01/23/2015 11:11 EST | Updated 01/23/2015 11:59 EST

Calgary Is Canada's Top Performing Metro Economy, Report Says

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CALGARY, CANADA - NOVEMBER 8: The downtown is covered in white as the region experiences its first major snowfall of the season on November 8, 2013 in Calgary, Alberta, Canada. The region experienced major flooding along the Bow River in June, washing out the Trans-Canada Highway 1 for nearly a week, forcing tens of thousands of National Park visitors to cancel their vacation plans. (Photo by George Rose/Getty Images)

Calgary's economy outperformed those in all of Canada's biggest metropolitan cities last year, says a report released Thursday.

The Brookings Institution has ranked Cowtown 53rd out of 300 metropolitan economies on its 2014 Global Metro Monitor.

The report, released as part of the Global Cities Initiative, a joint project with JP Morgan Chase, orders economies based on the "metropolitan area growth index," which takes employment rates and GDP per capita into account.

Calgary's GDP per capita rose 3.1 per cent from 2013 to 2014, while its employment improved by 2.7 per cent.

Both Calgary and Vancouver found themselves among the top five metropolitan areas internationally whose economies grew faster than their countries'.

Energy powered Calgary's growth, while business and financial services aided Vancouver's.

Coming in below Calgary on the list was Edmonton at 62nd place, Vancouver at 74th and Quebec City at 80th.

Montreal came in 285th place, 15 places from the bottom, and the lowest of any Canadian city mentioned in the report. It registered GDP per capita growth of 0.7 per cent and a drop in employment of 0.9 per cent.

While the rankings made for good news in some cities, other research released by the Broadbent Institute showed that incomes fell in 15 out of the country's 32 biggest metro areas from 2006 to 2012.

It found, for example, that inflation-adjusted wages in both Toronto and Vancouver fell 2.8 per cent and three per cent, respectively, at the same time that the cost of living went up.

Windsor, Ont. saw the most dramatic drop in that period, with wages falling 13.6 per cent.

But the Broadbent Institute's research nevertheless had good news for Calgary and Edmonton, whose median wages rose 9.6 per cent and 14.2 per cent in the same period, respectively.

Check out how Canadian cities made out on the 2014 Global Metro Monitor Map:

Canada's Top Performing Economies, According to the Brookings Institution

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