Ottawa ranked as first in economic growth in Canada

People looking to immigrate to Canada will be very interested to know about the recent rankings for technology-heavy sectors. A recent analysis by CIBC World Markets Inc. (a Canadian banking and investment firm) placed Ottawa at the top of the tech sector growth list with strong economic diversity.

Canada is aggressively recruiting highly skilled workers in a wide variety of specialties. Using a points-based system, potential immigrants are granted work permits and visas based upon their ranking. Information technology in general and several other technology and engineering specialties are in critical demand.

According to the study, Ottawa may be one of the best bets to locate substantial employment, having experienced 10% economic growth in the last year and 28% in the last quarter. Calgary barely trailed at 27% for the quarter, with Toronto coming third at 24.9%. The regions also tend to welcome new immigrants, a move that generally leads to higher productivity.

More then 1,841 tech companies are located in Ottawa. Many are experiencing a painful shortage of workers due to rapid growth. Job fairs are common in attempt to fill vacant positions, and incentives are being offered, including items such as bonuses and stock options to present employees that refer friends or family members who become employees.

The Federal Government is also expanding its employee base. It has hired over 1,500 new workers in the Ottawa region alone, an increase of 1.7%. Across Canada the Federal Government has hired 4,200 new employees in the last 10 months. The regions estimated 78,147 employee workforce represents a 10-per-cent jump in the last year.

The report lists economic momentum in Canadian cities, ranking the Ottawa-Gatineau region first in economic growth. The booming energy sector in Calgary places it second in the ranking, followed closely by Toronto, Vancouver and Hamilton.

Experts point out that the very diverse make-up of Canada in general, and specifically some of the metropolitan regions, is helping to drive economic growth. Diverse populations produce diverse economies, and diverse economies are strong because they are most resilient to the unpredictable world market.

The key to building a diverse population is Canada's 'open-door' policy of welcoming immigrants - a policy that Prime Minister Stephen Harper recently vowed at the United Nations World Forum to continue to uphold. Diverse populations produce raised levels of production and a stronger economy, which in turn produce a better standard of living and ultimately a high quality of life.