Economic News - The number of bankruptcy filings remains low in the Quebec City CMA. In the first quarter of 2013, the region recorded a total of 466 bankruptcies, down 7.7% from the same period in 2012 and the best start to the year since at least 2007, according to available data. This good showing is the first step towards reducing the annual number of bankruptcies for the fourth year in a row (there were 1,868 bankruptcies in 2012).
Economic News - The labour market had a modest spring in the Quebec City CMA. The region recorded 426,500 jobs in May, down 1,500 from the previous month. Despite this drop, the region posted a net gain since the beginning of the year, with 7,800 workers added since December. In addition, job numbers are still at a historically high level (i.e. more than the average of 422,200 jobs observed in the previous 12 months).
Economic News - In terms of employment, the month of April was rather calm in the Quebec City region, which recorded a total of 428,000 workers, virtually identical to the figure reported in March. The regional unemployment rate (4.5%) is still one of the lowest in Canada (+4.4% in March) despite the fact that workforce growth (+0.1%) outpaced jobs growth (0%). Meanwhile, Quebec City’s employment rate was 66.2%, the highest level in Quebec and one of the best showings in Canada (good for 7th place in April).
Economic News - The Quebec City CMA is abuzz with projects. According to data compiled by Quebec International, the region currently has 250 projects under way or announced. These projects are expected to generate approximately $9.5 billion in expenditures by 2020. This momentum is also having a positive impact on the value of building permits, which remains at a historically high level. In the first quarter of 2013, the total value of building permits was down slightly to $340.7 million (-1.1%).
Economic News - The number of bankruptcies fell for the third year in a row in the Quebec City CMA. In 2012, the region recorded a total of 1,868 bankruptcies, down 2.6% from 2011. In keeping with the downtrend observed in Quebec and across Canada, the Quebec City CMA turned in its best performance since at least 2006.
Economic News - The Quebec City metropolitan region generated $32.5 billion in real GDP in 2012, a new record. However, the annual increase was only 0.9%, down from 2% in 2011, with the downturn in the labour market in the second half of 2012 and the persistent decline in manufacturing accounting for this more modest showing. Still, the Quebec City CMA recorded average annual growth of 1.9% between 2007 and 2012, one of the highest rates in Canada. Of the country’s eight principal CMAs, only Edmonton (3.4%) and Calgary (2.0%) outpaced Quebec City.
Economic News - The Quebec City census metropolitan area (CMA) recorded Canada’s highest job creation rate in the first quarter of 2013. Outperforming all other Canadian regions, Quebec City posted a quarterly gain of 9,400 jobs, for a total of 428,100. Unemployment fell to 4.4%, one of the lowest rates in the country (the regional unemployment rate has not been this low since early 2010).
Economic News - The employment market continues to hit its stride in the Quebec City CMA. From January to February, 1,500 jobs were created in the region, for a total of 423,200. Based on this performance, the region has been one of the most dynamic Canadian metropolitan areas since the beginning of the year. In addition, the number of jobs is once again approaching the historic high seen in spring 2012.
Economic News - The Quebec City CMA started off the New Year on a good note, recording a total of 421,700 jobs in January, up 3,000 from December 2012. Fuelled by this strong performance, the region posted one of the highest job creation rates in Canada (tied with Barrie and Winnipeg), edged out only by Montreal. In addition, the total number of jobs in the region returned to the level recorded last spring, thereby offsetting some of the turbulence felt last summer and fall.
Economic News - The Quebec City metropolitan region had a banner year in 2012, with a total of 421,300 jobs, up 2,100 from 2011. This helped drive unemployment down to 5.1%, the lowest rate in the province of Quebec and one of the lowest in Canada. Quebec City excelled despite a roller-coaster performance in the second half of the year.