Economic power in Canada is shifting to the west and to resource-producing areas, new data from StatsCan shows.
The agency’s analysis of gross domestic product (GDP) for Canada’s 33 major metro regions shows St. John’s, Nfld., is now richer than Toronto.
Thanks to offshore oil production, St. John’s rocketed up from 15th-wealthiest city in Canada in 2001 to fifth-wealthiest city by 2009. Toronto, during that time, fell from third place to seventh.
It’s a sign of just how much of a difference resource wealth can make -- and a sign of how unevenly that wealth is distributed. While St. John’s recorded an unemployment rate of 6.1 per cent in October, one of the lowest in the country, Newfoundland and Labrador as a whole had 12 per cent unemployment, by far the highest of any province.
The data overall shows a shift in economic power to the west, with Toronto and Montreal both falling in the rankings of cities with highest GDP and seeing their share of the national economy shrink as well.
Toronto’s share of Canada’s GDP fell to 18.6 per cent in 2009, from 19.6 per cent in 2001. Montreal’s share fell to 10.8 per cent in 2009, from 11.2 per cent in 2001.
more
St. John's Is Richer Than Toronto, And Other Surprising Facts From StatsCan's GDP Study
government cities are wealthiest. huh.
The agency’s analysis of gross domestic product (GDP) for Canada’s 33 major metro regions shows St. John’s, Nfld., is now richer than Toronto.
Thanks to offshore oil production, St. John’s rocketed up from 15th-wealthiest city in Canada in 2001 to fifth-wealthiest city by 2009. Toronto, during that time, fell from third place to seventh.
It’s a sign of just how much of a difference resource wealth can make -- and a sign of how unevenly that wealth is distributed. While St. John’s recorded an unemployment rate of 6.1 per cent in October, one of the lowest in the country, Newfoundland and Labrador as a whole had 12 per cent unemployment, by far the highest of any province.
The data overall shows a shift in economic power to the west, with Toronto and Montreal both falling in the rankings of cities with highest GDP and seeing their share of the national economy shrink as well.
Toronto’s share of Canada’s GDP fell to 18.6 per cent in 2009, from 19.6 per cent in 2001. Montreal’s share fell to 10.8 per cent in 2009, from 11.2 per cent in 2001.
more
St. John's Is Richer Than Toronto, And Other Surprising Facts From StatsCan's GDP Study
government cities are wealthiest. huh.