Boom coming to Nanaimo
After relatively weak growth over the past three years, Nanaimo’s economy will accelerate in 2014.
That’s according to the Conference Board of Canada’s Mid-Sized Cities Outlook which has pegged Nanaimo’s economic growth to reach 2.1 per cent this year.
The Board is predicting between 2014 and 2015, Nanaimo will add about 2 thousand new residents, pushing the population over the one hundred thousand mark.
In contrast to many other Canadian cities, the Board says Nanaimo’s utilities sector, which includes the forestry industry is expected to slow a bit but it will still remain healthy and it will be accompanied by recoveries in manufacturing and construction.
And, a recovery in finance, insurance, and real estate is expected to begin this year.
The Mid-Sized Cities Outlook provides economic forecasts for eight cities including Lethbridge, Red Deer, and Medicine Hat.