It's a good time to live in Quebec because the economy has never been better. Well, at least not for the last decade.
Quebec is currently experiencing what JDM is calling a “mini economic boom,” with the province’s economy doing better than it has in the past 13 years.
Since the start of 2017, Quebec’s economic performance rose by 2.8%, something that hasn’t happened since 2004.
And the province’s GDP, the total value of goods produced and services provided in the province for one year, is projected to increase by a rate of 2.5%, more than previously expected.
A sharp increase in the number of jobs in Quebec has contributed to the province’s economic growth. Right now, Quebec’s unemployment rate is at 5.8%.
Quebec hasn’t had an unemployment rate at that level since 1976, notes JDM. In the past year, 124,000 new jobs were created in Quebec.
The tech sector is cited a the major catalyst for the influx of jobs in Quebec, as companies are hiring more and more tech-skilled workers.
More Quebecers are also enjoying more of a disposable income, prompting more retail spending which adds to the province’s economic gains.
A majority of Quebec’s economic growth is tied to how much individual households spend, and thanks to higher wages and lower taxes, people have more time to shop in stores.
Economists speaking to JDM note that the total amount of retail sales in Quebec could hit the $120 billion mark this year.
The booming real estate market, particularly in Montreal, is also adding to the province’s economic growth.
Tourism is also raking in more money as an industry, largely thanks to Canada’s weak dollar. Folks from around the world are flocking to Montreal (and Quebec City, apparently) to spend their cash, getting more bang for their buck.
JDM also notes Asian retail giants, like Uniqlo, are eyeing the Quebec/Montreal market, which could add another economic boost to the province.