Abbotsford- Mission has been named the fastest-growing economy among 15 small to medium-sized Census Metropolitan Areas (CMAs) nationwide in a report released July 30 by the Conference Board of Canada.
Following an increase of three per cent in 2013, real GDP growth in Abbotsford-Mission will remain relatively steady at 2.9 per cent this year, said the board.
The report cited the area's wood products manufacturing industry as key to its economic growth, having benefited from the recovery in the US housing market. It added that growth in construction activity is being supported by a number of non-residential projects.
"The recovery in manufacturing production is helping support growth in many of Canada's small and medium-sized metropolitan areas," said Alan Arcand, associate director, Centre for Municipal Studies.
"Still, economic growth remains muted. Only four cities Abbotsford-Mission, Kitchener-Cambridge-Waterloo, Oshawa and Moncton will see growth above two per cent this year."
Eleven of the 15 cities covered in the report are expected to post economic growth of less than 2 per cent in 2014.
Abbotsford-Mission was the only BC CMA to be surveyed in the report, which is summarized on the Conference Board of Canada's website here.
The study supports recent comments by the Canada Mortgage and Housing Corporation (CMHC), which said in June that the Fraser Valley as a whole expects to see approximately two per cent year-over-year household growth for the foreseeable future, with an average of 8,780 new households predicted to come into the region every year for the next five years.
Sarena Teakles of the CMHC said, "The really big areas for growth will be Ridge Meadows [Maple Ridge and Pitt Meadows], Langley and Abbotsford."
