In a media release today, the Manitoba government says its economic review for 2023-24 shows the province’s fiscal position continues to improve.
Economic Development, Investment and Trade Minister Jeff Wharton said “We are focused on creating the right conditions for sustained economic growth and investment to ensure a stronger, more prosperous future for Manitobans. Increasing employment opportunities for Manitobans, newcomers and future generations of workers is the foundation of this commitment and our most recent economic outlook shows these efforts are paying off.”
The minister noted Manitoba has regained more than 100,000 jobs after losing 90,500 during the pandemic low in April 2020. Employment expanded by 3.2 per cent last year, representing the second-largest growth in recorded history, trailing only 2021.
Record immigration contributed to Manitoba’s labour market growth with immigration levels up 82.5 per cent last year compared to the previous 12 months. Immigration levels are the highest since at least 1946-47, the minister said.
The province also posted the second-lowest unemployment rate in Canada in 2022 at 4.6 per cent, well below the national average of five per cent, Wharton added.
Overall, Manitoba’s economy showed healthy growth in 2022 and expanded by an estimated 3.6 per cent, the minister noted, ranking the province third highest in Canada and best among non-resource based provinces.
The release also noted other milestones including:
– manufacturing shipments totalling nearly $25 billion, roughly $600 million above pre-pandemic levels;
– farm cash receipts increasing by $1.4 billion to $9.8 billion, 48 per cent above pre-pandemic levels;
– foreign merchandise exports totalling $19.3 billion, more than $3 billion above pre-pandemic levels;
– investment in residential construction eclipsing $5 billion;
– labour force population surpassing 700,000 for the first time ever; and
– employee compensation exceeding $40 billion for the first time ever.
The Manitoba economy is expected to outperform the rest of Canada this year, the minister said, with 0.9 per cent growth forecast for Manitoba compared to 0.5 per cent growth forecast nationally.
