Montreal Is Creating 26,000 New Jobs In 2016
This year is looking up.
If there's one thing we can all complain about in Montreal (well, most of us, at least) is the not-so-booming job market, at least in comparison to other major metropolitans.
2016 will be a bit different. As predicted by The Conference Board of Canada's Metropolitan Outlook: Winter 2016, Montreal will experience a serious economic boost, more than most other Canadian cities, with 26,000 new jobs created.
According to the forward-looking analysis, Montreal will see a Gross Domestic Product (GDP) growth of 2.3% in 2016, a fairly big jump from the 1.7% seen in 2015.
A combination of factors will lead to Montreal's economic growth, including the low Canadian dollar and a strong U.S. economy, along with "a strengthening manufacturing sector, a rebound in construction, and steady services sector gains."
Two major building projects have been cited as major economic stimulants, namely the Champlain Bridge and the Turcot Interchange, estimated at a value of $4.2 and $3.7 billion, respectively.
Both will create a major boost in Montreal's construction industry (after a three years slump), but that isn't to say the city's other sectors won't see a rise in 2016. Montreal's eight industry sectors will also experience growth in 2016, with the business service and personal services sectors expected to grow the most.
And, most importantly, all this economic upsurge will see the creation of around 26,000 jobs this year. All the new employment opportunities should then maintain Montreal's unemployment rate at 8.2%, which is about.
It's also worth noting that Quebec City is projected to experience a similar economic surge in 2016, with a real GDP growth of 2%. Together, Quebec's two largest cities will grow at a faster rate than the national average, all but ensuring good economic tidings in the province.
2016 is looking brighter already.