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June 21, 2012
Economic indicators show Toronto growing in GDP, construction, and housing starts
  
At yesterday's Economic Development Committee meeting, the City's Economic Dashboard report was presented. The dashboard reports on Toronto's economy from an international, national and local perspective based on statistics compiled from multiple sources. This report outlined the following highlights for the Toronto economy:

• Housing starts in Toronto for April 2012 were 20 per cent ahead of April 2011.
• Toronto continues to lead all North American municipalities in the number of high-rise buildings under construction (189). Currently the closest municipalities to Toronto are Mexico City with 88 and New York City with 82 high-rise buildings under construction.
• Toronto's overall office vacancy rate has been trending downward for the last two years and stands at 5.5 per cent (2012, q1), despite the recent completion of several large office buildings downtown. Vacancy rates downtown and along the Yonge Street corridor are below five per cent.
• Moody's is projecting real GDP growth of 2.1 per cent in 2012 for the Toronto CMA and the Conference Board of Canada is forecasting 2.3 per cent.

“Our high-rise construction is more than double in comparison to much larger cities like Mexico City and New York City,” said Mayor Ford. “The overall office vacancy rate has been trending downward for the last two years."

"These indicators reinforce the view that Toronto's economy is healthy and moving in the right direction," said Councillor Michael Thompson (Ward 37 Scarborough Centre), Chair of the City's Economic Development Committee. “The trends are encouraging.”

For more information on these and additional economic indicators for the City of Toronto, please visit: http://www.toronto.ca/business_publications/indicators.htm

Toronto is Canada's largest city and sixth largest government, and home to a diverse population of about 2.7 million people. Toronto's government is dedicated to delivering customer service excellence, creating a transparent and accountable government, reducing the size and cost of government and building a transportation city. For information on non-emergency City services and programs, Toronto residents, businesses and visitors can dial 311, 24 hours a day, 7 days a week.



Media Contact
Shane Gerard
Senior Communications Coordinator
416-397-5711
sgerard@toronto.ca

 

 

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