Four prairie cities will lead the country’s urban areas in economic growth this year, the Conference Board of Canada said this week.
Saskatoon will lead the way with four percent growth in gross domestic product. While its growth will be down from 4.6 percent in 2011, Saskatoon remains the leader among 27 Canadian cities analyzed by the board.
Calgary follows with 3.6 percent, Edmonton with 3.4 percent and Regina with 2.9 percent.
“In spite of global economic turmoil, high prices for agricultural products, minerals and oil are likely to continue. Canada’s prairie cities will reap the benefits of this global demand for commodities,” Mario Lefebvre, director of the board’s Centre for Municipal Studies, said in a news release.
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The board said Saskatchewan can expect gains in all industries, and employment should grow by nearly five percent in 2012.
Winnipeg will rank in the top half of Canadian census metropolitan areas. The board expects the city’s manufacturing sector to lift economic growth by 2.4 percent.
The outlook was less encouraging for Eastern Canada, where the “uncertain global economy, a continued slow recovery in the manufacturing sector and the windup of fiscal stimulus introduced by governments in recent years will hamper overall economic growth,” said Lefebvre.
