According to Statistics Canada’s latest report, the unemployment rate in Quebec dropped by 1.2% in July 2017 to 5.8%, which is the lowest since 1976. In addition (also in July), Montreal’s jobless rate reached its lowest in over a decade. According to Stefane Marion, chief economist at the National Bank, “That compares to 44,000 in Toronto and 37,000 in Greater Vancouver, so clearly we’re having a fantastic year for Quebec, driven by the Montreal region.”
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Statistics Canada also reported that for 9 of the past 10 months, the unemployment rate in Montreal has been lower than the unemployment rate in Toronto. Marion reported that this growth is changing the position that Montreal has in the economy of Quebec. According to Marion, “Montreal has not been pulling its own weight in recent years, but over the past 18 months or so, the Greater Montreal region has been the economic engine of the Quebec economy, as it should be.”
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As of October 2017, more people are working in the Greater Montreal area than in all of Quebec. According to Pierre Desrochers, chair of the city council’s executive committee, “Montreal is the locomotive. Montreal has to assume that role, and we’re doing it. When you look at those results, it’s a clear indication that the development of the province goes through Montreal.” These results are a good sign that the city of Montreal has created a feeling of confidence for business owners, according to Desrochers.
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