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Old Posted Dec 2, 2009, 2:17 AM
fenwick16 fenwick16 is offline
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Halifax ranks No. 1 in economic activity

I just found this on the internet (canada.com): Halifax leads the country in economic activity.

I am not surprised since I often check the economic stats for Halifax at Statistics Canada

Quote:
Halifax ranks No. 1 in economic activity ( http://www.canada.com/business/Halif...834/story.html )


Financial PostDecember 1, 2009 5:03 PM



* Story
* Photos ( 1 )


The harbour in Halifax, which ranks at the top of an index of economic activity in Canadian cities compiled by CIBC World Markets.

The harbour in Halifax, which ranks at the top of an index of economic activity in Canadian cities compiled by CIBC World Markets.
Photograph by: Ashley Fraser, Ottawa Citizen

OTTAWA — Slow and steady may be a winning economic formula, at least for Halifax.

That's how it managed to top an index that measures the economic performance of Canadian cities, a first for Nova Scotia's capital.

Halifax didn't rise from fifth place six months ago to the top of the list of 25 cities measured in CIBC's latest Metropolitan Economic Activity ranking because it's particularly hot in any given area. In fact, the ranking "was achieved despite the fact that the city did not lead the nation in any of our macro categories, reflecting its relatively diversified sources of economic growth and reduced vulnerability to economic shocks," said Benjamin Tal, CIBC World Markets senior economist.

On Monday, Statistics Canada reported a lower-than-expected third-quarter gross domestic economic growth of 0.4 per cent on an annualized basis. That weak number is reflected in the index, which is at its lowest level since 1991, when Canada started coming out of the last recession, Tal said.

The number of cities on the index whose economic activity is on the decline has doubled to 10 since the first quarter. Most of those are in Ontario and Quebec, a sign of continued weakness in the manufacturing and forestry sectors and a strong Canadian dollar.

Rounding out the top five, Regina and Saskatoon placed second and third, respectively, thanks to their growing populations and job markets. Sherbrooke, Que., was in third place while St. John's, N.L., was fifth.

"The still soft mining and drilling activity reported in Statistics Canada's third-quarter GDP report is clearly reflected in the loss of momentum in Alberta, with Calgary and Edmonton, which until recently were the stars of our index, losing ground rapidly and currently hardly above water in terms of overall economic momentum," said Tal.

The index, released twice-yearly, measures economic activity based on economic variables including population growth, employment levels, consumer and business bankruptcies, housing sales and starts, and non-residential construction.

While Vancouver is doing better than Calgary and Edmonton, it ranked 12th in the third quarter, "its worst performance in years."

Toronto has fallen from second place in the second quarter to seventh in the third, due in part to its rising unemployment rate - the fourth-highest of cities on the index - a high business bankruptcy rate and falling housing starts.

CIBC Metropolitan Economic Activity ranking:

December 2009 (June 2009)

1 (5) Halifax

2 (1) Regina

3 (4) Saskatoon

4 (8) Sherbrooke, Que.

5 (3) St. John's, N.L.

6 (4) Saint John, N.B.

7 (2) Toronto

8 (6) Winnipeg

9 (7) Quebec

10 (14) Montreal

11 (10) Ottawa

12 (13) Vancouver

13 (9) Edmonton

14 (15) Hamilton

15 (12) Calgary

16 (11) Kitchener, Ont.

17 (21) Trois-Rivieres, Que.

18 (22) Saguenay, Que.

19 (17) Kingston, Ont.

20 (19) London, Ont.

21 (18) Sudbury, Ont.

22 (24) Windsor, Ont.

23 (23) St. Catharines-Niagara. Ont.

24 (20) Victoria

25 (25) Thunder Bay, Ont.

Source: CIBC World Markets
© Copyright (c) Canwest News Service
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  #2  
Old Posted Dec 2, 2009, 2:46 AM
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Jstaleness Jstaleness is offline
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Do we win a prize? A new Stadium maybe? This is great for us. Puts us on the map again in Canada as a great place to do business!
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  #3  
Old Posted Dec 2, 2009, 3:03 AM
Phalanx Phalanx is offline
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Good find, but wouldn't this be more appropriate in the Business, Politics and the Economy sub-forum?

Yes, I nitpick, I know.
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  #4  
Old Posted Dec 2, 2009, 3:14 AM
fenwick16 fenwick16 is offline
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Quote:
Originally Posted by Phalanx View Post
Good find, but wouldn't this be more appropriate in the Business, Politics and the Economy sub-forum?

Yes, I nitpick, I know.
I missed that heading and I have no idea of how to move a thread.

It is good to see that the SSP: Local Halifax section has gained such a variety of topics.
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