Canadian Cities with Hottest Economy

Where are job opportunities in Canada?

Canadian Cities with Hottest Economy: Saskatoon, Calgary, Regina, EdmontonThis economy report examines 13 Canadian cities: Halifax, Quebec City, Montreal, Ottawa-Gatineau, Toronto, Hamilton, Winnipeg, Vancouver, Victoria, Saskatoon, Calgary, Regina, and Edmonton.

Four Canadian cities with the hottest economy prospect share a common quality that goes beyond their bustling business sectors. Saskatoon, Calgary, Regina and Edmonton will see tremendous economy growth, thanks to its energy sector in oil and gas.

This is great for job seekers, as there will be lots of employment opportunities. In fact, the unemployment rate in the Calgary census metropolitan area dipped to 5.9% in April 2011, down from 6.1% in March 2011, Statistics Canada reported Friday. The region’s unemployment rate was 7.6% in April 2010.

With gas price skyrocketing continuously, no wonder the oil sand companies earn big bucks and contribute greatly to the growth of economy in the prairie provinces. One day, Manitoba may enjoy similar outlook if the oil sand deposit extends all the way there.

Study: Hottest economies in Canada are in Calgary, Edmonton, Regina, Saskatoon

3.4% hike in the economy this year

CALGARY — Four cities in Saskatchewan and Alberta will occupy the top four spots in the economic growth leader board, according to the Spring 2011 edition of The Conference Board of Canada’s Metropolitan Outlook released Thursday.

“Buoyed by the resources and energy sectors, the economies of Saskatoon, Calgary, Regina and Edmonton will post noticeably stronger growth than the other cities covered in this report,” said Mario Lefebvre, Director, Centre for Municipal Studies, for the board.

The report said Saskatoon and Regina are benefiting from strong resource development in the province, while healthy population growth is bolstering the housing markets in both cities. The medium term outlook is also bright, with both economies expected to grow at an even faster pace. Saskatoon’s economy will expand by 4.1 per cent this year, and is expected to remain among the CMA growth leaders through 2013. Regina’s real gross domestic product (GDP) is slated to rise by 3.1 per cent this year.

“A promising outlook for the Alberta energy sector will be a boon for the Calgary and Edmonton economies. Calgary remains the services hub for the province’s energy sector and is forecast to post the second strongest economic growth rate (behind Saskatoon) at 3.4 per cent this year,” said the report.

It also forecast Calgary’s economic growth rate to average 4.1 per cent between 2012-2015.

The conference board said the city’s economy rebounded in 2010, with real gross domestic product growth coming in at 3.2 per cent.

“While output growth was strong in many sectors, the manufacturing, transportation and warehousing, and wholesale and retail trade industries posted the most impressive gains,” said the conference board report. “In 2011, activity in the goods sector is poised to improve once more, mainly thanks to continued strength among local manufacturers.
“Meanwhile, growth in the services sector is expected to be about the same, with fairly solid consumer spending again providing a lift to total services sector output.

The conference board said energy prices, which have strengthened considerably since the end of last year, are expected to stay strong over the next few months.

“As a matter of fact, oil and gas prices are poised to remain above their historical average over the rest of the forecast horizon (2011 to 2015), further stimulating activity in the oil patch,” it said. “As a result, investment in energy-related projects is projected to remain vigorous in Alberta. The latest estimates show that about $14.2-billion worth of energy-related projects are now under way in the province. Another roughly $39.1-billion worth of new development has already been announced, while more than $49.7-billion worth of oil and gas projects has been proposed for the future. All of this bodes well for the province’s energy sector outlook over the entire forecast period.”

All this investment will be a blessing to Calgary’s economy, which remains the services hub of the province’s energy sector, added the conference board.

Although the energy sector will bolster Edmonton’s outlook, real GDP is forecast to increase by 3.1 per cent in 2011, down slightly from its 2010 pace and due to more moderate growth in the construction, manufacturing and services sectors.

The other cities considered in the study include Halifax, Quebec City, Montreal, Ottawa-Gatineau, Toronto, Hamilton, Winnipeg, Vancouver and Victoria.

Source: CalgaryHerald

Tags: , , , , , , , , , , , , , , , , , ,

Leave a Reply

Feature Story

How Much Do First Nations Chiefs Make Annually across Canada?

Chief Ron Giesbrecht in BC took home almost $1,000,000 INCOME TAX FREE! His band has a population of only 82!!! Chief Jim Boucher in Alberta claimed an annual salary of...

Read more »

Top Financial Stories

How Much Do Tim Hortons Owners Earn Annually?

Tim Hortons store owner pockets each year: $265,558 and more (after tax & interest)!!! In year 2002 for an average Tim Horton's outlet: Gross earning: $1.5Million...

Read more »