Economy
| Labour force | |||
|---|---|---|---|
| Rate | Thunder Bay | Ontario | Canada |
| Employment | 57.7% | 60.8% | 62.2% |
| Unemployment | 7.6% | 8.9% | 7.7% |
| Participation | 62.4% | 66.8% | 67.4% |
| As of: February 2009 | |||
As the largest city in Northwestern Ontario, Thunder Bay is the region's commercial, administrative and medical centre. Many of the city's largest single employers are in the public sector. The City of Thunder Bay, the Thunder Bay Regional Health Sciences Centre, the Lakehead District School Board and the Government of Ontario each employ over 1,500 people. Bowater Forest Products is the largest private employer, employing over 1,500 people. Other major employers in the forestry sector include AbitibiBowater and Buchanan Forest Products. Bombardier Transportation operates a plant in Thunder Bay which manufactures mass transit vehicles and equipment, employing approximately 800 people.
| Employment by industry, 2006 | ||
|---|---|---|
| Industry | Thunder Bay | Ontario |
| Agriculture and resource-based | 3.6% | 2.9% |
| Construction | 5.4% | 5.9% |
| Manufacturing | 7.7% | 13.9% |
| Wholesale Trade | 2.8% | 4.7% |
| Retail trade | 12.7% | 11.1% |
| Finance and real estate | 4.2% | 6.8% |
| Health care and social services | 15.2% | 9.4% |
| Education services | 8.9% | 6.7% |
| Business services | 16.8% | 19.7% |
| Other services | 22.6% | 18.7% |
Lack of innovation by traditional industries, such as forest products, combined with high labour costs have reduced the industrial base of Thunder Bay by close to 60%. The grain trade has declined because of the loss of grain transportation subsidies and the loss of European markets. The gradual transition from shipping by train and boat to shipping by truck, and the Canada-United States Free Trade Agreement have ended Thunder Bay's privileged position as a linchpin in Canadian east-west freight-handling trade. As a result the city has lost its traditional raison d'être as a break-bulk point. However, in recent years shipments through the port of Thunder Bay have stabilized, and remains an important part of the Saint Lawrence Seaway.
In an effort to rejuvenate its economy, the city has been actively working to attract quaternary or "knowledge-based" industries, primarily in the fields of molecular medicine and genomics. The city is home to the western campus of the Northern Ontario School of Medicine, the first medical school to open in Canada in a generation.
Read more about this topic: Thunder Bay
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)