Statistics Canada has launched the Real-time Local Business Conditions Index (RTLBCI) as an experimental statistic to measure business activity in real time during the pandemic and beyond.
This new measure was developed to provide a more consistent and accurate measurement of business activity across Canada, with 30 top urban centres included in the collection and analysis of data.
Since the launch of Statistics Canada’s RT-LBCI index in 2020, the City of St. John’s has consistently ranked as one of the top performing urban centres for business activity in Canada.
As of January 22, 2024, St. John’s holds a RTLBCI of 543.72, positioning it favorably in the context of real-time local business conditions. It’s essential to note that a higher index value suggests improved business conditions in the city.
Among the cities listed, St. John’s falls within the top five. This ranking comparison helps contextualize St. John’s performance in relation to its peers. Understanding how it compares to other cities provides valuable insights into the city’s economic health and competitiveness within the given parameters of the RTLBCI.
To compare RT-LBCI measures in St. John’s to other jurisdictions across Canada, click here.
The Real-time Local Business Conditions Index (RTLBCI) provides insights into the current business conditions in select cities, using a three-component approach that combines alternative data sources with Statistics Canada data holdings. The index measures the economic size of a business district at the local level, tracks the operating conditions of businesses in the area, and assesses the level of business activity using road traffic data. A rising index indicates improved business conditions, while a decline suggests deteriorating conditions.
More background on RT-LBCI can be found here.
Main photo: Brian Carey Photography