Economy of the Great Lakes-St. Lawrence Region Set to Continue Expansion in 2016
A special report released on June 16, 2016 finds that the economy of the Great Lakes-St. Lawrence region will build on 2015 growth of over 2% and continue its expansion in the current year. Growth will be fueled by bright spots in manufacturing, housing and consumer expansion, among others. Still, some longer-term issues remain for the region’s economy. Labor costs are in focus as the factory sector seeks to remain competitive, while productivity growth has slowed; demographic headwinds are blowing; and policymakers are working to keep finances in order, as well as facilitating cross-border trade flows.
The Conference of Great Lakes and St. Lawrence Governors and Premiers and BMO Capital Markets jointly developed the report to assess the regional economy and its competitiveness. This is the first assessment of its kind for the region which includes the eight U.S. States of Illinois, Indiana, Michigan, Minnesota, New York, Ohio, Pennsylvania and Wisconsin and the two Canadian Provinces of Ontario and Québec. The region’s economic output is estimated at $6 trillion which would rank as the third largest economy in the world if it were a country.
2016 Special Report on the Great Lakes and St. Lawrence Regional Economy
Full Press Release
Conference of Great Lakes & St. Lawrence Governors and Premiers Recognized for International Trade Efforts
On April 8, 2016, the Conference of Great Lakes & St. Lawrence Governors and Premiers received the prestigious National Association of Small Business International Trade Educators (NASBITE) Advancing International Trade Award at the organization’s annual conference in Newport, Rhode Island. The award recognizes the dedication and service of those who are advancing international trade in each State in the U.S. as well as Canada and Mexico.
In partnership with its Member States and Provinces, the Conference has developed a creative, innovative and successful international trade program that is uniquely boosting regional exports. For more information on the trade program, click HERE.
The Conference's Zoë Munro & David Naftzger accepting the NASBITE Advancing International Trade Award in Newport, Rhode Island