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CTT - December 2007 Update
Waterloo Region Continues to Boast Strong Labour Market and Healthy Economy
Waterloo Region - Waterloo Region, known as Canada’s Technology Triangle, ranked in the top quartile of many of the key metrics, when compared to the 27 Canadian Census Metropolitan Areas (CMAs), as highlighted in the latest economic trend analysis released yesterday by Canada’s Technology Triangle Inc.
The report showed high employment and participation rates reflecting a healthy number of jobs, with Waterloo Region having the fourth highest participation rate and the fifth highest employment rate in the country.
Waterloo Region’s Gross Domestic Product (GDP or the value of finished goods and services produced) also reached an estimated $21.5 billion in 2006. The nearly 41 percent growth in GDP from 1997 to 2006 ranked sixth among Canada’s 27 metropolitan areas.
“Canada’s Technology Triangle’s economic distinction lies in its consistent and solid performance in this wide range of economic indicators,” says John Tennant, Chief Executive Officer, Canada’s Technology Triangle Inc.
Record employment numbers were also reported. The number of people employed in Canada’s Technology Triangle reached 251,400 in 2006, an historic high, and an increase of almost 27 percent over 1996. The proportion of the labour force employed in manufacturing also remained exceptionally high at almost 25 percent, second only to Windsor.
Significantly more people were attracted to Waterloo Region, over CMAs of similar size, with Waterloo Region’s net-migration reaching 22,582 people between 2001 and 2006. The 2005 median employment income of $31,100 is also the fourth highest in Canada.
“A vibrant economy is a key factor in attracting talent and boosting our economic performance,” added Tennant.
The report looked at the economic performance of 27 Canadian CMAs and uses data from Statistics Canada’s Kitchener CMA (Cambridge, Kitchener, Waterloo, North Dumfries and Woolwich) which most nearly captures the Waterloo Region.
More details about the Economic Trends of Canada’s Technology Triangle can be found at http://www.techtriangle.com/Publications/ResearchReports.cfm.
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