Peterborough, ON Overview Peterborough's economy has depended on the manufacturing industry for years, and though in ...
Peterborough, ON Overview
Peterborough's economy has depended on the manufacturing industry for years, and though in the most recent decade manufacturing has slowed in Peterborough, it is still one of six major contributors to the city's economy. Peterborough is the region's major shopping destination and provides many retail jobs in the area.
The cost of living in Peterborough is on average lower than other cities in Ontario, especially compared to large metropolitan areas like Toronto.
Peterborough, ON Job Opportunities
Non-residential construction in recent years has fueled Peterborough's economic growth. It has decreased to a more moderate rate of a few per cent a year, but is expected to steadily increase as unemployment slowly declines.
Those looking for jobs in Peterborough, ON will have the best luck in Peterborough's six major economic sectors. Tourism is Peterborough's leading industry, followed by aerospace and manufacturing. Peterborough's tourism industry experiences significant growth when boosted by visitors and currency from other countries.
Water, agriculture, and energy are also significant industries in the Peterborough economy. Peterborough's renewable and nuclear energy sectors are leaders in the region, and the nuclear energy industry in Peterborough will continue to expand due to a strong supply chain.
Peterborough, ON Employment Trends
Peterborough's unemployment rate was 8.3 in 2014, and is projected to drop to 7.8 in 2016. Employment rates went up 9 per cent in 2014 fueled by the construction industry. Rates are expected to rise between 1 and 2 per cent in the next few years.
Thanks to Peterborough's tourism industry, jobs in hotel management have a positive outlook and a low rate of unemployment. Peterborough continues to see a good outlook for construction, building, and renovation jobs, especially in summer months. The best accounting jobs in Peterborough, ON are in the financial sector, with financial officers and bookkeepers leading the pack, in part due to significant retirement rates in the industry.