There’s some optimism in the local business community, despite a not-so-promising economic outlook.

The Ontario Chamber of Commerce says Ontario as a whole is seeing positive trends, but the North is seeing the opposite, with unemployment and migration numbers.

For example, while the unemployment rate is forecasted to go to 6.5% this year, Northeastern Ontario is expected to slot in at a 6.7% rate.  Northwestern Ontario is forecasted to be at 7.5%.

Besides the Greater Toronto Area (6.8%), all other areas look to have their rate go under the provincial average.

Net migration numbers are telling too.  Those numbers say just how many people are coming into areas to enter the workforce.  Nine of 11 regions in Ontario look to see increases in those numbers, but Northwest and Northeast Ontario are the only two expected to see drops.

Owner of The Bucket Shop Paul Woodward is optimistic on the future in Timmins.

His company is wrapping up three years worth of construction to open their new building.  He looks at the numbers and says companies like his can’t just sit and wait.

“If you sit back and you wait for the economy to bounce back, you’ve missed that opportunity,” he said.

Woodward makes mention of the big struggles headed his—and everyone elses—way, as identified in the report.  He says electricity costs will continue to be a factor, but finding skilled workers will quickly become a problem if they don’t take care of it.

“By the year 2022, there’s an estimated 1.2 million baby boomers set to exit the workforce,” he added, “And there just isn’t the numbers in the system right now (to replace) those qualified trades people.”

But Timmins could be the exception to the negative numbers.

Woodward says when you really take a look at the city, it’s on the upswing with new mines developing and opening up and all the new businesses choosing to settle locally.

CLICK HERE to read the Ontario Chamber of Commerce’s full report.

Filed under: Local News