(CNW Telbec) Brighter manufacturing outlooks will lift economic growth in both St. Catharines-Niagara and London to more than three per cent in 2005, according to the Conference Board of Canada's Metropolitan Outlook - Winter 2005." St. Catharines-Niagara will enjoy a strong rebound in 2005. The manufacturing sector, which lost ground every year since 2001, is expected to finally come out of its doldrums in 2005," said Mario Lefebvre, Director, Metropolitan Outlook Services. "London's story is also related to the manufacturing sector, as the city continues to attract auto part facilities."
Coming off a decline of 1.8 per cent in 2004, the St. Catharines-Niagara economy is forecast to expand by 3.4 per cent in 2005. In addition to a better prognosis for manufacturing, the recovery in the tourism industry, which started in 2004, is anticipated to continue in 2005. This is largely attributable to the Niagara Fallsview Casino.
London's real gross domestic product (GDP) is projected to expand by 3.2 per cent next year, led by healthy gains in both the manufacturing and the
services sectors. The latter will benefit from the strong employment gains recorded in 2004, which will lift consumer spending next year.
For further information: Brent Dowdall, Media Relations, (613) 526-3090, ext. 448, corpcomm@conferenceboard.ca, www.conferenceboard.ca
