Surging U.S. economy to boost Ontario exports: EDC
November 12, 2014 by The Canadian Press
Nov. 12, 2014 – A surging U.S. economy, driven by demand for industrial machinery, will boost Ontario exports by seven per cent growth this year and five per cent next year, according to a new Export Development Canada (EDC) outlook report.
EDC chief economist Peter Hall said rising U.S. industrial output will also grow the province’s chemicals and plastics industry by 12 per cent and five per cent in 2014 and 2015, respectively.
The auto sector, which accounted for 35 per cent of all Ontario exports in 2013, should grow by eight per cent this year and another three per cent in 2015, added the report.
“Considering the competitive factors and capacity constraints, the sector is continuing to perform well,” said Hall.
Hall cautioned that without considerable new investment, “Ontario is bumping in to capacity constraints that will limit auto-sector export growth next year.”