Economies bouncing back in Montreal and Quebec City
Ottawa, ON -- The economies of Montreal and Quebec City will grow by 3.1% each in 2004, as key industries in both c...
Ottawa, ON — The economies of Montreal and Quebec City will grow by 3.1% each in 2004, as key industries in both cities rally from struggles in 2003, according to The Conference Board of Canada’s Metropolitan Outlook Autumn 2004.
"Montreal’s manufacturing and construction sectors are driving growth this year. After two years of decline, the manufacturing sector will benefit from increasing U.S. demand," said Mario Lefebvre, director, Metropolitan Outlook Service.
Construction output in Montreal has grown rapidly since 2000 and is still on the rise this year. Along with a number of non-residential projects, housing starts are forecast to reach their highest number since 1988.
Quebec City’s tourism sector has rebounded strongly so far this year, fuelling growth in the services sector. "The tourism sector is reaping the benefits of stronger economic growth in the province of Quebec and the United States. The latter also provided a lift to the city’s manufacturing sector," said Lefebvre.
Sound economic activity in Quebec City will result in the creation of about 11,300 new jobs over this year and next.
Following three difficult years, Saguenay’s manufacturing sector is poised to take advantage of increasing U.S. demand and post positive growth in 2004. Combined with vibrant construction activity, Saguenay’s real GDP is forecast to increase by three% this year.
From 2005 to 2008, Montreal’s real GDP growth is forecast to average three% annually, while average annual growth is expected to come in at 2.7% in Quebec City and at 2.5% in Saguenay.
The Metropolitan Outlook is produced three times a year and provides economic insights into Census Metropolitan Areas, their related province, and Canada.