THUNDER BAY -- The city's economy is lagging behind the rest of the province but has held up well despite national and global challenges over the past decade.
That's according to the latest Thunder Bay Economic Activity Index, developed by Lakehead University and commissioned by Thunder Bay Ventures.
Using total employment, retail sales, average home price, employment benefit claims and affordability of housing, Lakehead associate professor of accounting Camillo Lento said the aim of the index is to create a local GDP that's easy to understand.
"We hope this will have a broad reach," he said.
The index projects the city's GDP will grow by 1.4 per cent, under the 2.3 per cent projection for Ontario as a whole. Employment growth is stagnant while retail sales are on pace with the province. Bankruptcies for both businesses and consumers are dropping along with people on Employment Insurance.
"It shows that we've held up fairly well," Lento said. "But there's room for growth."
The full report will be released online soon.
