Seventh edition of the Board of Trade of Metropolitan Montreal Trend Chart
Montreal, January 26, 2000 Employment drives Montreal
- For the first time since the end of 1995, job creation in Montreal surpassed that of Toronto: 86,000 against 73,300 between December 1998 and December 1999.
- Better yet, last December's unemployment rate of 6.8% was below the as yet unofficial national average of 6.9%.
- A side note, however: these jobs were only created in the last few months of the year.
Montreal's biggest surprise in the past few months has been its job creation figures. Accounting for only 10% of the Canadian population, Greater Montreal was amazingly behind 84% of all new jobs created in Quebec and 23% of those created nationwide. However, these excellent figures belie the fact that between 1998 and 1999 (annual average), Montreal only created 42 % of new jobs in Quebec and 9% in Canada. To match Toronto's unemployment rate, the City would have had to create 40,000 more jobs last month, or 8,200 more than all those created between 1998 and 1999 (31,800). Toronto's official unemployment rate now stands at 5.5%.
Made public today, the latest edition of the Board of Trade of Metropolitan Montreal's Trend Chart shows a resurgence in Montreal's economy: the real-estate sector is thriving, retail sales are up since last July and optimism once again reigns in the local business community.
However, the long-term economic outlook will not be so rosy unless the City finds a way to stimulate demographic growth: Consumption, real estate, and by extension investment all hinge on population growth, underscored Board of Trade economist Jean-Pierre Langlois. According to Statistics Canada, Montreal's population projection for 2002 is the lowest of all census metropolitan areas (CMA): 0.5 % against 1% per year for the 25 CMAs. Toronto, Calgary and Vancouver are all projecting more than 2% growth.
The Board of Trade of Metropolitan Montreal has more than 7 000 members. Its mission is to be the leading group representing the interests of the Greater Montreal business community. The objectives are to maintain, at all times, relevance to its membership, credibility towards the public and influence towards government and decision-makers.