London economy on track for 1.5 per cent growth in 2024 [Video]

The London economy will be driven, at least in part, by the construction of the Volkswagen battery plant in nearby St. Thomas. That’s one of the key highlights in the Conference Board of Canada’s economic outlook for the London region.

“It will cause many positive ripple effects throughout the local economy. Not only in manufacturing, but also in sectors such as construction, transportation, and warehousing. The opening of the plant will increase consumer confidence and business confidence, and potentially attract more investment to the metropolitan area,” explained economist David Ristovski, the author of the Major Cities Insights: London report.

The outlook says the local economy is on course to expand by 1.7 per cent this year, and by 2.5 per cent in 2025. It’s a decline from 3.2 per cent growth in 2023, when the region and country emerged from the economic and social impacts of the pandemic.

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