M II A II R II K
Senior Member
TORONTO LEADING ECONOMIC REBOUND
April 08, 2010
BY NATALIE ALCOBA AND KENYON WALLACE
Read More: http://www.nationalpost.com/news/story.html?id=2776088
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Toronto is one of two Canadian cities leading a post-recession rebound, according to reports that paint a rosy picture for 2010 as Canada surges ahead of its G7 counterparts in economic growth.The Conference Board of Canada's spring metropolitan outlook predicts growth in all of the country's major economic centres, while the Paris-based Organisation for Economic Co-operation and Development forecasts that Canada will have more than triple the average growth rate for G7 countries through the first quarter of the year.
Toronto's predicted growth this year is pegged at 3.7% -- second to Vancouver's 4% -- helped in part by the city's regional manufacturing sector, which will post its first annual increase since 2005, the Conference Board said yesterday. It also noted the construction sector will benefit from a rebound in housing starts, especially in single-family units. Last year, Toronto's economy contracted by 2.8%, in part due to a hurting manufacturing sector that was first hit by a strong loonie. The industry lost 83,000 jobs from 2004 to 2007, and another 63,000 since that period.
Toronto Mayor David Miller said the projected economic growth could alleviate some of the city's financial pressures if it means more people get jobs and off welfare. But he stressed it is too early to tell if that will happen. "The key issue in the economy is we're not seeing it on the ground, we're not seeing people get jobs, and that's why we're investing in the city and that's why I was so disappointed in the province's decision to slow down Transit City," Mr. Miller told reporters.
"The challenge for city governments in Canada is that our revenues traditionally don't grow with economic growth. That's why we brought in Land Transfer Tax, so when the real estate market is booming it produces some additional revenue, so that will help." The latest economic numbers specific to Toronto reflect similar improvements, however marginal. Unemployment dropped from 141,000 in January to 135,000 in February, according to seasonally unadjusted data released by the City of Toronto.
Meanwhile, economic growth is expected in all of the country's major metropolitan areas.
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April 08, 2010
BY NATALIE ALCOBA AND KENYON WALLACE
Read More: http://www.nationalpost.com/news/story.html?id=2776088
#####################################################
Toronto is one of two Canadian cities leading a post-recession rebound, according to reports that paint a rosy picture for 2010 as Canada surges ahead of its G7 counterparts in economic growth.The Conference Board of Canada's spring metropolitan outlook predicts growth in all of the country's major economic centres, while the Paris-based Organisation for Economic Co-operation and Development forecasts that Canada will have more than triple the average growth rate for G7 countries through the first quarter of the year.
Toronto's predicted growth this year is pegged at 3.7% -- second to Vancouver's 4% -- helped in part by the city's regional manufacturing sector, which will post its first annual increase since 2005, the Conference Board said yesterday. It also noted the construction sector will benefit from a rebound in housing starts, especially in single-family units. Last year, Toronto's economy contracted by 2.8%, in part due to a hurting manufacturing sector that was first hit by a strong loonie. The industry lost 83,000 jobs from 2004 to 2007, and another 63,000 since that period.
Toronto Mayor David Miller said the projected economic growth could alleviate some of the city's financial pressures if it means more people get jobs and off welfare. But he stressed it is too early to tell if that will happen. "The key issue in the economy is we're not seeing it on the ground, we're not seeing people get jobs, and that's why we're investing in the city and that's why I was so disappointed in the province's decision to slow down Transit City," Mr. Miller told reporters.
"The challenge for city governments in Canada is that our revenues traditionally don't grow with economic growth. That's why we brought in Land Transfer Tax, so when the real estate market is booming it produces some additional revenue, so that will help." The latest economic numbers specific to Toronto reflect similar improvements, however marginal. Unemployment dropped from 141,000 in January to 135,000 in February, according to seasonally unadjusted data released by the City of Toronto.
Meanwhile, economic growth is expected in all of the country's major metropolitan areas.
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