Written by Al Krulick, Editor in Chief for Business View Magazine
As 2018 draws to a close, we look back at the year and have to conclude that for our company, as well as the many North American businesses that we covered over the past 12 months, it was a very good year. And despite the recent turmoil in international stock markets, the 2019 economic outlook for both the United States and Canada continues to look healthy according to each country’s structural assets, as well at their key economic indicators.
Structurally, the U.S. economy maintains its powerhouse status through a combination of characteristics. The country has access to abundant natural resources and a sophisticated physical infrastructure. It also has a large, well-educated, and productive workforce. Moreover, the physical and human capital is fully leveraged in a free-market and business-oriented environment. The government and the people of the United States both contribute to this unique economic environment. The government provides political stability, a functional legal system, and a regulatory structure that allow the economy to flourish. The general population, including a diversity of immigrants, brings a solid work ethic, as well as a sense of entrepreneurship and risk taking to the mix. Economic growth in the United States is constantly being driven forward by ongoing innovation, research and development, as well as capital investment.
Canada has one of the highest levels of economic freedom in the world. Today, Canada closely resembles the U.S. in its market-oriented economic system and pattern of production. Its economy is a highly developed mixed economy, dominated by the service industry, which employs about three quarters of Canadians. Canada also has the fourth highest total estimated value of natural resources, including the world’s third largest proven petroleum reserves. It is the fourth largest exporter of both petroleum and natural gas. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With the world’s longest coastline, Canada has the 8th largest commercial fishing and seafood industry in the world.
In the U.S., the GDP growth rate expected to remain between the 2 percent to 3 percent ideal range. The unemployment rate ended the year at 3.7 percent, and is expected to fall to 3.5 percent in 2019. Inflation is forecast to be at 1.9 percent for the year.
The Canadian economy will also remain solid in 2019 and will likely continue to expand at about a 2 percent rate. In 2018, Canada added 219,000 jobs, a signal that the country is using current capital and labor at close to full capacity.
Here at Business View Magazine, we also have numbers that express the strength, resilience, and consistency of these two countries and their respective economies. Here’s a breakdown of the types of economic sectors that we covered in 2018 and the corresponding number of articles that appeared in our pages:
- Manufacturing – 45
- Supply Chain, Logistics, and Transportation – 25
- Construction and Real Estate – 43
- Facilities Management – 25
- Energy and Mining – 16
- General Aviation – 48
- Towns, Cities, and Counties – 111
- Healthcare – 12
- Franchise – 14
- Retail – 11
- Professional Services – 3
- Technology – 6
- Food and Beverage – 3
- Sustainable Practices – 1
To all those business owners, CEOs, company managers, mayors, entrepreneurs, dreamers, and doers that make the economies of both the U.S. and Canada hum, thank you for letting us tell your stories. To all our readers, thank you for spending time perusing the pages of our magazine. We intend to continue doing what we do best in the coming year: reporting on the people and businesses of North America. We wish you all a happy and healthy 2019.
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