Major City Insights: Greater Sudbury—July 2022

Name: Major City Insights: Greater Sudbury—July 2022
SKU: 11713-0405-WEB
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Canadian Economics

July 20, 2022

Urban City Economic Analysis

8 min read

Author: Signal49 Research

$985.00

Although the threat of COVID-19 is far from over, the economies of most major cities across Canada are back on track and weathering the storm of soaring inflation, rising interest rates, and—in many cities—cooling housing markets. Employment will keep growing this year, particularly in sectors of the economy hardest hit by the pandemic.

This edition of our Major City Insights provides new forecasts for growth in 11 major cities in Canada as of June 9, 2022.

This publication focuses on the Greater Sudbury metropolitan economy.

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Demand for nickel to produce batteries for electric cars is good news for Greater Sudbury. Although nickel prices have come down recently, they will likely remain high by historical standards because of the war in Ukraine.

Sudbury’s GDP is set to rise by 3.9 per cent this year. The healthy gain of 2.7 per cent forecast for 2023 will finally lift the city’s economic output beyond pre-pandemic levels.

The unemployment rate will decline from 7.6 per cent in 2021 to an average of 5.5 per cent this year. Next year, the rate will tick up slightly to 6.0 per cent.

Some Sudbury residents will dip into their savings to maintain purchasing power as, similar to the situation in other Canadian cities, wage increases aren’t keeping up with inflation.