Business Climate in Timmins

Despite the current global economic crisis, the City of Timmins enjoyed impressive growth during most of 2008. The City's retail sector experienced unprecedented growth with the announcement of several new developments, most of which are now complete and open to the public.  New businesses include Boston's Pizza, The Future Shop, Addition-Elle and Boathouse.  These new additions continue to re-enforce our position of being a true regional centre while increasing our own quality of life.  More importantly, new employment opportunities were created in our community, adding considerably to the 7,707 total estimated for small business employment.

As a direct result of the many incremental employment opportunities that were created, the population also enjoyed a surge in the demand for new and affordable housing.  As a result, six new subdivisions are currently underway in an effort to satisfy supply and demand. Many homes were built throughout the City to address housing shortages. Developers are now expressing an interest in apartment-style housing in the City. These new and anticipated developments will expand the capacity of the City's housing market.

Developments in the educational post-secondary sector also played a big role in 2008. The announcement of a new College Boreal Campus, the expansion to the Porcupine Campus of Northern College, and the news of a partnership between Universite de Hearst and College Boreal were all significant milestones for the City. Once complete, these educational facilities will generate impressive economic activity throughout the community.

The significant investments in "state-of-the-art" nuclear medicine technology at the Timmins and District Hospital will prove extremely beneficial to the City, positioning this community as a "world class" medical service provider.

The City of Timmins is optimistic that we will weather the economic storm and rise to the many new challenges that tomorrow brings. The health of our City is directly related to a prosperous resource-based economy and our ability to provide goods and services to an international marketplace. The City has not been immune to the onslaught brought on by the global economic crisis. The downturn in the stock markets and the decrease of global demand for base metals produced here, will most likely affect the operation of current mining properties as evident by the recent temporary closure of Liberty Mines.

Furthermore, the North American housing crisis will prolong the difficulties experienced by the fragile forestry sector, another important economic engine for the City's economy. The decrease in the global supply and demand associated with resource commodities, such as those produced here, will no doubt affect our City.

Finally, the economic uncertainties being felt worldwide will impact the tourism, leisure, recreation and cultural sectors, all economic drivers that play an important role in the City's economy.

Hopefully, our community will benefit greatly from the recent senior government announcement of a generous economic stimulus package that supports infrastructure programs, in 2009. This short-term measure will help cities such as ours weather the economic challenges that are before us.

Our hope is that many new milestones will be reached in 2009. The anticipated start up of Timmins' newest gold mine, Lake Shore Gold, will create several hundreds of new jobs, along with a new-found optimism for the City that was created and prospered as a direct result of the gold mine discoveries 100 years ago. Confirmation that the new company will operate the Timmins Customer Interaction Site and safeguard 400 jobs is imminent. The municipal administration and the economic development corporation are working hard to position this community as one with a bright future, while asking investors to consider the many opportunities that are available here and inviting them to experience a quality of life that is second to none, first hand.

Timmins is a resilient community, capable of withstanding the tough economic times, as our history proves. 2009 marks the first of four centennials that the City of Timmins will be celebrating. Each year represents a historical point for the City of Timmins. In 2009, the City will be celebrating the discovery and production of the major mines (Hollinger, McIntyre and the Dome); 2010 marks the 100th anniversary of the incorporation of the Township of Tisdale (South Porcupine, Schumacher), and the Township of Whitney (Porcupine, Pottsville, Golden City); 2011 commemorates the great Porcupine Fire and 2012 marks the 100th Anniversary of Timmins.