Entries in investment (2)

Wednesday
Jul272016

Chamber highlights the business case for broadband 

Let’s talk about broadband and why we are calling on the province for more investment in this area.   

As technology continues to evolve broadband is an important piece of business infrastructure – similar to roads, bridges and electricity.  

“Local businesses in Peterborough and area are becoming increasingly dependent on internet access for their everyday business practices,” says Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. “High-speed internet access has become a necessity for doing business in today’s economy and it is critical that all regions across Ontario have access to this essential infrastructure.” 

While the Peterborough Chamber and the Ontario Chamber of Commerce acknowledge broadband investments made by the Government of Canada in the recent federal budget, internet access continues to be an issue in parts of Ontario. 

“EORN [Eastern Ontario Regional Network] fully supports the Chamber’s call for more provincial investment in high speed internet and mobile broadband services,” said Dave Burton, Chairman of the Board of Directors. “While we have made significant progress in expanding access to high speed services across Eastern Ontario over the past few years we know there are still gaps and capacity issues to be resolved.  We also know that our economic future is tied to the ability of our local businesses to grow their markets and customer base through the Internet.  Helping local small businesses prosper will strengthen not only our communities but help the Province as a whole prosper,” added Burton.

The Chamber Network has identified three key recommendations that have been presented to the
provincial government:

 

  1. Develop a broadband investment strategy that acknowledges that broadband is an essential infrastructure investment and creates space for continued private sector investment
  2. Build partnerships across all levels of government in order to leverage funding and respond to local need. 
  3. Benchmark Ontario’s internet speeds and access to ensure that we keep pace with other jurisdictions.

 

Universal access to high speed internet is becoming more important than ever for business and government operations, with government services increasingly shifting to online platforms. By working with the Peterborough and the Ontario business community, government can develop broadband policy that is responsive to existing and future needs. 

To date we have seen extensive private sector investment in fibre and a supportive government policy can help amplify the opportunity for further investment. 

For more information:

http://www.peterboroughchamber.ca/news--events-blog/july-21st-2016

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.