GVDA 2010
A natural place for investment 2010 continued the previous year’s challenging economic climate, with our local economy cautiously moving forward. During 2010, unemployment reversed its recent trends falling from a high of 7.6% to 5.6% by the end of the year. While each sector in our region’s economy was affected differently and to different degrees, the Conference Board of Canada estimates that the region’s economy grew by 2.4% in 2010. This was due in some part to the region’s diversity, with growth in knowledge-based industries helping offset declines in other sectors. Moving forward, the tone remains one of cautious optimism with predictions for 2011 of continued growth in the area of 2.4%, increasing to 2.8% in 2012. Unemployment in the region is predicted to be in the area of 5.4%, which while higher than
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two years ago, is a full two percentage points lower than both the provincial and federal averages. With stronger growth predicted in a number of sectors, regional efforts to attract and further develop a young and dynamic workforce will again take center stage to ensure that our community can fully embrace the opportunities that will be presented as global economic conditions continue to improve.
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