Canadian Economy Buoyed By U.S. Housing Market
Dr. Jack Mintz Optimistic In Keynote
The outlook for the ad specialty market in Canada – and the Canadian economy as a whole – is "semi-rosy" and will be buoyed in part by the strengthening U.S. housing marketing, Dr. Jack Mintz said in his opening keynote speech at last week's ASI Power Summit Canada, held at the Fairmont Banff Springs in Banff.
Mintz, a nationally-renowned economist and the Palmer Chair of Public Policy at the University of Calgary, said a resurgence in the mining and forestry industries in Canada is giving the country's economy a big boost. "The Canadian economy is still very much a commodity-based economy," Mintz told the audience, forecasting a continuing rise in the country's oil and gas industry as well.
Although the last few years have been a "dreadful" period for Canada's forestry industry, he said, the recovery of the housing market in the United States is sparking "great growth" now. And as the U.S. economy gains strength, particularly in the private sector, he said that can "only have positive side effects" for the Canadian market. Still, other economic factors across the world could slow the rate of growth in the Canadian economy, Mintz cautioned.
Counselor caught up with Mintz following his session at the Power Summit to find out more of his predictions for the global economy and how those might impact the ad specialty industry and small business. Click here to hear Mintz's outlook for the world economy over the next few years.
Want more highlights from the inaugural ASI Power Summit Canada? Click here to watch Tim Andrews, ASI's president and CEO, provide a synopsis of the topics covered and debated during last week's conference.