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Id-WA‘YmmOmw-Wedneoday. Mamas, 2013 Manufacturing SUCCESS ‘ O O O O BM 0 projects Waterloo Regwn rebound WI” add 13, 000 new Jobs by 201 5 Brno-Vilma: -~ ,_ _ , investrnentinrieweqinprnenthiexpanding' 0:wa . , 1 v '- their operation and in hiring people. and ‘ Iii“ m5: ;_.‘.’; ; theytdlustheywillconthmetodoso' T he demise of the manufacturing secâ€" ‘fizlfi _; ' Those types of investments are usually tor in Waterloo Region has been ”1 ; , ., y ‘ seen u a key signpost in uncovering econo- ‘ greatly exaggerated. according to 3 "_';.’~ é ff , ; , my and bad: the type of job creation and report last week by the Bank of Montreal. as “5 i295: - ngggfikv . {I a ‘ growth BMO is projecting, the area is expected to create 13.000 new ' %¢&1§*fi;§§§' ’ Concerns over the budget debates raging jobs over the neat three years 2 . L E. if“ 1; _, A“,'" in Washington, D.C., have been built into In an in-depth look at the local monomy ‘, ' " 5“ those gromh mumptions said Kavcic, and byBMOBconomkzsrelecsedlastPridaydie : ff: hedoesn'tthinkitwillbeadragonthelocal , region's diversified economy continues to ' economy going forward. outperform other communities in south- a "It’s built into our forecast,“ said Kavcic. ,, western Ontario. it will likely see it's unem- ‘ if “That’s basically going to cut .6 percentage ployment rate drop to six per cent by 2016. a « , ,; ' points out of US, economic growth. full percentage point below the provincial ' A ‘ "But the biger story is that we're seeing at average. , ~. stronpr recovery in U.S. housing right now. Much of the success of the low] economy 1 ~> and that will ultimately translate into firmer has been attributed to the high-tech sector 5 “i consumer spending and more demand for and the educationandinsuranceindustries ‘ (lamdianexpormemigl'itgettrippedupa that have been pillars ofeconomic prosperi- F ‘ little in the first halfof the year, but by the ty in Waterloo Region. What‘s been under- 5 1 second (half), growth looks pretty solid in reported is the bounce back that‘s been seen ' , f; " the U.S.” in local manufacturing which still makes up - While the U.S. housing market bottomed almost 25 per cent of the local economy. out in 2008, there is now a more sustainable Robert Kavcic. a senior economist with recovery in that sector, said Kavcic. “Over the HMO Capital Market. said the prognosis for last three years they’ve worked through that that sector should be even better over the overhanging inventory â€"- we're pretty well next three years as a stronger economic back to where we were before the downturn recovery in the U.S., which began in the sec- and because of that we're seeing positive and half of last year, will continue to support price momentum again." he said. the momentum seen in the local manufac- BMO also released a report on the local turing sector. housing market that seemed to struggle in “The story is pretty good. especially in the second half of 2012. HMO Capital Mar- ' relation to the rest of the province,” said Kav~ kets Economics said the local housing indus cic. “We're looking at pretty sluggish growth Construction continues along the King Streetcar-low, and the Bank of Montreal is painting a try appears to be firmly balanced with rea- . ' in Ontario overall in the next year or two, let's rosy picture 0! growth, with more than 2,000 condo units now being built. new new sonable affordability. not kid ourselves, but within the province “Overall the story in the housing sector is l; Kitchener-Waterloo stands out as a pretty it might be the biggest surprise, agreed since last September. While the growth was pretty similar." said Kavcic. “You're seeing stable and well performing local economy. Kavcic, and with encouraging economic still modest when compared to h'storic aver- pretty strong condo building out there â€" l 1 “We’re particularly seeing manufacturing signs out of the U.S. its expected to contin- ages, it was still trending in the right direc- think Low-plus units under construction -â€" ,' picking up in the area with some decent ue, tion. so in a way it’s sharing that environment news from the auto sector.” “We‘re expecting U.S. economic growth to it is also backed by activity that BMO is with Toronto and for a lot of similar reasons, ' The manufacturing sector in the region pickuptoabovethreepercentthisyear, and trackingespociallyinbusinwesreinvesting because of similar restrictions under ; has been growing since 2009 and is almost ultimately that’s going to filter through and to improve Mpmductivity. Ontario's Places toGrowAct. ; fully recovered, which was first highlighted have some net positive impact on manufac- “The Kitcbener-Waterloo-Cambridge "There alsoisn't a lot of drama going on in ‘ by the Canadian Mortgage and Housing Cor- turing in Ontario. and in this region specifi- economy continues to pet-hm well. due in the housing markets except in a few small ‘ poration in the fall as pan of its projections catty," he said. part to businesses driving investment in segments. and Kitchener-Waterloo is one of ; forthelocalhousingsectotltalsopmjected flutakoechoesthelioyalllankofama- theiroperatiomandovenllexpansionfsaid themostbalancedifyoulookatsalesversus é local manufacturing was strengthening da Purchasing Managers’ index. released in Janet Mdigrew, dimictvice-president, mid- newlistingsandaflorthbiliry. } along with the momentum seen in Ontario‘s early February, that pointed to the strongest western Ontario, for BMO. 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