TD Bank economist Derek Burleton has spoken: non-residential construction will lead Canada's 2013 economic growth.
Derek told Bisnow (and Brookfield's Matt Picken, left) at last week's NAIOP breakfast that he expects CRE to be a huge part of that growth, especially in Toronto. That's risky talk in a nation united by hatred for Hogtown. But TD amped the argument today by releasing a report that shows the Echo Boom-driven downtown renaissance has triggered an economic chain reaction, luring employers, retailers, and service providers to The Centre of the Universe. Derek sees similar trends in other big cities (except those dependent on government jobs). "Lots of supply is coming on-stream, and demand's perking up, too," he says.
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