Mission Regional Chamber of Commerce

Myers is a well known economic commentator and was recognized as the most accurate economic forecaster in Canada last year. 

Reviewing the challenges faced by all sectors in 2009, Myers critiqued the ability of government policy in both Canada and the US to generate long term solutions to the economic downturn, however he conceded that manufacturing in Canada has bounced back with a growth rate of 10% - a rate that exceeds that of the overall Canadian economy by 2-3 times. 

Myers did not feel this level of growth in the manufacturing sector would be sustainable, based on the ongoing challenges in US policy and Canada's historic ties to the US market.  "The US‘Buy American' policy, which has now been written into several economic stimulus Acts will have long term effects in the manufacturing sector",clarified Myers.  "Those in Washington who historically did not have a position, now are some of the driving forces behind it." 

In addition, the continued devaluation of the American dollar is problematic with respect to remaining competitive in the global market. Canada's focus on the specialized production market, as contrasted with the mass production market favoured by US manufacturers, results in higher costs.  In the global market, these costs are a significant factor Canadian manufacturers must address.

Specialization will have its advantages, explained Myers, as the new economy is consumer driven and based on high expectations of product quality and applicability to individualized use.  "We have shifted to an economy where the customer drives economic progress."  With only 10% of Canadian output marketed globally, the sector clearly has ample room to grow.  In order to capitalize upon this opportunity, however, Canadian innovation and specialization will need to be directly responsive to consumer expectations.

Focusing on the consumer market over cost reduction is not always an easy pill for manufacturers to swallow in tough economic times.  However, Myers believes investment in technology and workplace skills will help this sector move aggressively into the new economy. He encourages manufactures to value their supply chain in both directions and look to government at all levels to encourage business clustering. 

Though the news was somber and the forecast challenging, many in attendance agreed with Myers' view. "He confirmed what I believe to be true," stated Carlo Billinger, Mission Economic Development Chair.  "We're not out of this yet,"concurred Helen Secco, President of the Mission Chamber, "however, understanding that the new economy is all about the customer will help drive the direction of my business model further."