City has economic bright spots despite dour forecast

Ian Wood started with the tough industry news on Thursday.

“I won't dwell a lot on it, between 2014 and 2015, we went from 5.9 per cent to 8.4 per cent unemployment, and there's no way to sugar coat that,” said Wood. “I'd could work in a boxing analogy, this community has been through this before, and I'm hoping to show you that we're getting a little bit better at it.”

Wood was presenting the local industry forecast to the crowd gathered at the 2016 Sudbury Real Estate Conference.

Despite data that there's a dip in the economy, largely due to dropping commodity prices, and a report that the service producing sector “was devastated in the last year,” the focus at the conference was on more positive news, the 600 job gain in the goods producing sector, for instance.

“At this point we're shrinking, but not slashing,” said Wood. “Things could be worse.

“This community is exhibiting resiliency it hasn't in the past. We have some emerging sectors, we're strengthening our exports, and we're seeing continued investments that are helping to create jobs in the short term.”

This year will see numerous highway expansions and commercial construction projects. AMRIC's $14.9 million South End research facility will open in 2017, and the completion of the Laurentian University Architecture building, valued at $44 million, will bring 400 students and staff to the downtown core.

Hotel occupancy rates are sitting above the provincial average and increased traffic to Science North and Dynamic Earth are also good signs, said Wood. The film industry is going strong, and he said it is an example of essential diversification.

The construction industry had a slight dip in 2015, but Guido Mazza, the Greater City of Sudbury's chief building official, said the nine-year average of $313 million per year in construction value is something that should be recognized.

Compared to other communities in Northern Ontario, we are doing well, he said.

The Real Estate Board's members haven't been hard hit, and sales values are up three per cent in dollar values, and up nine per cent in terms of the number of sales made, said Real Estate Board president Caroline McDonald.

Vice-president Tasha Carriere said she was “interested to see the new developments” but isn't too worried.

“It's encouraging to see there's so much investment,” she said.