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Timmins’ economy will remain healthy this year, according to The Conference Board of Canada’s Mid-Sized Cities Outlook 2016.

“Timmins’ outlook continues to be positive, thanks to ongoing strength in region’s mining industry and manufacturing,” said Alan Arcand, Associate Director, Centre for Municipal Studies, The Conference Board of Canada. “For Sault Ste. Marie, a recovery in transportation and warehousing and rising non-residential construction will help the city post modest growth over the next two years.”

The two big highlights is that Timmins’ economy is forecast to grow by 1.9 per cent this year, while the city should see job growth of 7.3 per cent in 2016, following big losses in 2015.

Timmins economy has seen healthy growth in recent years and this is expected to continue into 2016. Timmins primary and utilities sector, which includes mining activity, will remain busy in 2016. Lake Shore Gold and Tahoe Resources, which have agreed to combine their business operations, should begin work soon on deepening the shaft at the Bell Creek mine, while Goldcorp Porcupine continues its work at the Hollinger open pit mine. In all, output in the primary and utilities sector is projected to grow by 2.2 per cent in 2016. The local manufacturing sector has been benefiting from the growing mining industry. This year, the industry is expected to grow at a slower but still healthy pace of 2.8 per cent. Healthy mining and manufacturing activity will help drive a recovery in Timmins’ transportation and warehousing sector which is, expected to expand by 1.2 per cent in 2016.

Things are also looking up for Timmins’ construction sector, with output forecast to rise 2.9 per cent this year. The city is set to receive $3 million through the provincial Connecting Links program to reconstruct part of Highway 101.

All told, Timmins’ real GDP is forecast to expand by 1.9 per cent, allowing job growth to jump 7.3 per cent this year, almost fully offsetting a 7.4 per cent decline in 2015.

Filed under: Local News