Research reveals Canada’s fastest growing economies

New research shows that cities in Canada’s Prairie Provinces are likely to record the highest economic growth in 2014.

Canadian DayAccording to The Metropolitan Outlook-Winter 2014, The Conference Board of Canada’s once-a-year simultaneous analysis of 28 Canadian census metropolitan areas, Calgary and Edmonton, in Alberta, along with the Saskatchewan cities of Saskatoon and Regina will lead Canadian metropolitan areas in economic growth in 2014.

“Along with Calgary, prairie cities will have the fastest growing economies in 2014, although that growth is expected to moderate,”said Alan Arcand, Principal Economist, Centre for Municipal Studies.

“Most cities in central and eastern Canada will see their economic fortunes improve this year. The growing strength in the US economy and a slightly weaker dollar will help to stimulate exporting activity and in turn bolster economic growth.”

Economic growth is usually one of the key drivers of immigration to an area. Indeed, recent Statistics Canada data shows that Calgary, Saskatoon and Regina all had the fastest growing populations last year – with the growth in Saskatoon in particular spurred by immigration from overseas.

Saskatoon’s census metropolitan area — which includes the cities of Saskatoon, Martensville and Warman and large swaths of surrounding communities — grew by more than 11,000 people in 2013 – with nearly half of the newcomers to the region being international immigrants. The region recorded the highest growth rate in Canada among international immigrants at a rate of 2.1 per cent.