First-Ever Great Lakes-St. Lawrence Maritime Strategy Released
On June 15 2016, the Conference of Great Lakes and St. Lawrence Governors and Premiers released the first-ever regional strategy to jumpstart the Great Lakes-St. Lawrence maritime transportation system. Once fully implemented, the strategy will help grow the region’s maritime sector, which already contributes more than US$30 billion to the US and Canadian economies and accounts for more than 220,000 jobs. The States and Provinces will work with other levels of government, industry and other stakeholders to advance implementation of the strategy.
Final Strategy for the Great Lakes-St. Lawrence River Maritime Transportation System
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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
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