OTTAWA, May 6, 2013 /CNW/ - Nearly half of the 46 mid-sized Canadian cities covered in The Conference Board of Canada's first Mid-Sized Cities Outlook 2013 have not recovered all the jobs lost during the recession, based on historical economic data between 2005 and 2012.
"The employment picture has been uneven among Canada's mid-sized cities over the past decade or so. A total of 21 cities have yet to see their employment levels return to pre-recession levels. This is a troubling turn of events, given that these mid-sized cities play an important role as economic engines in their respective regions," said Mario Lefebvre, Director, Centre for Municipal Studies.
- Continued uncertainty on the world stage, particularly in Europe, brought about softer economic growth over the past two years.
- Six mid-sized cities posted average annual job gains of at least three per cent per year, which means that employment in these areas grew by over 20 per cent during the past seven years.
Most mid-sized cities were enjoying great economic success before the 2008-09 global recession. However, 29 of the 46 mid-sized cities posted negative economic growth on an average annual basis in 2008 and 2009. The recession was particularly painful for mid-sized cities in Ontario, where the economies contracted in all 11 mid-sized cities. In contrast seven of the 10 mid-sized cities in Atlantic Canada bucked this trend during the recession. Fortunately for most mid-sized cities, economic growth resumed in 40 of 46 cities in 2010. But the recovery was short lived for many; 13 posted average annual negative economic growth between 2011 and 2012.