by Lyle Adriano
According to a provincial outlook report by the Conference Board of Canada (CBOC), Manitoba should have the second-fastest growing economy in Canada in 2016, driven in significant part by its insurance industry.
"Manitoba will be one of the country's strongest economic performers in 2016, thanks to healthy growth across key sectors," said associate director with the board Marie-Christine Bernard, pointing to the insurance sector.
It, together with the finance and real estate sectors, says the report, should realize economic expansion of 3.4 per cent in 2016 and also 2017. Manitoba's economy will itself expand by 2.5% and 3.0% growth in 2016 and 2017, respectively.
British Columbia should edge out Manitoba for growth, according to the report, published December 7. Insurance will play a key role in developments in that province as well.
In comparison, the construction sector is expected to reach 1.4% in 2016, and the employment sector is projected to increase by 1.3% next year and 1.8% in 2017.
Other sectors have also proven to be Manitoba’s top performers. Manufacturing is expected to increase by 1.9% in 2015, and 3.4% in 2016. The services sector’s gains forecast would average 3.4% for both 2016 and 2017. Transportation and warehousing are anticipated to post gains of 2.5% for 2015 and 2016, and 4.1% in 2017.
