BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

July 15, 2013 06:00 ET

BMO City Reports Predict New Jobs and Highlight Local Industries Driving Canadian Economy

- Winnipeg report to be issued this week

- Upcoming reports for 2013 to include Ottawa and London

TORONTO, ONTARIO--(Marketwired - July 15, 2013) - BMO Bank of Montreal today announced that the next in its series of BMO City Reports will focus on Winnipeg. The series from BMO Capital Markets - launched in 2012 - profiles major Canadian cities' economic drivers, challenges and opportunities for growth.

The Winnipeg report will be released on Wednesday, July 17, and future reports will focus on Ottawa and London. Earlier this year, BMO issued reports on Montreal, Regina, Saskatoon and Halifax, which are summarized below.

Montreal - 90,000 new jobs

  • 90,000 new jobs will be added to Montreal by 2016, pulling the unemployment rate down close to pre-recession levels at just above 7 per cent
  • Non-residential construction and employment remain sturdy, though recent strike activity has cause some disruption
  • The residential housing market has softened along with most of Canada's major markets
  • Strengthening U.S. expansion should offer much-needed support for exports later in the year, with the aerospace industry remaining sturdy on the back of aircraft orders

Regina and Saskatoon - 17,000 new jobs

  • The two cities will likely see a total of 17,000 jobs created by the end of 2016, putting the unemployment rate in Saskatchewan close to 4 per cent
  • With more than half of the province's workforce, Saskatoon and Regina are driving strong employment growth in Saskatchewan , boosted by strong growth in the resource, construction and trade sectors
  • Saskatchewan remains among the top economic performers in Canada, with strong resource-sector activity helping to maintain above-average growth. Real GDP is expected to grow 2.4 per cent this year, above the national figure of 1.6 per cent

Halifax - 12,000 new jobs

  • Unemployment rate expected to drop below 5 per cent by 2016, with 12,000 new jobs created
  • International immigration is supporting growth within the province, but interprovincial out-migration remains a concern as net outward migration hit nearly 3,700 people in 2012
  • Home prices holding up despite recent drop in sales

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.

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