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A study by CIBC’s World Markets Inc. ranks Ottawa first for strongest economic momentum, attributing growth to the Technology sector and Federal Government. Experts agree that economic strength in Canadian cities is due to population and economic diversity.<\/p>\n
CIBC World Markets Inc. has revealed its quarterly results on economic momentum in Canadian cities, ranking the Ottawa-Gatineau region first in economic growth.<\/p>\n
Representatives of the bank attribute this growth largely to Ottawa’s technology sector which has grown 10% in the last year. More then 1, 841 tech companies are located in Ottawa, many of them experiencing a shortage of employees as a result of rapid growth. Companies are now holding job fairs in attempt to fill vacant positions as well as offering incentives of rewards including bonuses and stock options to present employees that refer friends or family members who become employees.<\/p>\n
The Federal Government is also expanding its employee base. It has hired over 1,500 new workers in the Ottawa region alone, an increase of 1.7%. Across Canada the Federal Government has hired 4,200 new employees in the last 10 months. The booming energy sector in Calgary places it second in the ranking, followed closely by Toronto, Vancouver and Hamilton.<\/p>\n
Senior Economist Benjamin Tal of CIBC and Betsy Donald, assistant professor of urban economic geography at of Queen’s University (Kingston, Ontario) agree that the momentous economic growth in Canadian cities is due to their diverse populations. Diverse populations produce diverse economies and diverse economies are strong because they are most resilient to the unpredictable world market. The key to building a diverse population is Canada’s ‘open-door’ policy of welcoming immigrants – a policy that Prime Minister Stephen Harper recently vowed at the United Nations World Forum to continue to uphold. Diverse populations produce raised levels of production and a stronger economy, which in turn produce a better standard of living and ultimately a high quality of life.<\/p>\n
Economic Growth in the Last Quarter \u2013 Top 5 Canadian Cities<\/p>\n
Ottawa-Gatineau: 28%<\/p>\n
Calgary: 27%<\/p>\n
Toronto: 24.9%<\/p>\n
Vancouver: 20.6%<\/p>\n
Hamilton: 19.2%<\/p>\n
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