Toronto’s economic growth will top that of its Canadian peers for the first time this century, thanks to a weaker Canadian dollar and a strengthening U.S. economy, a new report says.
The city’s economy grew at its fastest pace in four years in 2014 and is predicted to expand again by 3.1 per cent this year, according to The Conference Board of Canada’sMetropolitan Outlook: Spring 2015 report.
“For the first time since 1999, Toronto will boast the fastest growing metropolitan economy this year among the 13 cities covered in this edition of our report,” said Alan Arcand, associate director of the Centre for Municipal Studies.
Toronto’s growth was boosted by gains in the manufacturing, transportation, warehousing and retail trade services, sectors that are expected to improve again in 2015, Arcand said.
Consumer spending in Ontario is also predicted to climb with a return to positive employment growth and the upcoming Pan Am Games lifting the province’s tourism activity.
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