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THUNDER BAY – Thunder Bay’s regional economy has been slower to recover from the impact of the COVID-19 pandemic than the province as a whole, according to its most recent local economic index.
The index, which can be viewed online, is compiled using five data points: total employment, retail sales, the average home resale price, the unemployment rate, and the affordability of housing.“The idea is to provide more unique data specific to Thunder Bay, as opposed to using broader measures,” said Lento.
Increasing interest rates are expected to slow down real estate price hikes, with declines predicted for 2023. The district economy rebounded in 2021, but hasn’t yet recovered to pre-COVID levels, unlike Ontario’s economy as a whole. “What we’re reading, what we’re seeing does suggest we might see a recession and a softening of the labour market going forward,” Lento said.
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