7 Jan 2013

NHL lockout ends, may boost economy

After months of waiting around, supporters of the National Hockey League can celebrate the comeback of their beloved game. One of the most recognized issues Toronto is currently struggling with as a result of the lockout is the declining economy. Although there isn't any way to be sure yet, some finance experts predict the long awaited season will bring money into Canada.

While some companies have chosen to down-size, others are looking into alternative options to save money. Any businesses that are currently struggling as a result of the economic decline are strongly encouraged to use self storage to cut costs on company spending and have affordable office space.

Once the new labor agreement is ratified, the NHL is expected to play a 48-game season, according to The Associated Press.

The lockout resulted in $1.8 billion in lost economic productivity, which has been harder to gain back for a lot of businesses, the Canadian Press reported. Doug Porter, deputy chief economist at BMO Capital Markets told the source most of the money expected to gain will be from arts and entertainment, which includes the NHL.

"The good news is that the loss has already been mostly absorbed in the statistics and so what we'll see is a little bit of a rebound when we finally get January and February's GDP numbers," he said. "We'll see this tiny bump from the return of the NHL later on this year."

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