The ConfBoardofCda says Thunder Bay will lead the country in GDP growth thanks to construction of a $1.2 billion new jail. Tbay
THUNDER BAY — Real economic growth in Thunder Bay will ramp up significantly over the next two years, thanks to the construction of the new jail.
It notes that these figures are up sharply from the board's previous forecast of real GDP growth of only 1.8 per cent t his year and 0.9 per cent next year.The Conference Board of Canada is an independent, not-for-profit, applied research organization whose work includes studying economic trends. Mallett said indirect spinoffs will generate a lot of business for other services and suppliers across the city, and for what he described as a "very strong" retail sector over the next couple of years.
The longer-term economic challenges could be alleviated in part, the report says, by a ramp-up in federal immigration targets, recent gravitation to remote working, and the city's affordable housing, all of which present an opportunity to attract newcomers to Thunder Bay.
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