This 14 page document highlights the changes that occurred in 2010 relative to:
- Overall economic performance;
- Population and Migration flows;
- Labour market; Income;
- Inflation; and
Comparisons are also made to our longer term performance.
Some points from the Executive Summary:
- Lead by a sharp climb in Personal Expenditures, Manitoba’s economy grew 2.4% in 2010. Economic growth over last two years was 2.2%, the second best increase among provinces.
- Labour Productivity grew by 1.2% last year, the third highest provincially and well above Canada’s 0.1% growth. Over the last six years, Manitoba has seen the largest increase in labour productivity at 9.3% and more than double the national increase of 4.0%.
- Manitoba’s population grew by 17,400, the largest calendar year gain since at least 1971. This was driven by a record net migration inflow of 11,800 persons. Immigration hit 16,000 persons, a 65 year high.
- Manitoba is getting younger while Canada is getting older. For the second straight year, Manitoba has proportionately less persons 65 and over than Canada. This reverses a long-term trend.
- The decade of the 2000’s has seen Manitoba’s population grow to close to 96,000 persons. This is more than double the previous ten year period when population grew by less than 43,000.
- Employment in 2010 reached an all-time record level of 619,300 persons. Additionally record high levels were recorded for Labour Force and the Participation Rate. Since December 2009, 16,200 additional jobs were added to the economy, while the labour force grew by 13,500. Strong growth occurred in Private Sector jobs (+13,200) and Full-time jobs (+17,700). Manitoba’s growth outperformed Canada and nearly all the provinces on these four measures.
- A December 2010 Probe Research/Jory Capital/Winnipeg Free Press poll of 1,000 Manitobans had more individuals saying they had a good financial year than having a downturn. Nearly four in ten Manitobans expect to be better off financially in 2011. Only one-in-twelve expects to be worse off
- Manitoba housing prices rose 10.2% last year to an average sale price of $217,400. The last 10 years have seen housing prices increase by 150%.
- Housing starts in urban centres were close to 4,000 units in 2010, the highest level in 22 years. Starts were up 42.2% over the 2009 level, with single family units increasing by 23.9% and multiples increasing by 79.8%.
- Currently, Private Sector forecasters suggest the Manitoba economy will grow by 2.7% in 2011. This would be the third highest increase among the provinces and above Canada’s growth of 2.5%. How the spring/summer flood situation unfolds will have a considerable impact on the 2011 growth.
Access the report here.