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Priorities for the federal budget

3/16/2022

 
​Budgets are investments in priorities and the federal government is expected to release its updated priorities in coming weeks through the 2022 budget.
 
Chambers of commerce and boards of trade from across the country have worked alongside the Canadian Chamber of Commerce on recommendations for the upcoming federal budget.
 
The pre-budget submission includes a range of topics, from unlocking the potential of legal cannabis to tax reform. Here are some of the highlights:
 
Cybersecurity
In a time when our economy, public services, and population are going online and depending on digital like we’ve never seen before, the Canadian Chamber of Commerce reports that Canada spends about half as much per-capita as G7 peers like the UK and France when it comes to cyber security. Just as bridges and border crossings impact our supply chain and national security, so too does our digital infrastructure.
 
The CCC is calling on the Government of Canada to invest $1 billion in the cyber security of our infrastructure, supply chains and businesses. They would also like to see the government invest $300 million to accelerate the commercialization of cybersecurity products ands services and invest $200 million in building our cybersecurity workforce.
 
Net-Zero
Industry and government need to work together on our path toward a sustainable net-zero future. The CCC is recommending the government:
• Accelerate the wide scale deployment of carbon capture, utilization and storage
• Support transitionary measures, like extracting biofuels from waste
• De-risk critical minerals supply chains, including investments in supporting infrastructure like small modular reactors and site-specific clean water solutions
• Champion a hydrogen ecosystem
 
Innovation
Our innovation needs are wide-ranging and extend beyond the traditional tech sector. We’re looking for investment in a life-sciences strategy to improve the health of Canadians and prepare us for any future health crisis.
 
To be ahead of the curve on innovation, we need to invest in digital infrastructure. This means investing in broadband internet access for everyone and more access to 5G internet in rural and remote communities.
 
We also need to make sure our innovation is protected through updated data and privacy legislation.
 
Immigration
Immigration has long played a critical role in our communities and our economy. The CCC is asking the government to decentralize the immigration selection process and support local solutions built by communities to address community workforce needs, streamline the temporary foreign worker program process, and facilitate integration of foreign-trained workers into the labour force to maximize
their potential
 
COVID Supports
The CCC recommending the federal government provide debt relief for hard-hit small and medium-sized businesses. This includes extending repayment terms and forgiving interest for the Canada Emergency Business Account (CEBA), the Business Credit Availability Program (BCAP) and the Highly Affected Sectors Credit Availability Program (HASCAP).
 
They’re also asking the government to support domestic tourism through new tax incentives and rebates for travel and hospitality activities to encourage families to travel within Canada in 2022.
 
The full pre-budget submission is available at chamber.ca.

War in Ukraine hits economies around the world

3/11/2022

 
​War in the Ukraine is sending world economies for another roller coaster ride as we’re slowly rebuilding from the devastation of COVID-19 and years of public health restrictions.
 
Inflation has been the hot topic for the last few months and judging by the price of gas, it could have a longer and deeper impact than originally forecasted. We’ve gone from less than $1 a litre in March of 2020 to nearing $2 this week.
 
The events in the Ukraine are incredibly tragic.
 
Canada has been growing its trade with Ukraine over the last few years, especially since the signing of the Canada-Ukraine Free Trade Agreement in 2017. We export a significant amount of fish and seafood, machinery, vehicles and parts, meat, and electronics with a growing export of aerospace products and wood pulp. In return, we’ve been importing steel, electronics, and vegetables. In 2019, Ukraine supplied 26% of our apple juice and 6% of our snow skis.
 
In total, the Government of Canada values trade between our two counties at about $340 million and it’s all essentially on hold.
 
It’s significantly lower than the $1.5 billion in business we do with Russia, to whom we export aircraft, machinery, and electronics and import energy, rubber, iron, copper and fertilizer. We’ve brought in sanctions against Russian products, but it’s not so simple to find new suppliers. Fertilizer producer Nutrien Ltd. is expecting a global shortage of fertilizer, impacting crop productions around the world.
 
