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Halifax tops in Q3 economic growth, CIBC says
Halifax tops in Q3 economic growth, CIBC says
Thu. Dec 3 - 4:46 AM
Halifax is on the move, according to a new CIBC study.
For the first time, Halifax ranked first among Canadian cities for economic momentum, says the bank’s third-quarter Metro Monitor.
"The (nation-leading) ranking of Halifax was achieved despite the fact that the city did not lead the nation in any of our macro categories, reflecting its relatively diversified sources of economic growth and reduced vulnerability to economic shocks," CIBC senior economist and monitor author Benjamin Tal said Tuesday in a news release.
The monitor uses nine macroeconomic variables, including population growth, employment growth, unemployment rates and bankruptcy rates, to measure metropolitan economic activity.
Mr. Tal called Halifax’s top finish in the quarter, during which the city’s overall employment grew by three per cent year-over-year, a notable improvement from its fifth-place finish six months ago.
Statistics Canada said this week that a 0.4 per cent annualized jump in Canada’s GDP officially ended the recession.
But Mr. Tal said Canada’s major cities are still hurting, with 10 of the top 25 urban areas, which generate two-thirds of the country’s GDP, showing negative growth in the quarter.
Finishing behind Halifax in the top 10 were Regina, Saskatoon, Sherbrooke, St. John’s, N.L., Saint John, N.B., Toronto, Winnipeg, Quebec City and Montreal.
Vancouver ranked 12th, Edmonton was 13th and Calgary 15th.
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