The National Capital Region lost 2,100 jobs in February 2013; however, as a result of fewer people seeking work the unemployment rate in Ottawa-Gatineau fell to 6.3% from 6.7% last quarter. Nationally the news was also positive as close to 51,000 jobs were created, which kept the unemployment rate at 7.0%. Despite the decrease in the local unemployment rate, the Conference Board of Canada forecasts only marginal growth in the region’s GDP to 1.3% in 2013 as cuts within the public administration are expected to continue. These cuts are anticipated to have a cascading effect on other sectors as well, particularly the housing market. On a positive note it is anticipated that the manufacturing sector will begin to rebound in 2013, following consecutive downturns in 2011 and 2012.
Source : Cushman & Wakefield