Both fall well short of our $700+ billion trading relationship with the US, but the implications will be felt across sectors in our economy. Russia is the second largest oil exporter in the world and sanctions and import preferences mean demand for more ethically sourced oil is driving prices throughout the roof everywhere.
 
Add to this an increase in fuel demand as many areas scale back COVID-19 health measures leading to more travel to visit friends and family, in-person work at the office and visiting clients, and the resumption of recreational travel and tourism.
 
We need fuel to farm, mine, and manufacture goods. We need fuel to transport retail goods to your local store, fresh produce to restaurants, and supplies for local makers. There’s hardly a business not dealing with the effects of high fuel prices, let alone the rest of the inflation-related issues.
 
The timing of this crisis is challenging for our economy and our local business, but it’s important to remember the human side. More than 1.5 million people have left Ukraine as refugees with more likely to come. The Government of Canada has pledged its assistance in placing people. Much like the influx of Syrian residents a few years ago, it’s likely our community will host another round of refugees.
 
While our hope is that our world leaders will successfully avert another world war, a global economic crisis is well underway. World economies are so intertwined that even products we produce and consume domestically (like gas) are subject to the whims of global markets. The resilience of our local business community is once again coming to the forefront to take on the next global crisis.

It’s time to act on investments in electricity capacity

3/7/2022

 
After more than a decade of healthy electricity supply, concerns are mounting that Ontario is entering a period of electricity shortfalls.
 
Demand is growing. Our population is increasing, up 5.8% over the last 5 years. Factoring the drop in immigration due to the pandemic, something that should pick up again when things return to normal, and the coming years should see even more growth. This is compounded by the growing electricity demands of everyday life as well as climate conscious decisions like more electric vehicles and a move away from natural gas heating.
 
As demand increases, the supply side is facing its own challenges. The Pickering Nuclear Generation Station is planned to be fully retired by the end of 2025. Other investments in nuclear refurbishments, renewed contracts, and resources are needed in the near future.
 
The Independent Electricity System Operator is forecasting capacity to fall short of demand by the mid-2020’s with the gap widening from there. They estimate the province will need to find 12 gigawatts of power of over the next 20 years.
 
A recent policy statement from the Ontario Chamber of Commerce called Addressing Ontario’s Growing Electricity Needs lays out how critical the situation is. Regardless of what route we go to supply that capacity, it takes years to plan and develop not only the power generation, but also the transmission and distribution infrastructure.
 
Additionally, the Province is planning to achieve zero-emission electricity generation, which will have to include phasing out natural gas-powered plants. The Province is currently looking into options to pick up capacity like biomass and hydroelectric generation, including new contracts for small hydroelectric projects.
 
The Ontario Chamber of Commerce states that given the time it takes to operationalize electricity infrastructure, it is imperative that Ontario continue taking steps today to secure reliable, affordable, and sustainable resources for future generations. Relying on importing electricity won’t be able to meet all our capacity needs and there’s volatility with other regions forecasted to need additional supply as well.
 
Having sufficient and affordable electricity is critical to the economic success of our province. Industry and have made significant investments in electrification, especially in resource extraction and manufacturing.
 
There are also opportunities for our businesses as we reinvest in electricity generation and transmission. The OCC is advocating with the Ontario Government to ensure local businesses will be an integral part of these investments. They’re calling on the Province to continue consulting with industry to ensure there is a competitive and transparent process for contracts that leverages existing assets where possible.
 
While the government has been making steps to address these issues, the timeline is getting tight. It’s time to make the investments we need to secure reliable, affordable, and sustainable electricity that both people and businesses need.

Growth is here — now what?

2/24/2022

 
​Our region’s population grew by 9,445 people between 2016 and 2021 — an increase of 6.8%
 
That’s above the provincial population growth change of 5.8%, but it doesn’t tell the whole story.
 
What’s most surprising is the imbalance in growth between Peterborough city and county. The City of Peterborough added 2,619 people, an increase of 3.2%, while the county added 6,858 people for a staggering 12% increase — more than double the provincial average.
 
