This month's so-called "economic dashboard," released by the city's economic development committee, shows Toronto's development sector in fine fettle.
"This really shows that our economy is on the increase in a number of different sectors," says committee chair councillor Michael Thompson. "The housing start-up sector, according to the report, it's up 20 per cent ahead of last year, which is a good thing."
The report also makes note of the fact that Toronto continues to be the leader in high-rise development on the continent, and most of the world, with 189 projects under development right now, compared with runners-up Mexico City (88) and New York City (82).
The report also finds that "Toronto's overall office vacancy rate has been trending downward for the last two years and stands at 5.5 per cent (2012, first quarter), despite the recent completion of several large office buildings downtown. Vacancy rates downtown and along the Yonge Street corridor are below five per cent."
Thompson emphasized the fact that such indicators fluctuate, and pointed out that, amid all this frenzied growth, there is still at least one major problem with Toronto's economy: unemployment.
"It is still higher than the national average," he says. "That's an area we want to be mindful of. The national average is seven and change [per cent], and Toronto is 8.2."
Writer: Bert Archer
Source: Michael Thompson
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