Economy predicted to grow 2.9 per cent

Conference Board of Canada report shows positive outlook for Abbotsford-Mission CMA

The Abbotsford-Mission census metropolitan area’s (CMA) economy is forecast to grow 2.9 per cent in 2014, according to the Conference Board of Canada (CBC), the fastest of any listed in its bi-annual report.

The CBC’s Metropolitan Outlook: Summer 2014 was released July 30, and out of the 15 CMAs studied, only four, including the local one, will see growth higher than two per cent this year. In 2013, this CMA posted a three per cent gain. The report also predicted that employment will drop by 0.6 per cent this year, which follows two years of strong increases. Between 2012 and 2013, there were nearly 6,000 new jobs created in the CMA.

The report uses real gross domestic product (GDP) as its measuring stick, which is an inflation-adjusted measure that reflects the value of all goods and services produced in a year.

Last year saw growth in transportation and warehousing, wholesale and retail trade, finance, insurance and real estate and more. However, this was offset by weakness in the manufacturing, construction and public administration industries.

The reduction of manufacturing is predicted to pick up, according to the CBC, as the U.S. housing market is showing signs of life, which will aid local wood product manufacturers. Coupled with a weakening Canadian dollar, manufacturing output is estimated to increase 3.4 per cent in 2014.

But this CMA is still recovering from the 2008-09 global recession, as output remained eight per cent less than its 2007 peak.

In the construction industry, new home building provided the majority of the 6.7 per cent rise recorded in 2012, and 1.7 per cent in 2013, due to construction of multi-family units.

The new housing market is expected to drop 13.5 per cent, as home builders are projecting to break ground on 650 units in 2014. But this is an improvement from the 365 and 371 units built in 2009 and 2012, respectively.

On the non-residential side, the $748-million Ruskin Dam and powerhouse upgrades, and the $40-million Silver Creek industrial park in Mission are expected to keep that sector in the positive.

The outlook released Wednesday is the second of two this year. The first, which covered 13 other CMAs, was published at the beginning of 2014.

The CBC is a not-for-profit, non-partisan research organization.

Just Posted

Students from W. J. Mouat Secondary hold the banner they earned for taking top spot at the recent national Let’s Talk Career competition. (Submitted photo)
Mouat Secondary in Abbotsford wins national Let’s Talk Careers competition

School among 245 across nation that competed to be named ‘Canada’s Most Informed’

A tenant walks in front of her home on Boundary Road on Friday, June 18, 2021 after it was destroyed by fire the night before in Chilliwack. (Jenna Hauck/ Chilliwack Progress)
Chilliwack family homeless after fire rips through house on Abbotsford border

Turtle rescued, no one seriously hurt following Boundary Road fire in Chilliwack

Wild rabbits are all over Chilliwack, but people often think they’re someone’s lost pet and try to ‘save’ them. But the owner of Chilliwack’s Reptile Room says good intentions can have bad consequences for wild animals. (Photo by THE CANADIAN PRESS)
Owner of Chilliwack’s Reptile Room asks people to leave wild animals in the wild

Amber Quiring says people who think they’re helping are actually doing more harm than good

Chilliwack Fire Department on scene at a house fire on Boundary Road and No. 4 Road on Thursday, June 17, 2021. (David Seltenrich/ Facebook)
Fire crews respond to house fire on border of Chilliwack and Abbotsford

Flames, dark smoke reported coming from front of house when crews arrived

Brandon Hobbs (turquoise shirt), brother of missing Abbotsford man Adam Hobbs, gathers with other family and friends to distribute posters in Chilliwack on Thursday, June 17, 2021. (Jenna Hauck/ Chilliwack Progress)
Search efforts expand to Chilliwack and beyond for missing Abbotsford man

Family, friends put up posters in Chilliwack, Agassiz, Hope for missing 22-year-old Adam Hobbs

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

Thousands of protesters make their way through the downtown core during a Black Lives Matter protest in Ottawa, Friday June 5, 2020. THE CANADIAN PRESS/Adrian Wyld
MPs’ study of systemic racism in policing concludes RCMP needs new model

Chair of the House public safety committee says it’s time for a reckoning on ‘quasi-military’ structure

A case filled with packages of boneless chicken breasts is shown in a grocery store Sunday, May 10, 2020, in southeast Denver. THE CANADIAN PRESS/AP-David Zalubowski
One million chickens euthanized during labour dispute at Quebec slaughterhouse

Premier says waste amounts to 13 per cent of the province’s chicken production thrown in the garbage

Premier of Manitoba Brian Pallister speaks at a news conference at the Manitoba Legislative Building in Winnipeg on Wednesday, April 7, 2021. THE CANADIAN PRESS/David Lipnowski
Provincial leaders want more federal money for health care, plan to meet in fall

Premiers ask Ottawa to increase its share of overall health spending to 35 per cent from 22 per cent

A section of the eastern slopes of the Canadian Rockies is seen west of Cochrane, Alta., Thursday, June 17, 2021. A joint federal-provincial review has denied an application for an open-pit coal mine in Alberta’s Rocky Mountains, saying its impacts on the environment and Indigenous rights aren’t worth the economic benefits it would bring. THE CANADIAN PRESS/Jeff McIntosh
Panel says Grassy Mountain coal mine in Alberta Rockies not in public interest

Public hearings on the project in southern Alberta’s Crowsnest Pass region were held last fall

An old growth cedar stands in a cut-block within the Caycuse Valley. More than 100 prominent Canadians, have signed an open letter calling for the immediate protection of all remaining old-growth forests in B.C. (Submitted)
Brian Mulroney and Greta Thunberg among 100 celebrities pushing to save B.C. old growth

List includes Indigenous leaders, scientists, authors, Oscar winners

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on Friday, February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
U.S. border restrictions to remain in place until at least July 21

Safety minister says Canada, U.S. extending restrictions on non-essential international travel

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read