The County of Peterborough’s outgoing Official Plan worked with the projection of the population increasing to 61,000 by 2031. It’s currently at 64,000. The current draft official plan has a revised projection of 82,000 people by 2051. If growth continues at its current pace, it will hit that target by 2031. Even at the provincial average growth rate, Peterborough County will hit 82,000 people by 2041.
 
There is the possibility that at the last 5 years are an anomaly. Perhaps it was the perfect storm of ready-to-go subdivision plans, investments in municipal water and sewer capacity, and a sudden desire for people to get out of the big city and move here. Between 2011 and 2016, the county’s population increased by a respectable 4.4%.
 
Meanwhile the City of Peterborough has been consistently growing at around 3% every five years. The census indicates growth at 4.4% in 2011, 2.9% in 2016, and 3.2% in 2021. It’s on track to hit its growth target of 88,000 people by 2031 as set out in the official plan.
 
Evidently, the desire for growth is still outpacing our ability to provide it. The average house price in January jumped to $814,495. Month-after-month of record-breaking house prices should be a good indication that our region has more growth potential.
 
Growth in this range is going to bring more challenges, especially as more people flock to rural communities.
 
Transportation infrastructure is critical in managing a booming population. We need efficient ways to move people where they want to go. We’re going to find that some of our four-way stop sign intersections can’t handle the volume of traffic any more. Roads will need to be upgraded, passing lanes added, and bridges rehabilitated. There is also a growing desire for better cycling infrastructure and transit service. Facilitating growth includes expanding infrastructure like water and sewer service, recreational facilities, and high-speed internet.
 
Growth can be expensive.
 
But growth also brings opportunity for local businesses. More people living local leads to an increased need for groceries, places to eat, recreational opportunities, and entertainment. Some new residents are even bringing their businesses with them. The overall customer base is growing and that’s a community benefit.
 
The census numbers also show that growth happens with no particular concern for municipal borders, highlighting the need for us to work as a region in our approach to economic development and planning future infrastructure.
 
Regardless of the price tag, our region is in the midst of a population boom. It’s time to embrace the situation, plan and invest in the infrastructure needed to facilitate this growth, and make the most of the opportunities it presents.

iGaming rollout raises concerns

2/22/2022

 
People have been gambling and betting online since the 90’s. It has been consistently growing and has evolved into a multi-billion dollar industry.
 
The Government of Ontario is looking to get a piece of this lucrative sector, setting a launch date of April 4 for its new iGaming initiative.
 
The modernization of gaming revenue in Ontario is an important issue that provides new opportunities while also raising some concerns. It is anticipated that the iGaming initiative will allow the Government of Ontario to capture revenue that might otherwise go to offshore gaming providers. However, we are concerned that Ontario’s approach may come at the expense of current revenue and employment sources our communities depend on.
 
A recent study by HLT Advisory Inc. examining the impact of the iGaming initiative on Ontario’s gaming industry concluded that over the next 5 years there is a potential loss of more than 2,500 Ontario-based casino jobs, $191 million in municipal contributions and $3 billion in Ontario government revenues.
 
It’s not as simple as just regulating and taxing an existing offshore industry — it has real implications for jobs and revenue locally.
 
The Peterborough and the Kawarthas Chamber of Commerce is leading an advocacy initiative, working with eight additional chambers as well as the Ontario Chamber of Commerce, to push for a more cautious, balanced approach to the iGaming rollout.
 
Ontario is not the first jurisdiction in North America to legalize iGaming. Every U.S. state that has introduced iGaming has done so in a coordinated manner with existing land-based casinos. While we remain supportive of proposals to expand opportunities for private enterprise within Ontario’s regulated gaming space, the chamber is raising concerns regarding direct impacts to land-based casino operations as a result of the legislation as currently drafted.
 
We are urging the Government of Ontario to:
 
● Work with stakeholders, including land-based casinos, to minimize local job losses and ensure the addition of iGaming will result in the growth of Ontario-based jobs in the gaming sector;
 
● Provide casino host communities with an iGaming plan that demonstrates a negligible impact on municipal revenue sharing;
 
● Provide municipalities across Ontario with an iGaming revenue sharing agreement with a similar structure to the gas tax program; and
 
● Work with stakeholders to establish a competitive tax rate for iGaming that is fair to land-based casinos but also encourages offshore operators to join Ontario’s proposed framework.
 
