Job Growth in Kitchener Waterloo up, outpacing Canada’s rate

Good news for real estate investors who are growing their wealth through buying property in Kitchener Waterloo, Ontario, canada

Kitchener Waterloo Employment Growth up 7.8%

Some encouraging news for real estate investors looking to buy investment property in an area with a strong job market.  Kitchener Waterloo is growing while many economies across Canada slow down.

Remember Ben’s Rule of Rental Real Estate: Buy rental property in strong job markets, near major employers

From Daily Commercial News:

Strong fundamentals driving Kitchener-Waterloo into 2011

Kitchener, Ont.’s economy is heading into the second half of 2010 in high gear, based on the employment report for July and the building permits statistics for June.

In July, employment growth in the Kitchener-Waterloo metro area (+7.8% year over year) was the fastest among the 27 census metro areas in the country, and more than three times the national average (2.3%).

Year-over-year job gains in July were particularly strong in business services (+42.1% year over year); finance insurance and real estate (+31.0%); professional and technical services (+16.7%); wholesale and retail trade (+16.2%); manufacturing (+15%); and accommodation and food services (+8.3%).

This strong pattern of job creation was accompanied by exceptionally healthy year-to-date gains in residential building approvals (+68%), as well as in all three categories of non-residential building, led by institutional (+134%), industrial (+121.9%) and commercial (+109.8%).

Specific projects that contributed to this increase in building plans include: the Barrel Yards, a 25-storey residential, commercial and hotel project in Waterloo, Ont.; an office/tech building in Waterloo; and a new provincial courthouse designed to put the three courthouses in Waterloo Region under one roof.”

So that’s what the job market in Kitchener Waterloo is doing – what about the rest of Ontario and Canada? A recent headline from The Record reads Canada’s jobless rate edges up; Waterloo Region’s dips to 7 per cent.

I guess that’s why Kitchener Waterloo is the #1 city to invest in Ontario, according to the REIN Top 10 Towns list (see:

Top 9 Reasons You Should Invest in KW Real Estate)

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