Winnipeg - Economy

Economy

Winnipeg is an economic base and regional centre. It has a diversified economy, covering finance, manufacturing, transportation, food and beverage production, industry, culture, government, retail, and tourism. In 2011, The CIBC Metropolitan Economic Activity Index has rated Winnipeg's economy as third place in a national survey of 25 city economies, behind only Toronto and Kitchener, Ont. According to the Conference Board of Canada, Winnipeg has the third-fastest growing economy among Canada's major cities in 2009 projections, with a real GDP growth of 2.5 percent.

As of July 2010, approximately 409,500 people are employed in Winnipeg and the surrounding area. Some of Winnipeg's largest employers are government and government-funded institutions, including: The Province of Manitoba, the City of Winnipeg, the University of Manitoba, the Health Sciences Centre, and Manitoba Hydro. Approximately 54,000 people (14% of the work force) are employed in the public sector. Large private sector employers include: Shaw Cablesystems, Manitoba Telecom Services, Ipsos Reid, Palliser Furniture, Great-West Life Assurance, Motor Coach Industries, New Flyer Industries, Boeing Canada Technology, Bristol Aerospace, Nygård International, Canad Inns and Investors Group.

The Royal Canadian Mint, established in 1976, is where all circulating coinage in Canada is produced. The plant, located in southeastern Winnipeg, also produces coins for many other countries.

In 2006, Winnipeg was ranked by KPMG as one of the least expensive locations to do business in Canada. As with much of Western Canada, in 2007, Winnipeg experienced both a building and real estate boom. In May 2007, the Canadian Real Estate Association reported a record-breaking month in Winnipeg in terms of sales and volume.