Economic News - The Quebec City CMA generated $32.9 billion in real GDP in the third quarter of 2013, up 0.9% from the same period in 2012, according to a Conference Board of Canada update. This is welcome news following a slow summer marked by several downtrending indicators, particularly in the labour market. As the cornerstone of the local economy, the services sector turned in the strongest performance with annual growth of 2.1%, benefiting from expansion in all sub-sectors, including consumer services (+3.5%), production services (+3.4%) and public administration (+1.6%).
Economic News - The Quebec City CMA recorded a total of 420,800 jobs in November, up 5,800 from October. In terms of job creation, this performance propelled the region into second place in Canada, behind Montreal (+11,000). The employment level returned to where it was in June (or very nearly), making up for losses during the summer.
Economic News - October was a good month for the labour market in the Quebec City CMA. The region recorded at total of 415,000 jobs, up 2,000 from September, putting an end to six consecutive monthly decreases and pushing total employment back to a higher level than that recorded in August. In addition, the region posted a 4.8% unemployment rate for the fifth month in a row.
Economic News - The demand for labour remains high in the Quebec City CMA, particularly for specialized workers. The low unemployment rate of 4.8% in the third quarter offers fresh proof of that fact. The region matched its performance in June as unemployment stayed below 5% for the fourth straight quarter.
Economic News - The 2012 labour market scenario appears to be repeating itself in the Quebec City region as the strong performance in the spring was followed by a drop in the number of jobs in the summer. The region had a total of 414,300 jobs in August, down 3,700 from July. However, the decline in the workforce was matched by an equivalent drop in employment. This helped to keep unemployment at 4.8% for the third month in a row.
Economic News - The economy in the Quebec City metropolitan region continues to grow. In the first half of 2013, real GDP in the region stood at $32.95 billion, an annual increase of 1.4%. Job creation (+2.5%) and a rise in non-residential investment (+18%) contributed to this strong showing. Although regions in Western Canada were the top performers in the first six months of the year, Quebec City continues to rank among the top regions in Eastern Canada.
Economic News - Compared with last year, the labour market in the Quebec City CMA continues to perform well. The region had a total of 418,000 jobs in July 2013, or 400 more than in July 2012. Although the increase in the number of jobs was modest, the regional unemployment rate at the beginning of the summer period was still one of the lowest in the country, standing at 4.8% in July (down from 5.4% one year ago), good for third place nationally.
Economic News - The construction sector is keeping up the pace in the Quebec City CMA. In the second quarter of 2013, the value of building permits reached $426.7 million, up 25.2% from the previous quarter. Serving as a barometer, this indicator suggests that work will be beginning on a number of major new projects in the region in the next three to six months.
Economic News - Non-residential investment stood at $537.4 million in the Quebec City CMA in the first six months of 2013, up 18% from the same period in 2012. In historical terms, the region recorded its best first half of the year since 2009 ($545.1 million). It also recorded the second-highest growth rate among Canada’s eight main metropolitan areas, behind Vancouver (+21.3%).
Economic News - The employment market slowed during the spring in the Quebec City region, compared with the first quarter. The region recorded a total of 422,000 jobs in the second quarter, down 6,100 from the first quarter. Despite that, Quebec City has maintained a net positive performance since the beginning of the year. At the end of June, there were 3,300 more jobs than there were in December 2012.