Diversity in wealth-generating industries means stable growth for Lethbridge economy
The Conference Board of Canada’s 2015 Mid-Sized Cities Outlook Report shows stable growth in Lethbridge with strength in both traditional and emerging sectors. With a GDP of nearly $5 billion, Lethbridge’s GDP increased 1.2% in 2014 and is expected to see modest growth in both 2015 and 2016.
From a sector perspective, the growth in traditional industries like Agriculture and Transportation adds to the overall stability in the region. A continued positive outlook in the Agriculture (Primary & Utilities) industry continues to help move the economy forward. With both a GDP increase of 4.4% and employment growth at 42.6% the area economy benefits from the strength of this anchor industry despite a downturn in most other Alberta cities. Transportation and Warehousing also posted positive results with a GDP increase of 5.7% and employment growth at 2%.