Oshawa’s economic forecast looks bright – TD Bank


Published April 27, 2023 at 12:06 pm

Oshawa’s strong labour market, economic diversity and record construction growth caught the attention of TD Bank Group Vice President and Deputy Chief Economist Derek Burleton, who praised the city for its strong labour market, economic diversity and record construction growth amid uncertain economic times.

Burleton was in town last week to deliver his annual economic forecast to business professionals and community leaders from across the GTA at the City of Oshawa’s Economic Outlook Event.

“Oshawa’s economy started 2023 with a skip in its step,” Burleton said. “Higher interest rates will weigh on spending and job creation more visibly in the second half of this year. However, I don’t see the region as vulnerable to a recession as I see in some other parts of Ontario.”

This was the 19th annual Economic Outlook Breakfast presented by the City’s Economic Development Services Branch with TD Bank Group and the Greater Oshawa Chamber of Commerce.

During his address, Burleton highlighted key aspects of the global, national, and Ontario economies, along with a local perspective on Oshawa’s economic landscape.

Oshawa Mayor Dan Carter provided additional highlights in his speech, including OPG’s recent announcement that it will establish a new corporate headquarters in the city, bringing more than 2,000 highly skilled workers to the city.

Carter also talked up Oshawa’s construction numbers in the past year, pointing to more than $900 million in building permits issued in 2022 – its strongest year of building activity on record – the thousands of new jobs in the city and of Oshawa’s growing reputation as a high-tech centre with 30,000 students at three post-secondary institutions.

“In spite of global and national pressures, we expect Oshawa’s economy to continue to grow thanks to our diverse economy, diverse population and talent pool,” Carter said. “With record-breaking building activity, strong tech and talent growth and thousands of new high quality jobs on our horizon, we have much to look forward to.”

Councillor Tito-Dante Marimpietri, who chairs the Economic and Development Services Committee, closed the event by talking about the blue chip companies choosing to invest in Oshawa and of the “unique opportunities” available at the 500-acre Northwood Business Park

“Oshawa’s diverse economy has proven itself to be strong and resilient. As a metropolitan centre, we are open for business and well positioned for future growth,” Marimpietri said.

Up-to-date information on development, statistics, news and more is available at www.oshawa.ca/business. For more information on Economic Development Services, visit www.oshawa.ca/business or follow @InvestOshawa on Twitter.

For more information on local business events, visit the Greater Oshawa Chamber of Commerce website. Research reports by TD Bank Group Economics are available at www.td.com/economics. Up-to-date information on development and statistics is available at www.oshawa.ca/business.

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