Vancouver will post the fastest growing metropolitan economy this year among the 13 census metropolitan areas covered by The Conference Board of Canada’s Metropolitan Outlook: Autumn 2015. Toronto, Winnipeg, Halifax, and Montreal round out the top five spots, with all on track to post economic growth above 2.0%.

“Vancouver’s economy is on track to extend its streak of strong growth this year. In fact, 2015 will mark the fifth time in the past six years that growth in the region has topped 3%,” said Alan Arcand, associate director, Centre for Municipal Studies. “The manufacturing sector will lead the way this year, but widespread gains are expected across all sectors of the city’s economy.”

On the flip side, long-standing economic leaders Calgary and Edmonton face recession. The report calls for the dramatic drop in energy prices to cause Calgary’s economy to contract by 0.5% this year, in sharp contrast to growth of 5.1% in 2014.

“Oil sector woes are rippling across all sectors of Calgary’s economy. Construction and oil and gas extraction output will fall, while manufacturing and services activity will slow this year,” Arcand said. “Economic growth should resume next year as oil prices recover somewhat, although the expansion will be limited to 1.8%.”

Expected GDP growth in 2015 and 2016: