Economic Development in Winnipeg

Statistics show Winnipeg is bucking the trend in areas from real estate and manufacturing to retail sales and job growth.

Compared to other G 20 nations, the Canadian economy has been weathering the global economic turndown fairly well, with the banking system in particular being independently assessed as the most robust in the world.

Within the Canadian context, Winnipeg is projected to have the best economic performance of any large city (population over 500,000) in Canada. While other cities’ economies have been contracting, Winnipeg is projected to have a modest growth in its GDP for 2009.

This is a reflection of Winnipeg’s diverse economy, which offers a broad mix of industries, some of whose sectors are enjoying relative stability, such as agri-business and bus manufacturing. The Conference Board of Canada’s Metropolitan Outlook provides key information and analysis on Winnipeg’s position within the national scene.

Winnipeg Conference Board of Canada highlights:

• The Conference Board of Canada’s Metropolitan Outlook Winter 2009 projects Winnipeg’s real GDP at 2.7% in 2008, well above the national average of only 0.6%. This is the 4th highest of 27 Canadian cities and highest of all major cities (over 500,000 population)
• Retail sales were strong, projected to increase 7% in 2008, the highest growth rate of all major cities in Canada
• The Winnipeg economy continues to create jobs, with over 6,500 net new jobs in 2008. The Conference Board of Canada noted Winnipeg’s solid economic growth in recent years has led to steady employment expansion, with more than 20,000 jobs created between 2005 and 2008
• The Winnipeg REALTORS® reported record dollar volumes of over $2.4 billion in 2008, up 9% from the previous year
• Building permit values in Winnipeg hit the $1 billion mark for the first time, growing by 15% in 2008 – the best growth rate of major cities in Canada
• The unemployment rate lowered to 4.3% for the year, consistently among the lowest unemployment rates in the country
• Personal disposable income was projected to increase a solid 4%
• While manufacturing shipments declined across Canada, shipments from Manitoba manufacturers experienced slight growth in 2008