Friday, August 8, 2008

Conference Board of Canada report

Manitoba has had fairly steady growth over the last number of years. The Conference Board of Canada in its 2008 economic report says that Manitoba will be second in growth behind Saskatchewan this year.

Saskatchewan is expected to have a blistering growth rate of 4.2%. Manitoba is expected to have 3.6% growth this year. Other provinces are expected to moderate this year.

A number of things have fueled the growth in Manitoba and not all of it has been government spending as some critics have suggested. Commodity prices in mining, oil and agriculture have risen sharply and have turned around fortunes in northern and rural Manitoba. Manufacturing which has been suffering in Ontario has done better in Manitoba. New Flyer, Standard Aero and Buhler have all got major orders or expansions going on.

An economist the Conference Board says Manitoba has "sideswiped" the U.S. economy.

The Canadian dollar has eased down in the next days and that should help the province as well with exports.

It remains to be seen how big a hit the U.S. economy takes and whether it will affect Manitoba in a big way as well.

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