Our approach is not aimed at stifling a growing sector, but making sure our foray into it is balanced and doesn’t come at the cost of existing community benefits. We have an opportunity to make iGaming a win for communities across Ontario. Let’s take our time and get it right.

Business outlook gaining optimism

2/11/2022

 
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​After hitting a record low in 2021, business confidence is rebounding with 57% of business feeling confident in the outlook of their 
organization, compared to 48% in 2021.
For context, that’s nearing the 61% of business that were confident in their 
outlook in 2019. Confidence in Ontario’s outlook as a whole is also rebounding at 29% — well above last year’s 21% and nearing 2019’s 30%. Pre- and 
post-COVID figures will be key to measuring our 
recovery, both in broad terms and for specific 
sectors and industries. 
These figures come from the Ontario Chamber of Commerce 2022 Ontario Economic Report, the annual report that offers unique insights into business perspectives from across the province. As with any statistical report in such a changing environment, the numbers are just a snapshot in time and don’t reflect everything that has changed during the research and reporting. In this case, most of the survey work was completed before Omicron brought about a new wave of public health measures. That said, it’s aim is to 
address the large trends rather than the weekly ups and downs.
While optimism is up in a general sense, those lagging behind tend to be smaller businesses, businesses located in border regions, organizations led by women and people with disabilities, and businesses in the arts, entertainment, and 
agricultural sectors.
Along with increasing optimism, fewer businesses are shrinking, with 38% reporting to have shrunk in 2021, compared to 56% the year before.
What businesses expect moving forward:
• Remote work — Most businesses expect to at least partially continue remote work in 2022, though some continue to face barriers in terms of digital skills, 
technology costs, and 
support.
• Labour shortages — 52% of businesses are currently facing labour shortage challenges and many expect that to continue for some time.
• Prioritizing employee health and well-being as well as diversity and inclusion, though the OCC notes many organizations are struggling with formal strategies to support these objectives.
The main policy priorities 
businesses want their chambers of commerce to address are business taxes and electricity costs. Smaller businesses are prioritizing 
financial support while 
larger businesses are focused on infrastructure, regulatory, and workforce development issues.
Optimism is partially being driven by the belief that high vaccination rates are bringing about some stability, but it’s also about growth. Businesses who were well positioned to serve current needs or adapted to do so have seen strong demand for their products and services. Others have used this as an opportunity to invest in new technologies that have helped make their business more resilient and better positioned for growth.
Pessimism is mostly due to uncertainty around COVID-19 and businesses specifically lack confidence in provincial and federal government responses to the pandemic.
Many businesses required some support to get through this last year. Of the programs available, the Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Business 
Account (CEBA) loan 
program were the most widely used with the 
Ontario Small Business 
Support Grant and the Canada Emergency Rent Subsidy (CERS) also proving popular.
Economic indicators are backing up what the 
businesses are saying. According to the Bank of Montreal, the GDP increased 2% in 2019, dropped 5.1% in 2020, then rebounded to 4.2% in 2021 and is on track to increase another 4.1% in 2022. Employment growth follows a similar trend, with a 2.8% increase in 2019, a 4.7% drop in 2020, followed by a 4.9% increase in 2021 and a likely 4.2% increase in 2022.
Other than vaccines making a significant impact on our fight against COVID-19, not a lot has changed over the last two years. COVID won’t be disappearing any time soon and businesses are facing significant issues with supply chains, inflation, and labour access. So what is driving our optimism and growth? It’s really a story of adaptation. Business have risen to the challenge by changing how they do business. They’ve invested in new technology and new ways to engage their 
customers, even though finances were tight. It hasn’t been an easy road, but pushing for a more optimistic future is the way forward.

