I think this article might have been posted before....but I will post again
Ottawa, April 10, 2007 – Western Canadian cities are not expected to grow as fast in 2007 as they did last year, but the west will still boast six of the eight fastest-growing census metropolitan areas (CMAs) in Canada, according to the Conference Board’s Metropolitan Outlook – Spring 2007.
“Calgary and Edmonton will lead all Canadian cities covered in this edition of the Metropolitan Outlook for the fourth consecutive year,” said Mario Lefebvre, Director, Metropolitan Outlook Service. “The outlook for Central Canada and for cities in the Atlantic provinces remains muted, with the exception of Halifax.”
Calgary’s real gross domestic product (GDP) is forecast to grow by 4.2 per cent in 2007, while Edmonton’s economy is expected to grow by 3.7 per cent. Both cities are riding strong growth in the energy sector, but sectors such as non-residential construction and retail sales are also performing very well.
The Halifax economy is on the rebound. After posting its strongest growth rate in four years in 2006, at 2.6 per cent, Halifax’s economy will expand by an even faster rate of 2.9 per cent in 2007, tying Saskatoon and Vancouver as the third-fastest growing CMAs. Halifax’s improved outlook is due primarily to continued growth in the services sector and a recovery in manufacturing output.
Saskatoon and Vancouver are expected to fall slightly off their 2006 pace this year, although both CMAs are forecast to enjoy solid consumer spending growth and strong non-residential construction activity. Victoria’s economy is churning out new jobs for the second straight year. These employment gains are supporting strong retail sales and driving real GDP growth to an expected 2.8 per cent in 2007.
The goods sector—especially non-residential construction—will bolster Winnipeg’s economy for the third consecutive year. Combined with a rebound in manufacturing, Winnipeg is set to achieve real GDP growth of 2.6 per cent in 2007.
Regina’s economic growth will slow to 1.9 per cent in 2007, limited by an expected decline in housing activity. Fortunately, job creation has been healthy of late, supporting growth in consumer spending.
Oshawa (2.7 per cent), Montreal (2.6 per cent) and Toronto (2.5 per cent) are the growth leaders in Central Canada this year. While these results represent an improvement for each city, all three will have to wait until 2008 before posting growth in line with their economic potential, as the manufacturing sector recovers gradually in these and other Central Canadian CMAs. Economic growth in Kitchener (2.3 per cent), Hamilton (1.5 per cent), Kingston (1.5 per cent) and Windsor (0.7 per cent) is also being held back in 2007 by the struggling manufacturing sector.
A few Central Canada CMAs are, however, posting somewhat stronger growth in manufacturing output—these include Ottawa-Gatineau, Quebec City and Saguenay. Both Ottawa-Gatineau and Quebec City are forecast to grow by 2.2 per cent this year, and Saguenay is expected to post real GDP growth of 1.5 per cent.
After a strong performance in 2006, growth in services sector output in St. John’s will moderate in 2007. As a result, real GDP growth will ease to 2.4 per cent.
In 2006, Saint John posted its strongest economic expansion since 2003, but growth still came in at a modest 1.6 per cent. Saint John can expect economic growth to reach 1.9 per cent this year—thanks to several large construction projects that are continuing into 2007, along with an increase in manufacturing activity.
The Metropolitan Outlook, published quarterly, provides economic insights for 27 CMAs, their province and Canada.
http://www.conferenceboard.ca/press/...rta-growth.asp
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