Toronto Economic Development Tops Nation
Just when You thought that the Toronto Condo boom, would cause the death spiral for Toronto Economic Activity, here comes the CIBC, stating that it is the condo boom, and construction along with your manufacturing sector that has bolstered Toronto to the top spot of economic performance in the country. Toronto is currently in the midst of a record breaking condo and construction boom, about to surpass anything that Chicago or New York Experienced at the heights of their building booms, in the 1930's an 40's and the secondary boom that occurred in the 1960's and 1970's.
From the Canadian Press:
TORONTO – The biggest city in Canada also had the fastest growing economy in the country last year. A new study on major Canadian cities by CIBC found that Toronto ranked tops amongst its peers in 2012, helped by a recovery in the manufacturing sector and a surge in condo sales.Second place was
Calgary, boosted by new residents to the city and its healthy jobs market. The report found that consumer spending in Calgary has been strong, with retail sales up nine per cent over the past year.
Regina came in third place, driven by very strong population growth that makes it the fourth fastest growing city in the country with one of the country’s lowest unemployment rates.
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