Report Shows City’s Economy Rebounds Strongly Post-Pandemic
THUNDER BAY – In collaboration, Thunder Bay Ventures and Lakehead University’s Faculty of Business Administration have released the 2024 Thunder Bay Economic Activity Index, a biennial report assessing the city’s economic health.
“We were surprised because Thunder Bay usually trails behind the province in economic activity,” shared Dr. Camillo Lento, a professor at Lakehead University. “This year, Thunder Bay outperformed the province in several key areas, including resale home prices, unemployment rates, total employment growth, and housing affordability. Although housing is less affordable than before, the rate of change here isn’t as severe as across the province.”
According to Lento, the data reveals that Thunder Bay’s economy not only rebounded from pandemic lows but also surpassed pre-pandemic levels. “This is a significant milestone, showing we’ve recovered and are now positioned to continue progressing.”
Dr. Braham Dadgostar, former dean of the Faculty of Business, observed a shift in the city’s economic dynamics compared to previous years. “Thunder Bay’s population appears to be growing, and numerous projects are underway. These trends suggest that the city’s economy is on track for greater prosperity and sustainable growth.”
Dadgostar noted that these insights can inform a variety of sectors. “For education, it could mean adapting programs to attract more students. For the housing sector, as projects like the jail wrap up, it frees up resources to reinvest in residential construction.”
Maria Vidotto, General Manager of Thunder Bay Ventures, emphasized that the report serves as a valuable tool for decision-making among businesses, policymakers, and community members. “It’s encouraging to see community partners and leaders actively involved in understanding and leveraging this data.”
The report findings were presented to local leaders and stakeholders on Friday morning. Lento highlighted that this project is part of an ongoing series of reports produced by Thunder Bay Ventures. “Every two years, we compile secondary data like this, alternating with a business consulting index to provide comprehensive insights for community leaders.”
Data sources include publicly available information from the Conference Board of Canada, CMHC, and Statistics Canada. Dadgostar added that these findings aim to help businesses refine their strategies and improve profitability.
