Niagara Region’s Blake Landry is bullish that the economic development and growth of the region could outperform both Ontario and Canada over the next couple of years. Photo Credit: The Niagara Independent.
Earlier this month, Blake Landry, Economic Research and Analysis Manager for the Niagara Region, delivered his forecast for the coming months and years to regional councillors.
Landry projected a period of slow but steady growth, in which wages would rise and business start-ups would increase, working toward gradually easing the affordability crisis. He also foresees a return to lower interest rates, although getting there will require patience on the part of individuals and businesses.
While fiscal growth is expected to continue, issues related to unemployment are more uncertain. As of today, there are fewer people working than a year ago. Landry, however, noted that seasonal work is partially to blame. He also reported that the service sector has had the most employment variance. Landry argues that the goods-producing sectors are some of Niagara Region’s greatest strengths, pointing to how global supply chain vulnerabilities have created a key opportunity for the region post-pandemic.
Although Landry’s report contains a significant amount of positivity, it is not free of concerning statistics. One of the most unsettling trends is a 22 per cent ($268.9 million) decrease in residential construction building investment having been observed since the end of 2023. This is the sharpest reduction observed since the third quarter of 2018, and carries with it the potential for serious consequences if it does not promptly self-correct, taking into account the huge shortages in housing that exist across various Niagara municipalities.
With all of this being said, Landry is bullish that the economic development and growth of the region could outperform both Ontario and Canada over the next couple of years. This confidence is consistent with Landry’s Summer 2023 statement that he has “never seen this level of economic activity in Niagara.”
Nick Redekop completed his Honours Bachelor of Arts Degree in Labour Studies at Brock University. He has previously served in municipal and federal politics. In his free time, Nick enjoys following sports, taking part in outdoor activities, and reading biographies. Nick resides in Niagara Falls
