Entries in growth (2)

Thursday
Mar032016

The Top 10 Opportunities for growth in Peterborough

In identifying the Top 10 Barriers to Competitiveness, the Canadian Chamber of Commerce got us thinking about the opportunities for Peterborough.  

The province is projecting the Ontario economy will grow by 2.2 percent in 2016, so what can Peterborough do to ensure that some of that growth happens here?

“If you view a challenge as an opportunity to be intentional in your focus,” says Jason Becker, BDO Canada LLP and Chair of the Peterborough Chamber Board of Directors, “then the outcome may be even more rewarding than had you not faced the challenge.”

Here are our  

Top 10 Opportunities for Peterborough:

  1. #TeamPtbo. Build and communicate the Peterborough brand.  Maximize the impact of the engaged group of individuals in our business ecosystem.  
  2. Airport. Ready for takeoff.  Developing the airport was an intentional decision by the City and County. 53,475 aircraft movements were facilitated at the Peterborough airport in 2015. We have existing serviced industrial lots, and 15 companies. The City also purchased the East of Airport Road land last year, which means there is the opportunity for more strategic development in this space. 
  3. Trent Research and Innovation Park. Set the stage for the future. The City and Trent University have partnered to build out the site adjacent to Trent with a focus on Clean Technology Sectors.  Noble Tech Inc. has announced it will build a $20 million plant and be the first tenant at the site.      
  4. Manufacturing. Honour our history, by succeeding in the present.  In the early 1900s Peterborough was viewed as an industrial hub and leader.  While the manufacturing sector has changed, there are 50-60 local businesses with ties to the Kawartha Manufacturers Association (KMA) and the Canadian Manufacturers’ and Exporters (CME).  These connections will help trigger opportunities into the future. Perhaps even recognition as an Advanced Manufacturing Consortium for Eastern Ontario as was announced for southwestern Ontario in the 2016 budget.  
  5. Agriculture and Rural Economic Development. Grow the future. Agriculture is a staple in the Peterborough economy generating over $400 million in economic activity each year. The provincial government has committed to continued support in the 2016 budget through programs such as the Eastern Ontario Development Fund (EODF) and the Eastern Ontario Development Program (EODP).  This is essential with the push on food security and food safety.
  6. Nuclear. Power into the future. With the recent reinstatement of the Darlington Nuclear refurbishment we need to revitalize the local Nuclear Cluster.  In doing so, we will be able to capitalize on the opportunity to be a part of the supply chain and lobby for fair and balanced procurement for the project to ensure that there is local opportunity. 
  7. Tourism. Celebrate what Mother Nature gave us.  Our natural and many of our built attractions are connected to our environment.  The successful Travel Media conference in 2015 continues to bear fruit for this sector along with new projects such as the cycling partnership with Shimano Canada and various themed tours.  
  8. Entrepreneurship. Nurture the future.  An intentional and concerted effort has gone into building and creating a sustainable ecosystem for startups and new businesses.  In Canada, small business represents 98% of all firms and created 77.7% of all jobs between 2002 and 2012. This is expected to continue.  Our goal should be creating a framework to ensure these small companies can grow and be sustained successfully.  In the budget the province promised help to scale up small and medium-sized business.  The Peterborough Chamber is on an Ontario Chamber Taskforce examining the needs of business to do so with ease. 
  9. Harmonious Councils. We’re all in this together.  City of Peterborough and County of Peterborough councils need to continue to find new ways to work together to promote the area and create a climate where current and new businesses can flourish.  Just as in the business ecosystem, they must promote the Peterborough brand.
  10. Our First Nations. Partner for the future.  With three First Nations communities in the Peterborough region, we must foster a relationship that creates positive ties between our communities.    

     

 References: 
 2015 Year in Review, City of Peterborough

 Fifty Facts About Peterborough, Ont., Canada, Peterborough Board of Trade circa 1900

 Peterboroughed.ca/sectors/agriculture

 https://www.ic.gc.ca/eic/site/061.nsf/eng/02806.html

Wednesday
Jan282015

Economic Outlook 2015: Strong growth in 2014 means modest growth in 2015

After a strong 2014, economic growth in Peterborough is expected to slow over the next two years, according to a new economic outlook from the Greater Peterborough Chamber of Commerce and the Credit Unions of Ontario.  

Economic conditions in Peterborough exhibited surprising strength last year, as residential and non-residential investment surged and total employment grew by 9 percent. As a result, the unemployment rate dropped slightly in 2014 to 8.3 percent. 

On balance, employment growth is forecast to ease considerably following last year’s strong growth, with forecast gains of 1.0 percent in 2015 and 1.8 percent in 2016. Growth will be underpinned by a general improvement in economic conditions in the province and higher tourism levels. Unemployment is expected to decline slightly to 7.8 percent by 2016. 

According to the outlook, job creation in the area is forecast to record modest growth over the next two years as non-residential construction activity begins to taper off. While the investment flows of previous projects in the broader region should continue to benefit the economy, the value of non-residential building permits is expected to decline this year by about 30 percent before recovering in 2016.

Stronger U.S. demand and a weak Canadian dollar should buoy the region’s manufacturing sector, while tourism-related industries such as accommodations and food services, are expected to benefit from increased visits from outside the region.

“The challenges faced by Peterborough businesses in the past number of years have forced some companies to reach into other segments of the economy to fill in space left by traditional clients”, says Stuart Harrison, President and CEO, Greater Peterborough Chamber of Commerce. 

Some recent developments bode well for Peterborough’s future prospects. The new Nordia call centre opened in November 2014 and management plans to hire about 400 people in the first 12 to 18 months of the facility’s operation. Minacs, another call-centre operation in the city, will also be hiring another 60 people in the coming months. In addition, the GE Canada plant in Peterborough has won a tentative contract from TransCanada Corp. to build electric motors for the Calgary-based company’s Energy East pipeline project. The contract win for the plant follows the $65 million modernization of the facility over the past five years and is expected to create 250 jobs at its Peterborough facility and across its local supply chain over a two-year period. 

“It’s anticipated recent and long-term investments in transportation will have a positive economic impact on the Peterborough area”, adds Harrison. “The announcement of the construction of the 407 to the 35/115 expected to start in the fall and further growth at the Peterborough Airport will continue to open Peterborough to new markets and introduce new markets to Peterborough.”

Population growth, which is primarily attributed to net positive flows of people from other parts of the province, is forecast to rise to 0.7 percent in 2016. 

On the housing front, sales in Peterborough are forecast to increase to approximately 1.9 percent in 2016. Demographically driven demand and low interest rates have generated a stable environment for the regional housing market, which should help home prices rise moderately over the forecast horizon. 

Key Facts and Highlights:

 

  • Population growth, which is primarily attributed to net positive flows of people from other parts of the province, is forecast to rise to 0.7 percent in 2016. With more retired people moving into the area, less interprovincial outflow, and improving employment growth, total net migration is seen rising above 3,000 persons in 2016.
  • Housing sales in Peterborough are forecast to increase to approximately 1.9 percent in 2016. Demographically driven demand and low interest rates have generated a stable environment for the regional housing market, which should help home prices rise moderately over the forecast horizon.
  • Unemployment is expected to decline slightly to 7.8 percent by 2016 compared to 8.3 percent last year. 

 

 

 Download the full Economic Outlook  

Comment through the "Peterborough Chamber" group of LinkedIn.