Rebound in manufacturing helps Canada's major cities

Montreal, Toronto, Vancouver top the list: Economic index
||Last Updated: 02/01/2011

Canada's 25 largest cities have regained all the economic ground lost in the recession thanks to a rebound in manufacturing, according to a report by CIBC World Markets.

"Recent data on manufacturing production and shipments reveal a sector that is on the mend," said CIBC deputy chief economist Benjamin Tal in his latest Metro Monitor report. "While the over 65,000 new manufacturing jobs created in December clearly overstate the real health of the Canadian manufacturing sector, the direction is clear. The footprints of a recovering manufacturing sector are very evident."

Only two of Canada's 25 metropolitan areas showed negative growth in economic activity during the third quarter of 2010, said the report, based on CIBC’s metropolitan economic activity index. (CIBC's index approximates the change in level of economic activity in Canada’s 25 largest census metropolitan areas using variables that include population and employment growth, unemployment and housing starts.)