Toronto is on track to remain one of the fastest-growing metro economies in Canada this year and next – fuelled in part by the strength of the insurance sector.
A new report from The Conference Board of Canada reveals that insurance, finance and real estate are helping to drive growth in both Toronto and Hamilton.
“Toronto and Hamilton’s economies are both benefiting from solid advances in manufacturing and in finance, insurance and real estate,” Alan Arcand, associate director, Centre for Municipal Studies, The Conference Board of Canada, said in a statement.
Toronto’s real GDP is expected to expand by 3.4% this year, and by 2.6% in 2017, the Metropolitan Outlook: Autumn 2016
These growth levels will make it the second fastest-growing metropolitan economy in Canada – behind only Vancouver.
Meanwhile, Hamilton continues to enjoy steady economic growth, with real GDP forecast to climb by 2.2% in 2016, and 2% next year.
Vancouver is expected to boast the fastest-growing metropolitan economy both this year and next, the report found, coming first out of the 13 metro areas covered.
Calgary and Edmonton are set to see their economies decline in 2016 – marking the second year of shrinkage in a row.
However, their economies are expected to rebound modestly next year, the report suggested.
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