20 August 2016

In 2016, Sherbrooke is expected to make more rapid progress in terms of economic growth than the Québec and Canadian averages, according to the most recent Metropolitan Outlook published by the Conference Board of Canada. In fact, Sherbrooke’s real GDP should increase by 1.9% in 2016, ranking it among the best-performing cities for a second year in a row.

In particular, Sherbrooke’s manufacturing sector is booming—whereas the Provincial Outlook Economic Forecast for Québec published in March projected an increase of 2.8%, this summer’s publication projected a gain of 4.9%. The weakness of the Canadian dollar has increased export opportunities for the City’s industrial businesses.

The services sector has also experienced solid growth, thanks notably to the upsurge in services available to businesses.

On the other hand, the construction sector is expected to remain stagnant, due to a reduction in the number of residential construction sites. This sector should pick up again at the end of the year, with the construction of the new super clinic, involving investments in the order of $45M.

In terms of jobs, a slight increase of 0.3% is predicted. Nonetheless, Sherbrooke is performing better than foreseen at the start of the year—the anticipated loss of 2000 jobs has not happened. It should be noted that in recent years, Sherbrooke has experienced exceptional growth in this regard, with 8000 jobs having been created.

Sources: Conference Board of Canada

——————————————————————————————————-

RELATED ARTICLES

» Sherbrooke’s Economy Will Grow in 2016