Province launches Skilled Trades Ontario to grow our skilled trades workforce

2/3/2022

 
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Ontario has been in need of more skilled trades workers for many years, but the urgency is increasing as our trades will play a critical role in our economic recovery.
Despite the pandemic and all of the supply chain issues, increases in material costs, and other disruptions it has brought, a lack of skilled labourers could be the biggest barrier ahead for the construction 
industry. Even current homeowners who have been trying to hire workers to perform renovations and repairs can attest to the difficulty of hiring contractors on any reasonably short timeline.
The Government of Ontario is taking a new approach to skilled trades with a new agency called Skilled Trades Ontario, effectively a replacement for the Ontario College of Trades. The role of this agency is to promote and market the trades, develop the latest training and curriculum standards, and provide a streamlined user-friendly experience for tradespeople. 
The agency will offer an online service that will help apprentices manage their careers in a central place that includes scheduling classes and exams, submitting forms, and paying fees. It is also expected to reduce 
processing and registration from 60 days down to 12. Enforcement has shifted to the Ministry of Labour, 
Training and Skills Development.
According to the Government of Ontario, one in five jobs will be in the trades by 2025. They also note that the previous Ontario College of Trades had a discouraging effect on people entering the trades with registrations dropping by 40%. The average age for an apprentice is currently 29 years old. The Province expects retirements to be a big challenge in the near future, noting in 2016 nearly one in three journeypersons were age 55 or older. It’s estimated that Ontario could be short as many as 350,000 skilled workers by 2025.
The new agency is being received with optimism by a number of industry stakeholders, unions and associations.
It’s reassuring to see more investment in encouraging people to pursue a career in the trades. The need for more skilled workers predates the pandemic. Some of the barriers around access have been addressed while a concerted effort from our governments, schools, and industry 
associations is having a positive impact on 
addressing the stigma around trades jobs. 
The needs of the modern tradesperson have changed as well. There is a need for proficiency with the latest technology and an 
understanding of issues and opportunities around climate change.
There is still a long way to go in filling the need for skilled workers. The 
pandemic has exacerbated our labour issues into a shortage across sectors and industries. Young people entering the workforce have a lot of options on what direction to take their career.
Our leaders continue to plan for our recovery from this pandemic and one of the recurring themes is the need for people. The issue isn’t that there are scores of people unwilling to join the workforce. While some have removed themselves from the workforce for various reasons, our employment participation rate in 
Peterborough is higher than it was before the pandemic. 
The people shortage appears to be a symptom of desire for growth. Nowhere is this more apparent than construction. We can't build quick enough to meet 
demand, from homes to public infrastructure projects to new industrial and 
commercial developments. We’re struggling to find enough people to produce the materials we need, offload them in ports and railyards, process them in warehouses, and transport them where they need to go — and that’s just getting to the point of starting construction.
Investments in a skilled workforce were needed before COVID took our economy for a roller coaster ride and they're even more important now as we try to recover. Hopefully Skilled Trades Ontario is able to make good on its mandate and assist in developing the skilled workforce we need. We won’t make up for the shortage of skilled workers over night, but we’re 
heading in the right 
direction. 

