Now that 2017 has come to an end, the Niagara Falls economy has been planned for the new year. 79% of the city’s capital budget is to be allocated to municipal works projects in 2018. These projects will bring significant improvements that will provide a better daily experience for residents and tourists alike, such as bettering the roads and improving the city’s landscape.
The total capital budget is $32.6 million, which means that a total of $25.8 million is going toward municipal projects, boosting the local economy and increasing the tourist appeal of the region.
The Niagara Falls Economy is in Great Shape
Todd Harrison, finance director, stated at a council meeting in December that the city is on its way to reducing its debt and will only borrow in the new year if there is absolutely no other choice. In fact, the city’s debt has gone down by approximately $10 million since 2014. In May, the city is set to receive casino hosting revenue from Ontario Lottery and Gaming (OLG). Every year, OLG pays about $20 million to the city for Niagara’s two casinos.
Where Will The Money Go?
A study on GO service in Niagara, new equipment for some of the city’s playgrounds, and road work on some of the larger streets are just a few of the projects receiving some of the funds. Municipal works are vital for Niagara Falls, as the city relies on its infrastructure to contribute to the Niagara tourism industry.
Boosting Niagara’s Regional Economic Development
The investment appeal of Niagara continues to increase, making the region an attractive place for investors and commercial buyers. When municipal works projects are improved, the city becomes a better place to live, play, invest, and visit.
If you’re considering investing in commercial property in Niagara Falls this year, now is a great time. The city’s economy is improving every day, and there are many new developments to take advantage of.
