Economy
JUMP AHEAD
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An insulated economy
Kingston’s strong foundation
Kingston’s large public sector has helped to shield it from the downturn in the economy. Kingston’s public sector accounts for approximately 33% of total economic output compared to less than 13% for the country as a whole. Our Gross Domestic Product, the market value of all goods and services produced in our community, saw a decrease in 2009, but recovered in 2010 and will stabilize at roughly 2% growth over the next few years. Likewise, retail sales fell more than 3% in 2009, but made up for it with a 3.8% increase in 2010. The Kingston market is expected to reach $2 billion in retail sales by 2013. Inflation is also expected to be relatively stable until 2015.
Sources: Conference Board of Canada - Metropolitan Outlook 2 Winter 2011 & Municipal Housing Strategy For The City Of Kingston And County Of Frontenac, Feb 2011
Research & Development is strong
Kingston’s strong foundation
Because of Queen’s University, St. Lawrence College and the Royal Military College, Kingston has an advanced research and development capacity. A 2006 national survey by Research Infosource Inc. ranked Kingston 13th out of 27 Canadian cities in R&D. In University R&D, Kingston ranked 7th overall. In a more recent 2010 study of universities alone, Research Infosource ranked Queen’s 10 out of 45 Canadian universities.
Source: RE$EARCH Infosource Inc., 2006
Hundreds of millions in R&D
Queen’s University estimates that in 2009/2010 it generated more than $176 million in research income. St. Lawrence College has more than 40 applied research projects completed or underway in renewable energy, nursing, behavioural psychology, culinary, and other fields including water quality management. RMC has more than 30 research groups and hundreds of ongoing projects. In 2009, the RMC’s sponsored research income was $18 million.
Source: Queen’s University, St. Lawrence College& RMC
Increasing bankruptcies
The number of consumers who declare bankruptcy is growing in Greater Kingston, and is now higher than both the provincial and national average. While the business bankruptcy rate per 1,000 businesses in the Kingston CMA in 2009 was up slightly, the long-term trend has seen a gradual decline. Still, business bankruptcies in 2009 were more than 30% greater than that of the provincial or national rate.
What others say about us
A number of organizations have published popular measurements about communities across Canada, including Kingston.
Kingston is the fourth best place to live in Canada
Kingston placed fourth in the MoneySense Magazine’s annual ranking of Canada’s Best Places to Live in 2011. The survey of 179 communities across Canada looked at a wide variety of measures, including unemployment, house prices, public transit, crime, income, post-secondary institutions and more.
Kingston is fourth best in Canada for young, talented workers
Kingston placed fourth in Next Generation Consulting’s 2009-2010 study The Top Canadian Hotspots for Young, Talented Workers. The survey looked at each 27 cities on measurements of vitality, earning potential, learning opportunities, social capital, cost of lifestyle, entertainment and transportation.
