- Montreal ranks first, followed by Winnipeg and Hamilton, as the fastest growing metropolitan economies in the country this year.
- Montreal’s economy is expected to expand by 2.9% this year, fuelled by strong non-residential investment, solid job creation, and healthy population growth.
Montreal will rise to the top as Canada’s metropolitan growth leader this year, with real GDP expected rise reaching 2.9%.
According to the Conference Board of Canada’s Metropolitan Outlook: Autumn 2018 Winnipeg, Hamilton and Québec City will fall in second, third and fourth place respectively after Montreal.
This is the first time since the records began in 1987 that Montreal records the fastest growing metropolitan economy.
“The local economy is enjoying widespread gains this year, accompanied by continued robust job creation and solid income growth. But like most other cities in Canada, economic growth is set to moderate in Montréal in 2019,” said Alan Arcand, Associate Director, Centre for Municipal Studies.
Why is Montreal’s economy doing so well?
Montreal’s economy is expected to expand by 2.9% this year.
The positive momentum is fuelled by strong non-residential investment, solid job creation, and healthy population growth.
Montreal’s labour market is tightening, which is in turn fostering wage gains and increasing consumer confidence.
This has resulted in high levels of new home construction and solid growth as well as retail sales.
Montreal’s economy is expected to stall in the near future as a result of higher interest rates and hevt loads. This will result in a smaller, yet still solid, real GDP gain of 1.8% in 2019.
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