Québec City economic statistics

The Québec City census metropolitan area (CMA)’s labour market was marked by the creation of 15,600 jobs in 2023, an increase of 3.5%. This is a surprise, as employment in the region—and elsewhere in Canada— exceeded expectations. Compared to other major cities in the country, Québec City ranked third in terms of the labour market increase, after two consecutive years at the bottom of the ranking. Moreover, it is the only city among its Canadian counterparts to have registered a higher increase in employment than in the labour force.

Data updated in march 2024.

Based on estimates from the Conference Board of Canada (CBoC), real gross domestic product (GDP) in the Québec City census metropolitan area (CMA) was $39.97B in 2023, a 0.4% decrease compared to last year. This decline is explained in part by postponed investments, decreased consumption, and a challenging year for several sectors of the economy. These impacts are directly linked to the economic slowdown following repeated increases in the key interest rate. Preliminary data also shows that the year 2023 was harder on the Québec City region than on its Canadian counterparts.

As for the standard of living and productivity levels, the region continues to lag behind the other major Canadian CMAs. Despite a challenging year from coast to coast, the region maintains its last position in Canada, with the standard of living established at $45,929, and the GDP per job at $87,802.

Information updated as of April 2024.

With a little over $5.7B in spending intentions in 2023,1 non-residential tangible capital investment in the Québec City census metropolitan area (CMA) jumped 5.6% compared to 2022, when the region had registered $5.4B in investments, according to preliminary numbers. This growth is mostly explained by construction activities, which attracted more than half of expenditure intentions (62.9%), against slightly more than one third (37.1%) in machinery and equipment.

In particular, the CMA’s building construction sector (residential and non-residential) registered a drop of 12.7%. Residential construction is what pulled the numbers down, with a 22.4% drop in investments. In comparison, non-residential building construction increased 9.4%.

Information updated as of June 2024.

The report on the purchasing power for the Québec City census metropolitan area (CMA) in 2023 highlights several facts. Disposable income per capita (DIPC) increased by 1.0%, while average hourly wages rose by 4.4%. At the same time, inflation fell to 4.8%. Despite rising prices, the real estate market remained relatively accessible, with Québec City boasting the most reasonable house prices and two-bedroom rents compared to its Canadian counterparts. However, soaring real estate prices were a cause for concern, with inflation reaching 6.8%. An upsurge in bankruptcies was observed, signalling a worsening financial situation for some households. In addition, housing starts and completions were insufficient to meet demand throughout 2023. The effects of rising interest rates have begun to be felt on the economy, though without translating into higher mortgage financing costs.

Information updated as of Mai 2024.

The demographics report for 2023 provides a detailed analysis of population growth and the trends observed in the Québec City census metropolitan area (CMA). This growth was mainly driven by international immigration, which greatly contributes to the population increase. The population grew significantly, notably experiencing positive net migration with the other CMAs in the province of Quebec, especially Montréal. Despite a drop in natural increase, the Québec City region remains attractive for residents, especially for young adults of working age. Finally, demographic projections emphasize the aging of the population for the decades ahead.

Information updated as of august 2024.