Mouvent Desjardins chief economist presents a rosy portrait of Laval
The City of Laval gets a better grade for potential future development than does Canada or the rest of the world for that matter, according to an assessment presented to the Laval Chamber of Commerce and Industry by the chief economist of the Mouvement Desjardins.
The featured speaker at a luncheon held by the Chamber at the Château Royal last Thursday, François Dupuis noted that employment numbers rose in Laval in the past year, as they have in the rest of Quebec, but that paradoxically unemployment rose at the same time.
GDP to exceed Quebec
While he pointed out that there was a decline in housing starts in Laval, he said a lot of projects were already underway and the market for housing re-sales is stable. Dupuis said the region of Laval’s Gross Domestic Product (GDP) will exceed that of Quebec in terms of growth.
In terms of investments, he said “Laval is a region which is very dynamic with an economy that is very diversified, so this is encouraging and there are several projects coming. We don’t see any problem regarding investments for the region of Laval.”
Dupuis pointed out that the Institut de la statistique du Québec is projecting that the population of Laval will rise to 500,000 residents by 2030 and this should further encourage the local economy. He also said that Laval’s GDP will be superior to the City of Montreal’s.
Other factors he noted in Laval were a very highly developed public transportation system and a school dropout rate which appears to be going lower after years of going up. For 2013, he sees Laval’s population continuing to grow and support the economy.
Mouvement Desjardins believes employment figures for Laval and Quebec will continue to be positive through 2013, although the housing market will be cooling off. According to Dupuis, tourism will continue to be an important component of the Laval economy this year, but businesses based in Laval which export to other countries will not be doing well.
A long global recovery
Dupuis’ assessment of the world economy was far less optimistic. He sees recovery from economic setbacks over the last few years taking place for at least 10 years to come. He noted that even Germany, the economic powerhouse of Europe, is beginning to suffer as Europe continues melting down, but that Canada and Quebec have up to now largely escaped those dire consequences.
He listed five factors which could negatively impact Canada’s and Quebec’s economies: rising household debt, continuing economic problems in the U.S., market “corrections,” a new global economic crisis, and slowdowns in emerging markets like China.