A joint study by the Ontario Chamber of Commerce and Credit Unions of Ontario, supported by the Hamilton and Burlington chambers, predicts the Hamilton-Burlington-Grimsby area will "experience above-trend employment growth" in the next two years as the troubled manufacturing sector ends its lengthy restructuring.
"We expect some impressive economic performance from the bay area," said Helmut Pastrick, chief economist at Central 1 Credit Union. "The Hamilton area will experience ongoing growth and better growth than we experienced in 2015."
Specifically, the forecast study says the bay area's 5.6 per cent unemployment rate will fall below five per cent in 2017. That drop will be fuelled by the twin forces of more jobs and a lower labour force participation rate. A portion of the area's working age population has opted out of the workforce and this remains a problem in several parts of the country.
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