Toronto’s unemployment rate at its lowest in 5 years: City
Posted September 12, 2013 4:31 pm.
This article is more than 5 years old.
TORONTO – Mayor Rob Ford is painting a rosy picture of the city’s economic situation in what seems like a pre-campaign speech.
Outlining the city’s economic status Thursday, Ford pointed to the latest job numbers, which put Toronto’s unemployment rate at 7.1 per cent — the lowest level in five years.
This is the also the first time since 1989 where Toronto’s unemployment rate has been the same or lower than the 905, provincial and national averages.
“I was elected on a promise — to create jobs and address Toronto’s unemployment rate — and today I’m proudly here to stand before you and say that’s exactly what I have done.”
Coun. Adam Vaughan says the real credit belongs to private business and council initiatives that the mayor had no part of.
“Is Rob Ford right to be happy about it? Absolutely. To take credit for it is a bit of a stretch,” he said.
City manager Joe Pennachetti says the city’s program to reduce Toronto’s corporate tax rate — a program started under former mayor David Miller — is a major factor in fuelling jobs.
According to the city’s figures, there are 58,000 more Toronto residents working today than a year ago.
Ford also said Toronto is now a global economic powerhouse.
“Under my administration, Toronto has become a magnet for business and investment — that’s because we’ve adopted an integrated approach to facilitating employment and job growth,” Ford said.
