Big ticket issues can be tricky to quantify.
That’s because they can have broad economic impacts that ripple throughout the economy.
In Canada, some big ticket challenges are getting a lot of attention: The unemployment rate has soared from 7.5 per cent to 12.4 per cent and the housing market is in a state of crisis.
But a new study from the Conference Board of Canada has found that the overall economic impact of these challenges will likely be small.
The conference, titled “The Economic Effects of Major Real Estate Disasters and the Impact on the Canada Economy,” finds that the economic impact from a major real estate disaster is small and likely less than 1 per cent of the GDP.
The Conference Board found that Canada’s unemployment rate in 2019 will be about 0.1 per cent, and the annual cost of the housing crisis in the country is likely to be less than $1.5 billion.
The Conference Board report notes that the impacts of major real property disasters are often measured in terms of the amount of damage and destruction.
But the economic effects are not the same for every major real-estate disaster.
For example, a major wildfire in the U.S. in 2017 caused $2.5 trillion in economic damage, according to the National Weather Service.
It is also possible that some of the damage caused by the wildfires is permanent.
A number of key economic indicators have been improving over the past year, according the report.
In addition to the unemployment rate, the unemployment for the Canadian economy is at an all-time low of 4.3 per cent.
In the fourth quarter of 2018, the economy added almost two million jobs, up from the year-ago quarter.
But it was a disappointing quarter for manufacturing, with the economy expanding by just 0.3 million jobs.
The economy also added about 3.2 million jobs in the services sector in the fourth-quarter of 2018.
But that was the worst quarter for any sector in Canada.
The services sector added 1.5 million jobs over the year, down from the 1.9 million in the previous quarter.
But some of those losses have been offset by strong growth in other areas of the economy, particularly health care, manufacturing and services.
Healthcare and manufacturing saw strong growth during the first three months of 2019.
In manufacturing, the number of new jobs increased by 3,000, while the number who started work last year increased by 2,400.
Manufacturing in the first quarter of 2019 was up by 7,300 jobs.
“There is good news in health care and manufacturing, but there is still some room for improvement,” the Conference Book notes.
It adds that some other sectors, such as real estate and transportation, may also be experiencing strong growth.
The report notes the government has been investing in infrastructure, which will likely improve the overall economy in the coming years.
But there are still concerns about a lack of infrastructure investments in the region.
“Some projects are delayed, and there are challenges in getting the funds,” the report states.
The Economic Action Task Force (EATF) has been calling for major investments in infrastructure in the past.
Last year, it called on the federal government to put $5 billion into the North American Infrastructure Investment Bank, and another $2 billion into a Regional Infrastructure Bank.
“There are a number of ways in which the Government of Canada could make infrastructure investments,” the EATF noted.
“One is to provide $3 billion to the Federal Government for infrastructure spending.
Another is to increase funding for transit, roads and other infrastructure projects, which would include better public transit service, transit-oriented development, and more transit-related infrastructure.”
The Conference Book says the EATSF will continue to advocate for these investments.
“The EATSI, the Eats Foundation, the Economic Action Committee, and other organizations are working together to bring investment to the region,” the conference says.
“We expect that this will provide a better environment for Canadian industries and jobs.”