Hamilton is 14th among Canada's major cities in a recent economic activity ranking that gauges momentum. But the expert who wrote it says that's not bad at all.

The Canadian Metropolitan Economic Index, released by CIBC World Markets on Jan. 3, showed Hamilton one notch below London and ahead of Kitchener in economic growth.

The top 10 was dominated by cities benefiting from the Alberta oil sands. So Hamilton's not doing too badly, said Benjamin Tal, deputy chief economist.

"Hamilton is very comfortably in the middle in terms of employment, population growth and quality of employment," Tal said. "When it comes to the housing market, you're doing relatively OK."

Tal expects to see Hamilton slide up the rankings in the next couple of years. The U.S. economy is improving, which bodes well for the Canadian steel industry, he said.

"I think 2014 will be a good year for the city."

The report is compiled using variables such as population growth, bankruptcy rates, housing starts and non-residential building permits.

Neil Everson, Hamilton's director of economic development, could not be reached for comment on Thursday.

Toronto topped the 25-city list, mainly from the city's diverse economy. Calgary, with its 5.1 per cent unemployment rate, ranked second. Regina, Winnipeg and Saskatoon rounded out the top five.

Hamilton ranked fourth among Ontario cities, behind Toronto, Ottawa and London. It ranked ahead of Kitchener, Kingston, Thunder Bay, St. Catharines, Windsor and Sudbury.

Read the full report in PDF form