Jean-Pierre Langlois, Economist
Montreal, November 29, 2000
- Between early 2000 and the end of October, Montreal lost 64,500 jobs. It therefore comes as no surprise that the unemployment rate is up to 8%, the employment rate is down and people are less inclined to look for work.
- The losses are particularly apparent in the manufacturing sector, in contrast to the services sector, where 43,000 jobs have been created since last year.
- Montreal Island is being far less affected than Laval and the surrounding areas.
- While Quebec as a whole is faring better than Montreal, it has little to crow about, having created a mere 2,700 jobs.
However, there's no need to panic just yet. Quite to the contrary. Several indicators remain favourable: GDP is inching upward, the real estate market is faring well, consumer confidence remains strong and the foreign sector continues to drive exports.
The latest edition of the Board of Trade of Metropolitan Montreal's Trend Chart, made public today, shows that while the labour market is rather disappointing right now, other indicators continue to be robust.
The Trend Chart also shows that in the past five years, Montreal has lost 65,000 people to other Canadian provinces. Thankfully, international immigration has tempered this number to 36,000. After hovering at 1%--barely enough to maintain the status quothe net migration rate for Montreal recovered in 1998-1999. Not enough people realize the importance of demographics as an economic development factor, contends Board of Trade economist Jean-Pierre Langlois. Montreal seems powerless against the exodus to other provinces.
The Board of Trade of Metropolitan Montreal has more than 7 000 members. Its mission is to be the leading group representing the interests of the Greater Montreal business community. The objectives are to maintain, at all times, relevance to its membership, credibility towards the public and influence towards government and decision-makers.