Economy
Timmins' economy is based on a boom-and-bust business cycle. The city's economic state is controlled by its major industry, mining. When gold and base-metal prices are high the city's economy booms, however, when those prices drop the local market historically dips with it.
Despite the current economic crisis and the slump in forestry, the city's economy is relatively healthy thanks to high gold prices. Timmins' other industries include forestry, tourism, recreation, health care, education, commercial and industrial commerce and telecommunications. The community has been undergoing a moderate boom in gold mining, with several new underground mining operations opening up and a large scale surface mining reclamation project currently underway in the east end and another in a more centralized location in the planning stage by Goldcorp Inc..
The Timmins and District Hospital is a major referral health care centre for northeastern Ontario, particularly the Cochrane District, but like all of Northern Ontario Timmins is still considered medically underserved. The city is serviced by the Victor M. Power Airport. It has scheduled service to numerous southern and northern Ontario locations via Air Canada Jazz, Bearskin Airlines, Thunder Airlines and Air Creebec with Porter Airlines offering direct service to downtown Toronto beginning January 16, 2012. Timmins Transit provides regularly scheduled local bus service and Handy-Transit for those with disabilities. The city is also serviced by Ontario Northland Motor Coach Services.
Timmins is evolving into a regional governmental, transportation, industrial, commercial medical, and recreational centre for much of Northeastern Ontario and the James Bay coast line, Nishnawbe Aski Nation. The city has a regular annual market draw of 120,000+ people, which has been steadily growing in recent years with the discovery of diamonds in the region. The De Beers Victor Project is located near the First Nation James Bay community of Attawapiskat, and is Ontario's first diamond mine. In 2007 the city began a new program called "The Lay Roots Program" to attract new business and new residents.
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Famous quotes containing the word economy:
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