Vancouver Becoming The Fastest Growing Economy Due To Construction
In the year 2016 and 2017, the economy of Vancouver will be the fastest-economy urban region. There will also be a steady growth in areas like Halifax and Toronto, while Calgary and Edmonton will see lower growth for this year, but will recover next year.
The Conference Board of Canada autumn’s standpoint indicated that the GDP will likely increase by 4 per cent in 2016, and for 2017, by 2.8 per cent. Construction will contribute greatly to the growth, along with solid non-residential projects and the record-level housing starts.
Associate Director of the Centre for Municipal Studies, The Conference Board of Canada, Alan Arcand commented; “While Vancouver’s economy is forecast to slow next year, partly due to federal and provincial government measures directed at cooling the over-heated housing market, the pace of growth still will be strong enough to maintain the metro area’s first place ranking.”
Growth in Toronto is expected to increase by 3.4 per cent for this year and 2.6 r cent in the upcoming year. Real estate will continue to be one of the main elements of increase (although it is not a primarily propelling factor) with strong resales of properties.
The economy is Halifax is being driven by manufacturing and will likely increase by 2.6 per cent in 2016, and in 2017 by 2.5 per cent. There will be a forthcoming recovery for Calgary and Edmonton, however, for this year, there will be a retrenchment of 2.1 per cent in Calgary and 1.4 per cent for Edmonton. The report foresees a boast up a growth of 2.0 per cent in both cities for 2017. For other parts of Canada, the growth will likely go up from a range of 1.3 per cent to 2.5 per cent for this year.