The CIBCWM Metropolitan Economic Activity Index is a measure designed to rank the pace of economic momentum in Canada’s largest Census Metropolitan Areas (CMAs) – nine key macroeconomic variables and drivers of economic growth comprise the index.
For the first time on record the city of Regina tops our city ranking in term of economic momentum. Strong population growth (second only to Saskatoon), a nation leading pace of job creation, low unemployment rate, and well below average corporate and personal insolvency rates combined to boost Regina to its current ranking.
Toronto is now ranked second in our metropolitan economic activity index. The consistent strong performance reflects the growing diversity of the city. The city’s population is growing fast (ranked 4th in the nation) while the quality of employment is relatively strong. Saskatoon was able to maintain its ranking, reflecting strong population and employment growth.
The lost of economic momentum in western Canada is reflected in the ranking of Vancouver, Edmonton and Calgary (ranked 4th, 5th and 6th respectively).
Montreal has lost considerable momentum over the past six months largely due to a softening labour market, rising bankruptcies and a notable softening in housing market activity.Reflecting the difficulties in the manufacturing sector, cities such as Windsor, London and Saguenay still face major challenges. The weakening US economy is clearly adding another layer of difficulties facing those cities.
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