Guelph: fastest growing economy among mid-sized cities
Posted in: News Item
Date Posted: 2019-08-08
Organization Name: City of Guelph
The Conference Board of Canada, a national, independent research organization, reported that real gross domestic product (GDP) for the Guelph region grew by 3.6 percent in 2018, placing it as the highest among medium sized cities in Canada. The Guelph region includes the City of Guelph and Guelph/Eramosa and Puslinch Townships.
National Leader in Economic Growth
The Metropolitan Outlook 2—Summer 2019 report states that Guelph has experienced strong economic performance in recent years and is expected to remain a national leader in economic growth.
The report also states that Guelph’s economy has grown at a brisk pace over the last five years expanding by an average of 3.5 percent per year. And, although economic growth is poised to moderate, it will remain healthy coming in at 2.5 percent this year and 2.1 percent in 2020.
“This report once again highlights Guelph as a national leader in economic growth that continues to outpace the provincial and national average,” says Tyson McMann, Business Development Analyst for the City of Guelph. “This is a testament to the strength and competitiveness of the City’s local business community.”
Continued Economic Growth of Manufacturing Sector
The Conference Board’s report highlights the continued economic growth of Guelph’s manufacturing sector, noting growth averaging 5.9 percent over the past five years and an expected growth of 4.2 percent this year. The economic success of the manufacturing sector directly contributed to 1,060 net new jobs in the Guelph region for 2018 – a 6.3 percent increase from 2017.
“Guelph’s diverse economy and prime location in the Greater Golden Horseshoe region have insulated the region from large swings in economic activity, contributing to healthy population gains and allowing it to boast the fastest growing economy in 2018 among the 29 census metropolitan areas covered in the Metropolitan Outlook reports,” says Constantinos Bougas, senior economist for the Centre for Municipal Studies at the Conference Board of Canada. “Although economic growth is poised to moderate in 2019, Guelph will maintain its place as one of Canada’s economic growth leaders.”
With its strategic location and strong economic growth, Guelph continues to be a location of choice for business investment and site selection.
About Invest in Guelph
Invest in Guelph represents the business development outcomes identified in the City of Guelph’s economic development strategy, Prosperity 2020. Invest in Guelph aims to position and promote Guelph as an ideal place to do business. From the moment you begin considering Guelph we provide you with a list of resources, offer an array of confidential business investment services, information and data resources and expedited and streamlined development approval processes to reduce your investment risk and save you time. We make it easy to do business in Guelph.