2016 Economic Report
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 $5.8 trillion which would rank as the third largest economy in the world if it were a country.
Conference releases report on Clusters and the Regional Economy
The Conference of Great Lakes and St. Lawrence Governors and Premiers is pleased to release a report by Dr. Christian Ketels entitled “Clusters and Regional Economies:Implications for the Great Lakes-St. Lawrence Region.” Dr. Ketels, of the Harvard Business School faculty, first unveiled his research at the 2015 Leadership Summit of the Great Lakes and St. Lawrence Governors and Premiers held in Québec City. A copy of the report can be found here.
Governors and Premiers Strategize to Attract Foreign Manufacturing Investment
In April 2014, the Governors and Premiers partnered with The Paulson Institute to strategize how to attract foreign direct investment in regional manufacturing.
Governors and Premiers Work to Spur U.S.-Canada Trade
In June 2013, the Governors and Premiers adopted a "U.S.-Canada Trade" resolution and agreed "...to work together, in a spirit of reciprocity, toward facilitating the adoption of open procurement policies within our region, such as Neighboring State agreements, and ultimately between our two countries, with the understanding that these initiatives would enhance the competitiveness of our regional economy."
View a copy of the resolution.