Major City Insights: Thunder Bay—July 2022

Name: Major City Insights: Thunder Bay—July 2022
SKU: 11722-0405-WEB
Availability: InStock

Canadian Economics

July 21, 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 a number of 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 across Canada as of June 9, 2022.

This publication focuses on the Thunder Bay metropolitan economy.

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Thunder Bay’s economy will rebound again in 2022 as forestry, tourism, and transportation boost economic activity to pre-pandemic levels.

Continued economic recovery, a tight labour market, and the possibility of teleworking should help improve the city’s attractiveness to migrants, especially as the federal government ramps up international immigration targets over the next few years.

While prospects are improved somewhat over the next few years, Thunder Bay faces more difficult economic challenges than many other cities in Canada. A relatively small and aging population coupled with the city’s remote northern location will keep economic growth modest in comparison with other cities.

Real GDP is forecast to grow by 3.9 per cent in 2022 and then an annual average of 1.0 per cent over 2023–26, while the city’s population will remain flat at around 125,000.