The Conference Board of Canada, an independent research firm, is predicting that the Timmins economy will remain relatively stable over the next two years.
It predicts that Timmins will experience healthy economic growth of 2.4 % in 2015 and 2.3% in 2016. Their newest report "Economic Insights Into Seven Canadian Mid-Sized Cities" states that our mining industry is doing well despite the fact that metal prices have been dropping. Lake Shore Gold and Goldcorp Porcupine are conducting exploration work and production is being increased at both mines. The low Canadian dollar is helping to offset some of the consequences of low mineral prices.
Despite slow employment growth consumers were still willing to spend. Wholesale and retail trade grew by 6.7%. Employment is expected to grow 1.6% this year and 1.2% in 2016 which will see the unemployment rate drop to 5.1% by 2016.
View the full report here.