Québec City economic statistics

Statistics Canada estimated that there were 435,800 people employed in the Québec City CMA, which is explained by a gain of 8,600 jobs (+2.0%) in August. Therefore, market labour growth continued for the second month in a row, with 37% of all jobs created in the province of Quebec registered in the Québec City region. After a difficult spring, the number of jobs has now surpassed the level registered before the pandemic (+0.3%). 

Statistics Canada estimated that the number of active workers—either employed or looking for work—grew by 10,800 people in August (+2.4%), bringing the total to 455,800. This is the highest monthly increase among major Canadian CMAs.  

Data updated in April 2022.

Want to know more? Read our April 2022 analysis.

Based on estimates from the Conference Board of Canada (CBoC), real gross domestic product (GDP) in the Québec City census metropolitan area (CMA) was $39.97B in 2023, a 0.4% decrease compared to last year. This decline is explained in part by postponed investments, decreased consumption, and a challenging year for several sectors of the economy. These impacts are directly linked to the economic slowdown following repeated increases in the key interest rate. Preliminary data also shows that the year 2023 was harder on the Québec City region than on its Canadian counterparts.

As for the standard of living and productivity levels, the region continues to lag behind the other major Canadian CMAs. Despite a challenging year from coast to coast, the region maintains its last position in Canada, with the standard of living established at $45,929, and the GDP per job at $87,802.

Information updated as of April 2024.

With a little over $5.7B in spending intentions in 2023,1 non-residential tangible capital investment in the Québec City census metropolitan area (CMA) jumped 5.6% compared to 2022, when the region had registered $5.4B in investments, according to preliminary numbers. This growth is mostly explained by construction activities, which attracted more than half of expenditure intentions (62.9%), against slightly more than one third (37.1%) in machinery and equipment.

In particular, the CMA’s building construction sector (residential and non-residential) registered a drop of 12.7%. Residential construction is what pulled the numbers down, with a 22.4% drop in investments. In comparison, non-residential building construction increased 9.4%.

Information updated as of June 2024.

This report presents an analysis of the purchasing power and the financial situation of households in the Québec City census metropolitan area (CMA) in 2022. The increased inflation has impacted household finances in 2022, decreasing their purchasing power despite an increase in salaries and personal disposable income per capita.

Despite this situation, the number of bankruptcies dropped by 17% in 2022, down for the fourth year in a row. The consumption, adjusted for inflation, fell slighty by 0.4%. The real estate market continued the trend started in 2021, with the prices of single-family houses growing by 13.2%. Meanwhile, the average monthly rent for a two-bedroom apartment increased by 3.3%.

Nevertheless, the average price of a single-family house ($370,008) in the Québec City CMA remains one of the lowest among major Canadian CMAs, while the average rent for a two-bedroom apartment is the most affordable.

Projections by the Bank of Canada show that consumers continue to expect high inflation over the next five years, while the Conference Board of Canada expects inflation to slow down starting as soon as next year. Projections also show that salaries are likely to continue to grow in the coming years.

Information updated as of Avril 2023.

Our demographic report for 2021 has shown that population growth is more than ever a challenge for the Québec City CMA, with gradually smaller annual increases. Analyses have shown that the proportion of natural increase in the overall population growth continues to shrink. Although the number of births is stable and should remain stable for the next decade, deaths will significantly increase due to population aging, which will ultimately lead to a negative natural growth rate. Local family policies that encourage births while also attracting young families across Quebec and Canada are essential to continue to leverage natural increase in the CMA’s demographic dynamics.

Analyses have also shown that the Québec City CMA is doing well in terms of intraprovincial migration, with a positive net result in 2021 (+538). Once again, significant gains in the 15–24 age category in 2021 (+1,223) were completely outweighed by losses in the 24–54 (-484) and 45–64 ( 696) age categories. Attraction and retention policies that target specific age groups will help improve net migration in the province of Quebec so that this component can have a stronger effect on the population increase.

Information updated as of April 2022.