Despite the low loonie and fears of a housing market crash, the City of Vancouver is expected to have the fastest growing metropolitan economy in Canada this year.
GDP growth of 3.4% is expected thanks to strengths in the manufacturing, construction, and services sectors.
That’s outlined in the latest report on economic leaders by the Conference Board of Canada.
Their numbers show manufacturing grew 8.6%, thanks to a multi-billion-dollar contract to build non-combat ships for the federal government at North Vancouver’s Seaspan site.
And despite all that construction around town, construction output is expected to dip, but the downturn will be short-lived.
Calgary and Edmonton are normally the economic leaders, but are in trouble, hit hard by the slump in oil prices and facing a recession.