region includes the City of Guelph, and Guelph/Eramosa and Puslinch Townships.
The Summer 2018 Outlook report states that Guelph’s economy has performed strongly in recent years and is expected to continue to grow above the provincial pace for both 2018 and 2019. Guelph’s expected real GDP growth in 2018 is the second highest among medium sized cities, trailing only Oshawa (2.6 per cent).
“We expect continued, albeit moderating, economic growth for Guelph over the next two years, with real GDP slated to advance 2.3 per cent in 2018 and a further 2.1 per cent in 2019,” the report states. “This compares with annual increases averaging 3.3 per cent during the previous four years, which included last year’s 3.1 per cent gain.”
“Guelph’s economy continues to outperform its neighbouring municipalities and national peers,” says Helen Loftin, General Manager of Business Development and Enterprise for the City of Guelph. “This growth can be attributed to the diverse nature of our economy, as well as the strength and resilience of our manufacturing sector.”
The Conference Board’s report highlights Guelph’s manufacturing sector as a major contributor to real GDP growth noting, “Guelph’s manufacturing sector has been on a tear in recent years, with industry output rising an average of 4.8 per cent annually since 2014, compared with 3.3 per cent expansion in the city’s total GDP. We expect the industry’s output to rise a more moderate 2.6 per cent in 2018 and 2.1 per cent in 2019.”
“Guelph’s diverse economy and attractive geographical position in Ontario’s Golden Horseshoe have kept newcomers arriving which has contributed to the city’s strong economic performance,” says Alan Arcand, associate director for the Centre for Municipal Studies at the Conference Board of Canada. In fact, we estimate that total net migration hit a record high above 2,800 people in 2017. We expect Guelph’s economy to continue to grow over the next two years, albeit at a more moderate pace.”
The report also states that Guelph’s retail sales jumped 7.0 per cent last year as a result of a strong economy and rebounding personal incomes. This was retail sales’ largest increase in Guelph since 2000, and roughly twice the average growth during the 1990s.
The Conference Board report sees solid prospects for Guelph’s economy. The diverse and resilient nature of Guelph’s economy has contributed to the outperforming of provincial and national averages and continues to attract the labour force and businesses needed to ensure future stable growth.
About Invest in Guelph
Invest in Guelph represents the business development outcomes identified in the City of Guelph’s economic development strategy, Prosperity 2020. Its purpose is to position and promote Guelph as an ideal place to do business.
For more information
Tyson McMann, Business Development Analyst
Business Development and Enterprise Services
City of Guelph
519-837-5600 extension 3525