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Saskatoon and Regina will be the fastest growing census metropolitan area economies in Canada this year, according to The Conference Board of Canada's Metropolitan Outlook - Autumn 2013 released today.
The goods-producing sector will boost Saskatoon's economy by 5.2 percent in 2013 before easing to 3.5 percent in 2014, according to the report. The city's employment, which rose 4.7 percent in 2012, is expected to grow by 6.1 percent this year.
Regina's economy will grow by 5 percent this year and 3.9 percent in 2014, following real gross domestic product growth above 5 percent in two of the last three years, according to the outlook.
“Saskatoon and Regina continue to sizzle. In 2013, both economies are expected to grow about three times as fast as the overall Canadian economy,” said Mario Lefebvre, director, Centre for Municipal Studies. “Vibrant job markets in Saskatoon and Regina are attracting newcomers from all over Canada and abroad, boosting population growth and spurring demand for housing.”
Other highlights of the report include:
- Western Canadian cities — Saskatoon, Regina, Edmonton, Calgary and Vancouver — will occupy the top five rankings in this edition of the Metropolitan Outlook.
- The remaining eight census metropolitan areas in this forecast can expect growth in real GDP of less than 2 percent in 2013.
- A decline in manufacturing and weak services sectors will hold back growth in Toronto, Montreal and Hamilton.
Public-sector austerity will hold back the economic outlooks for Ottawa-Gatineau and Victoria.