rt_0891
September 30th, 2005, 01:08 AM
Saskatoon and Kitchener lead cities in economic growth, says Conference Board
Canadian Press - Thursday September 29, 2005
OTTAWA (CP) - Of all Canadian cities, Saskatoon and Kitchener, Ont., are stoking the biggest economic fires under their fiscal boilers this fall, according to the Conference Board of Canada.
The board's autumn Metropolitan Outlook pegs the two cities as having economies growing by seven per cent each, leading the 20 Canadian cities it covers. "Saskatoon's economy is firing on all cylinders, continuing a decade-long spurt in economic growth during which real gross domestic product increased by an average of 3.7 per cent annually," said Mario Lefebvre, director of the board's metropolitan outlook service.
"Kitchener's economic growth, its strongest in six years, will be led by an outstanding year in the construction sector."
Also enjoying robust growth this fall will be Kingston, Ont., which will post real GDP growth of 5.5 per cent in 2005, thanks to a rebound in its service sector, the board said.
Buoyed by high energy prices, Calgary's construction and services sectors are driving real GDP growth to 4.6 per cent in 2005, the report said.
According to the quarterly publication, rising employment levels will lift consumer spending in Quebec, which will have real GDP growth of four per cent this year and after two years of relatively weak economic activity, Saint John will rebound in 2005 with GDP growth of 3.8 per cent.
And the auto manufacturing city of Oshawa, Ont., is also expected to see its economy grow - by 3.4 per cent - as the services and manufacturing sectors rebound from a rare down year in 2004.
Among other cities covered in the report:
-Vancouver's 2005 GDP should grow by 3.3 per cent in 2005 on strong commodity prices.
-The services sector will bolster Winnipeg's economy with 2005 GDP growth forecast to come in at 2.7 per cent.
-Victoria's economy is expected to moderate to 2.6 per cent from a strong 6.1 per cent gain last year.
-Edmonton is expected to see GDP growth drop to two per cent on a decline in employment.
-Regina's economic growth will come in at a lacklustre two per cent on a large decline in housing starts in 2005.
The country's largest city "will underperform for the second time in three years, relative to its own recent history," the board said. Toronto is expected to produce economic growth of 2.2 per cent this year as a strong Canadian dollar and several plant closings weigh down the city's manufacturing sector.
The board said it expects the city to rally next year to post growth of 3.8 per cent.
Montreal is expected to see growth of just 1.8 per cent, the third consecutive year in which it has shown real GDP growth below two per cent.
GDP growth for 2005 in other cities covered in the report include: Ottawa-Gatineau at 1.5 per cent, Windsor at 1.1 per cent, Hamilton at 1.1 per cent, Halifax at 1.1 per cent. St. John's, N.L. at 0.5 per cent and in Saguenay, Que., real GDP is set to decline by six per cent.
Canadian Press - Thursday September 29, 2005
OTTAWA (CP) - Of all Canadian cities, Saskatoon and Kitchener, Ont., are stoking the biggest economic fires under their fiscal boilers this fall, according to the Conference Board of Canada.
The board's autumn Metropolitan Outlook pegs the two cities as having economies growing by seven per cent each, leading the 20 Canadian cities it covers. "Saskatoon's economy is firing on all cylinders, continuing a decade-long spurt in economic growth during which real gross domestic product increased by an average of 3.7 per cent annually," said Mario Lefebvre, director of the board's metropolitan outlook service.
"Kitchener's economic growth, its strongest in six years, will be led by an outstanding year in the construction sector."
Also enjoying robust growth this fall will be Kingston, Ont., which will post real GDP growth of 5.5 per cent in 2005, thanks to a rebound in its service sector, the board said.
Buoyed by high energy prices, Calgary's construction and services sectors are driving real GDP growth to 4.6 per cent in 2005, the report said.
According to the quarterly publication, rising employment levels will lift consumer spending in Quebec, which will have real GDP growth of four per cent this year and after two years of relatively weak economic activity, Saint John will rebound in 2005 with GDP growth of 3.8 per cent.
And the auto manufacturing city of Oshawa, Ont., is also expected to see its economy grow - by 3.4 per cent - as the services and manufacturing sectors rebound from a rare down year in 2004.
Among other cities covered in the report:
-Vancouver's 2005 GDP should grow by 3.3 per cent in 2005 on strong commodity prices.
-The services sector will bolster Winnipeg's economy with 2005 GDP growth forecast to come in at 2.7 per cent.
-Victoria's economy is expected to moderate to 2.6 per cent from a strong 6.1 per cent gain last year.
-Edmonton is expected to see GDP growth drop to two per cent on a decline in employment.
-Regina's economic growth will come in at a lacklustre two per cent on a large decline in housing starts in 2005.
The country's largest city "will underperform for the second time in three years, relative to its own recent history," the board said. Toronto is expected to produce economic growth of 2.2 per cent this year as a strong Canadian dollar and several plant closings weigh down the city's manufacturing sector.
The board said it expects the city to rally next year to post growth of 3.8 per cent.
Montreal is expected to see growth of just 1.8 per cent, the third consecutive year in which it has shown real GDP growth below two per cent.
GDP growth for 2005 in other cities covered in the report include: Ottawa-Gatineau at 1.5 per cent, Windsor at 1.1 per cent, Hamilton at 1.1 per cent, Halifax at 1.1 per cent. St. John's, N.L. at 0.5 per cent and in Saguenay, Que., real GDP is set to decline by six per cent.