OTTAWA, Sept. 15 /CNW Telbec/ - Toronto and Hamilton will have the two
slowest growing metropolitan economies in 2008 among the 13 large Canadian
census metropolitan areas (CMAs) covered in the Conference Board's
Metropolitan Outlook - Autumn 2008.
"Mainly because of the woes in their respective manufacturing sectors,
both Toronto and Hamilton are on pace to record their weakest economic growth
rates since the early 1990s," said Mario Lefebvre, Director, Centre for
Metropolitan Studies. "And given recent layoffs and plant closures, the growth
rate in the two CMAs could be even more tepid by the end of the year."
Toronto's manufacturing output is expected to fall for the fourth
consecutive year. On the bright side of the CMA's outlook, both residential
and non-residential construction have been driving growth and the services
sector continues to benefit from increasing personal disposable income. Real
gross domestic product in Toronto is forecast to grow by 1.3 per cent in 2008.
With its key manufacturing sector in a slump, Hamilton's economy is
forecast to grow by just 0.3 per cent in 2008. Most sectors of the economy are
struggling, but numerous non-residential construction projects will help
provide some support to the economy.
Western Canadian CMAs are forecast to occupy the top seven positions in
the GDP growth ranking for 2008. Saskatoon and Regina rank first and second
with real GDP growth rates of 5.2 per cent and 4.1 per cent, respectively.
The Metropolitan Outlook, published quarterly, provides a medium-term
forecast for 27 Canadian CMAs. In the Autumn 2008 edition of the forecast, 13
of Canada's largest CMAs are covered.
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