A new report suggests London's economy is finally returning to its pre-recession high.
The 2016 Ontario Economic Update, released Wednesday by the Ontario Chambers of Commerce and the Credit Unions of Ontario, says the economy for the London-St. Thomas area grew rapidly in 2015.
It attributes the growth to gains made in the manufacturing sector, where employment jumped by 20%.
The update goes on to predict employment in the region will continue to make gains with the jobless rate falling to under 6% by 2017.
“These are very encouraging numbers and a significant departure from where we were in 2008-2010," says Gerry Macartney, CEO of the London Chamber of Commerce. "I am confident that while we still have a few pockets of uncertainty in our economic region, the overall findings in this report bode very well for our future and those of our neighbours."
In 2009, London's unemployment rate soared to 10%.
A boom in construction jobs and the housing market, backed by low mortgage rates, is also helping to drive the numbers. Home sales climbed by 10.8% in 2015 and are expected to continue to rise in 2016 and 2017.
“With more focus on new global markets and determining how best to take advantage of new Canadian Foreign Trade deals such as CETA and the TPP our region is poised for significant growth over the next ten years," says Macartney.
