The Abbotsford/Mission region is expected to have the second-fastest growing economy in Canada next year.
While growth across the country is expected to slow, the Conference Board of Canada (CBC) expects Abbotsford-Mission area to buck that trend. The area’s GDP is expected to grow by 2.5 per cent this year, and by 2.3 per cent annually through to 2022, according to the organization’s most-recent metropolitan outlook. That growth is expected to help push unemployment rates down, boost household income and draw more people to the region.
Last year saw the region under-perform the national average, with growth of just 1.9 per cent. That was below the region’s 10-year average and well below the 3.1 per cent gains by the country as a whole.
But the CBC expects a solid U.S. economy, a cheap Canadian dollar and growing business opportunities to help Abbotsford-Mission’s goods-producing and manufacturing sectors.
Last year saw construction begin on more than 1,700 homes in Abbotsford, a 24-year-high. With thousands of more housing starts coming over the coming years, the CBC expects the construction industry to perform well.
The report also notes that Abbotsford-Mission added 2,400 net new jobs just last year. Job gains are expected to be less than that next year, but pick up in the years to follow.