Online investments drive success for small and medium retailers

1/26/2022

 
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We’ve known from the outset that COVID-19 has had a larger impact on small and medium-sized 
businesses than it has on large businesses, especially in the retail sector.
The Mastercard Economics Institute recently released its Recovery Insights: Small Business Reset. This report highlights a lot of the challenges small businesses have faced as well as opportunities that are 
working.
As per Mastercard:
• Closures: Globally, small businesses that closed early in the pandemic were about 3x as likely as larger businesses to remain closed long term.
• E-Commerce: Following shutdowns, the number of small businesses going online each month tripled from pre-pandemic levels, peaking July 2020.
• Entrepreneurship: 
One-third more small retailers launched in 2020 compared to 2019, nearly 8x the number of larger firms created.
• Recovery: Consumer spending at small retailers is up 4.5% through August 2021 YTD compared to the same period in 2020, with e-commerce up over 30%.
These trends make a lot of sense. Smaller retailers are less likely to have as diverse of product and therefore less likely to have been labeled essential. 
Globally, it’s estimated that one-third of small businesses that closed in April 2020 remained closed after six months with about one-fifth remaining closed after 12 months. Mastercard also estimates that small and medium retailers have consistently underperformed compared to large retailers by 10 percentage points.
The other side of this shows the incredible resiliency of our business community. In the midst of a pandemic, the number of small retailers increased by a third! 
It’s also clear that investments in online have in many cases separated the businesses who are 
growing from those who aren’t. Mastercard’s analysis shows that digitally enabled small and medium retailers saw a 5% increase in customer spending and a 4.5% increase in transactions. They also found that 34% of e-commerce sales would not have occurred with only in-person shopping.
According to commerce platform Lightspeed, e-commerce growth may have peaked in 2020 at 32.4%, but it continues to steadily grow. Their research has found 64% of consumers now use ‘buy online, pick up in store’ services with 20% saying they use it regularly. Further driving the online trend is a shortage of retail staff leading to reduced hours and a lack of physical inventory due to supply chain disruptions. 
Investments in automation and upgrades to point-of-sale systems that integrate with online 
inventory are paying off.
While small online-only retailers are a growing trend, reports on the digital trend are quick to highlight that going online doesn’t mean an end to bricks and mortar retail — it’s an enhancement. Customers are looking for more ways to engage with their local businesses, including new ways to shop and a larger variety of payment options. Building up an online presence has a direct impact on improving and 
supplementing in-store sales.
It’s not too late to invest in digital infrastructure and e-commerce. Our COVID 
consumer habits aren’t expected to go away, even when the virus does. Our Digital Main Street team is available for free to help and check out our Love Local Marketplace at lovelocalptbo.ca to find some great local businesses who can help step up your online impact. 

What challenges lie in the year ahead?

1/20/2022

 
​Business, both big and small, has been through the wringer over the last two years. It has been a saga involving improvising, 
adapting, pivoting and doing it all over again. And again.
I’m optimistic that the worst of the pandemic is behind us. At this point, it has to be, right?
2022 is going to be 
challenging, regardless of the pandemic. Planning for those challenges is going to be key.
The Business Development Bank of Canada recently published an article titled “What to watch in 2022” that lays out what to expect in the coming year:
• Pandemic uncertainty
• Supply chain pressure
• Inflation
• Rising interest
• Labour problems
Despite optimism, we really can’t predict all the zigs and zags of dealing with a 
long-term global pandemic. Back in late October the Government of Ontario rolled out its plan to ease back public health 
restrictions and return to “normal” by March. While optimistic, it didn’t seem like a stretch at the time. All this to say that business should continue to move forward planning for possible steps backward along the way. The current wave of 
infections isn’t expected to be the last, due in part to vaccine distribution 
inequality. 
Supply chain issues are 
certainly not new and 
neither is news that they aren’t going away. While pressure could ease later in the year, it could take years to clear up. As our recovery picks up, demand for 
product has increased. Manufacturing is 
increasing to meet demand, but it’s struggling with supply bottlenecks. Other products are piling up in warehouses unable to be shipped to their 
destinations. BDC notes that China’s zero-tolerance policy for outbreaks will lead to further closures of factories and ports.
Prices of goods, especially energy, fell at the start of the pandemic. This drop followed by a rapid hike at the end of last year caused a spike in inflation. Supply 
chain bottlenecks will further increase costs of some products. That spike of 4.7% isn’t expected to last, but BDC expects inflation to continue at over 3%, especially in the first half of the year.
Uncomfortably high 
inflation is likely to lead to rising interest rates. The Bank of Canada is expected to gradually hike rates soon as one of the tools to cool inflation. BDC notes one of the consequences of planning rate hikes is that it could heat up the real estate market further in the short term as people try to get ahead of the increases.
Labour challenges have been increasing and BDC is warning that they aren’t going to go away on their own. COVID both hastened retirements from baby boomers while stunting 
immigration — our main source of population growth. We’re continuing to hover around 1 million vacant jobs despite having returned to pre-pandemic workforce participation. This will continue to restrict investment and services, slowing growth through 2022. 
Dealing with the challenges of 2022 is going to involve intentional investments. Investments in sourcing as local as possible to minimize supply chain issues. 
Investments in retaining a loyal workforce and 
labour-saving technology. 
Investments in 
energy-saving practices and equipment. Most 
importantly, investments in our businesses not as a stopgap, but moving them toward where we want to be five to 10 years from now.
There will be more zigs and zags ahead, but we are moving ahead. 
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Ptbo population large factor in unemployment rate

