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Home » Housing, Jobs, & Money

Canadian cities to see economic growth in 2010

Submitted by on April 9, 2010 – 7:15 amNo Comment

vancouver-skyline-img_5426Good news for job-​​hunters, busi­ness own­ers, and investors in Canada:

The economies of all Canada’s major cities are expected to grow in 2010, accord­ing to a new report from the Conference Board of Canada.

This report, Metropolitan Outlook – Spring 2010, found that the city get­ting the biggest eco­nomic boost is Vancouver, thanks to the 2010 Winter Olympic Games.

Vancouver’s econ­omy is fore­cast to lead all Canadian cities this year, with growth of 4 percent.

The Olympics Games pro­vided a big, even if tem­po­rary, boost to retail trade, arts, enter­tain­ment and recre­ation, accom­mo­da­tion, and food ser­vices in Vancouver. All in all, the Olympics injected about $600 mil­lion into the Vancouver econ­omy,” Mario Lefebvre, Director of the Conference Board’s Centre for Municipal Studies, said in announc­ing the report.

The economies of Toronto and Hamilton (Ontario) are expected to post the sec­ond and third fastest growth rates in 2010.

In Toronto, where the econ­omy is expected to grow by 3.7 per­cent, the man­u­fac­tur­ing sec­tor is fore­cast to record its first annual increase since 2005, while the con­struc­tion sec­tor will ben­e­fit from a rebound in hous­ing starts, par­tic­u­larly single-​​family units.

In Hamilton, most sec­tors of the econ­omy are expected to grow, which will con­tribute to the fore­cast 3.3 per­cent growth rate. Hamilton’s man­u­fac­tur­ing sec­tor pro­jected to expand for the first time since 2002.

The Conference Board report fore­cast the fol­low­ing eco­nomic growth rates for these 13 met­ro­pol­i­tan areas:

  • Vancouver, BC: 4.0%
  • Toronto, ON: 3.7%
  • Hamilton, ON: 3.3%
  • Victoria, BC: 3.2%
  • Edmonton, AB 2.9%
  • Saskatoon, SK 2.8%
  • Ottawa – Gatineau, ON/​QC: 2.8%
  • Calgary, AB: 2.8%
  • Halifax, NS: 2.5%
  • Quebec City, QC: 2.5%
  • Montreal, QC: 2.3%
  • Winnipeg. MB: 2.2%
  • Regina, SK: 2.0%

You can read a sum­mary of the Conference Board report here or down­load the full report here.

Vancouver sky­line photo ©Carolyn B. Heller

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