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Canada Cities Come in at No. 1, No. 5 in Economic Growth Index

TORONTO-Toronto is North America's leading economy and Calgary is fifth, according to LaSalle Investment Management's 2005 North American Regional Economic Growth Index (NA-REGI).

By Brian K. Miller | Updated on October 27, 2005

TORONTO-Canada cities came in at No. 1 and No. 5 in LaSalle Investment Management’s 2005 North American Regional Economic Growth Index, a model used to identify future demand and risks for commercial real estate, particularly office and industrial buildings. Toronto took the top spot and Calgary rounded out the top five, which includes Phoenix, Orlando and Raleigh, NC.

The global real estate investment manager’s economic growth index is based on factors such as employment and population growth, as well as momentum and risk factors including volatility, diversity and business costs. All told, 36 North American cities were evaluated and four Canada cities are in the top 15, with Vancouver, coming in at No. 13 and Montreal No. 15.

Underpinning Toronto’s strength is its diverse economy, according to the report. “Although the city’s manufacturing sector and the closely tied transportation sector have undergone some recent weakness as the Canadian dollar and oil prices have increased, both sectors are anticipated to improve in the coming years,” states LaSalle. Strong employment and population growth through 2009, as well as a positive economic outlook, were other major factors behind Toronto’s top ranking, according to the report.

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