VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 04/30/12 — The next four years will bring 60,000 new jobs to the Greater Vancouver Area, according to a new report released today by Dr. Sherry Cooper, Chief Economist, BMO Financial Group.
The report on Greater Vancouver is the second in a series of economic and business overviews for various cities across Canada that will be published by BMO throughout the year.
“With the forecast of 60,000 jobs generated over the next four years, we are excited to partner with businesses and work together to achieve this significant economic growth in the Vancouver area,” said Derral Moriyama, Senior Vice-President, Commercial Banking, Greater Vancouver. “We believe that now is the time for businesses to review their growth plans, and our commitment to make an additional $10 billion in credit available is a reflection of our confidence in the economy and opportunities for businesses in Vancouver and B.C.”.
“The Vancouver labour market is performing well with employment rising 2.8 percent year over year in the first quarter, while the jobless rate has fallen to 6.6 per cent, below both provincial and national averages,” said Dr. Cooper. “We are forecasting 60,000 new jobs in Greater Vancouver by 2016.”
Dr. Cooper added that the British Columbia economy has cooled, and will likely post 2.3 per cent real GDP growth this year, down from 2.9 per cent in 2011; however Vancouver-s economy remains a bright spot as it continues to outperform the rest of B.C.
Population growth, while slowing, is still well above the national and provincial averages, amid strong international immigration, and manufacturing activity in B.C. continues to recover from the recession of 2008-2009, with sales up 5.5 percent year over year in February.
The report focused on key drivers of the Vancouver economy and revealed:
Off the Boil: Activity on the Home Front Cools
A Revolving Door: Population Outpacing National Average Despite Outward Migration
Filling the Pipeline: Energy Sector Charging Up
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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