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Ottawa : Office Snapshot - Q2 2013

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The National Capital Region lost 5,400 jobs in May 2013; the fourth straight month of declines. However as a result of an even larger decline in the number of people seeking work the unemployment rate in Ottawa-Gatineau fell to 6.1% from 6.3% last quarter. Nationally the picture was much brighter as close to 95.000 jobs were created, dropping the unemployment rate one-tenth of a percentage point from last month to 7.1%. In the latest Metropolitan Outlook the Conference Board of Canada is forecasting real GDP growth well below 2% for the Ottawa-Gatineau region for the third straight year and is expected to continue into 2014. This lackluster growth forecast is largely a result of the cuts to the public administration sector, with employment expected to fall by 7.9% in 2013. These cuts in turn will impact other sectors such as the housing market and retail sales.

Source : Cushman & Wakefield

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Keywords : Cushman & Wakefield

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