1/13/2022

 
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​With news that 
Peterborough now leads the country with the highest unemployment rate, hitting 9.5% in December, it’s a good time to take a look at our workforce.
The Workforce Development Board has been busy 
analysing our local 
population, its employment 
situation and what it all means. A recent Labour Market Information report highlights that our region is growing modestly at only 0.5% per year. The biggest 
increases are people between 25 to 44 and 65+, with 0 to 14 staying about the same and all others decreasing.
Left alone, we would be in trouble. Comparing 2019 and 2020, deaths outpaced births by 445 people. Immigration and people relocating from other areas of Ontario account for our growth.
We’re also losing people to other provinces. Over that same time, the Workforce Development Board notes our population shrank by 234 people due to 
interprovincial migration. According to Statistics Canada, our country hasn’t seen this level of 
interprovincial migration in more than 30 years, with Ontario taking the biggest hit. In the second quarter of 2021, nearly 12,000 more people left Ontario for other provinces than moved here. Many of the people leaving are younger, first-time home buyers — the very people our labour market is 
desperately in need of.
Additionally, our region is a popular destination for seniors as is evidenced by the continued increase in the 65+ demographic. We typically rank within the top few regions across Canada for what percentage of our population is over 65. The result is that more than 2,300 people are leaving the workforce annually due to retirements. 
One of the most 
eye-opening findings in the Workforce Development Board report is that more people are currently working than before the pandemic. There were an estimated 65,100 people employed in our region in 2021, up 3,100 from 2019. Despite seniors leading our population growth, workforce 
participation is also up with 62.7% of our population participating in the 
workforce in 2021, 
compared to 60.2% in 2019.
It’s difficult to really figure out what exactly all this means without doing a deeper dive. With further study, there are a few key takeaways:
• Our region needs to be 
attractive, both to 
immigrants and people in other areas of Ontario. These are the two groups not only driving our growth, but staving off decline. We are relying on people wanting to move here. 
• We need to retain the people we have. Though well positioned within 
Ontario, we’re losing residents to other provinces. It’s no coincidence that the recent spike in 
interprovincial migration coincides with massive growth in the real estate sector, with people flocking to provinces with a more affordable cost of living. The average price of a home in Ontario jumped 47% over the last two years.
• Our workforce is vulnerable. Our demographics continue to skew heavily toward the upper end of the age 
brackets. But our seniors are continuing to use their expertise to keep working, 
at least part time, well beyond 65. Our region’s employment numbers are lagging, but a mass exodus via retirements or 
health-related issues would put a further crunch on our labour demands.
It’s frustrating to see that we have more people 
working than before the pandemic yet we’re still dealing with sky-high unemployment. Employment numbers and demographics reports are only a snapshot of a sample group. Monthly employment statistics can vary up and down from month-to-month based largely on sampling, which is why relying on trends is more accurate. The trend is that Peterborough’s 
unemployment is high and that’s not a great situation for anyone involved. 
Entering into another period of severe business 
restrictions will certainly lower demand regarding labour shortage issues, but our problems will return when we pick back up again.
There are short-term 
solutions we can work on to improve our situation, but those will only be Band-Aids if we don’t invest heavily 
in our long-term needs. Intra-provincial migration is working for us right now, but it’s risky to bet too heavily on one thing. We have some amazing assets and resources, including 
two top-notch 
post-secondary institutions. We have a 
hard-working regional 
economic development agency, what a single organization can do. It's going to take 
cooperation between regional municipalities to create more serviced employment lands. What it really comes down to is a concerted community effort to build the region into what we need to become to be competitive in the long run.

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Copyright © 2021 Greater Peterborough Chamber of Commerce.  ​All rights reserved.
175 George Street North, Peterborough, ON, K9J 3G6
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