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Metro Vancouver Has The Fastest Growing Metropolitan Economy In Canada

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According to the Conference board of Canada, Vancouver will be the fastest growing economy in Canada this year with a GDP growth expected to reach 3.3 %. Abbotsford-Mission and Victoria also make the top ten.

Gross Domestic Product (GDP) is the largest measurable amount of a nation’s total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation’s geographic borders over a specified period of time.

“Vancouver’s economy performed exceptionally well last year and this trend is expected to continue in 2016. Vancouver is projected to be the only Canadian metro region that will post economic growths above 3 per cent this year nearly double the national average” said Alan Arcand, Associate Director of the Center for Municipal Studies.

The Conference Board of Canada report suggests that export-oriented industries such as tourism and manufacturing are benefiting and will continue to benefit from the current low Canadian dollar and the rising U.S demand.

It also proposes Vancouver’s fastest growing sectors this year will include manufacturing, construction, transportation, and warehousing.

Sea span’s ship building contracts with the federal government and higher export rates due to the low Canadian dollar along with the U.S maintain a healthy economy are what will contribute to the manufacturing sector.

The growth in the construction sector is due to non-residential and mixed-used projects including the expansion of the Vancouver International Airport, the Trump International Hotel and Tower, and home construction remaining stable.

With credit to the low Canadian dollar, 2016 is set out to be one of Vancouver’s busiest cruise ship seasons with an increase in tourism activity to grow the warehousing and transportation sectors.

Vancouver’s economic performance should support job gains in the city to add around 26,600 new positions.

This is the third year in a row that Vancouver’s economic growth will beat three percent with Canada’s overall growth of about 1.8% over the same three-year time span.

 

 

Written by: Luisa Alvarez
Image via BC Lions/Facebook

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