Don't Blame Canada | Grubb & Ellis | Wausau Wisconsin

Don’t Blame Canada | Grubb & Ellis | Wausau Wisconsin

filed under: Commercial Real Estate Market posted on June 11th, 2010

Don’t Blame Canada: Canada did many things right before the run-up to the credit crisis and during the crisis itself, and now the Canadian economy is recovering more quickly than the U.S. and Europe. First quarter GDP grew at an annualized rate of 6.1 percent, the sharpest increase in more than 10 years and the fastest growth among G-7 countries. Total employment in Canada fell by 2.7 percent versus a peak-to-trough decline of 6.1 percent in the U.S. Since bottoming in August 2009, Canadian employers have added 115,000 net new jobs, recouping 28 percent of the 407,000 jobs lost in the downturn. More conservative financial institutions and a stable housing market helped cushion Canada’s economy from the crisis while global demand for commodities has given the recovery a leg up.

Back in the U.S., The Wall Street Journal ran a must-read editorial yesterday on why fears of a double-dip recession are overstated – see attached.

Source: Robert Bach , SVP, Chief Economist , Grubb & Ellis , 312.698.6754

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This entry was posted on Friday, June 11th, 2010 at 1:37 pm and is filed under Commercial Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.