Advancing and future-proofing Vaughan’s economy
City of Vaughan launches 2024-2027 Economic Development Action Plan
Did you know Vaughan is York Region’s largest economy? In fact, the city accounts for more than one-third of the region’s economic output. To keep up with Vaughan’s unprecedented growth and rapid urbanization, the City of Vaughan has developed a new Economic Development Action Plan for 2024 to 2027.
Endorsed by Council on April 22, the 2024-2027 Economic Development Action Plan (PDF) will guide the City’s Economic Development team to help businesses grow, future-proof the local economy, position Vaughan as the leading livable and explorable city in the region and promote the creation of living wage jobs in Vaughan.
To help achieve this, the Economic Development team is undertaking the following key activities over the next four years:
Helping businesses build resilience and seize new growth opportunities
Advancing thought and community leadership through knowledge broker activities
Strengthening business, labour, regional and international networks
Promoting Vaughan’s main streets, employment centres, industrial parks and corridors
Building international relations with gateway economies
Empowering Council and community leaders to champion local economic development
Developing Vaughan as a Centre of Excellence for entrepreneurship, innovation and purpose-driven business
Advancing emerging opportunities in the health and healthcare industry, creative industries and destination development
Generating value-added partnerships that demonstrate Vaughan’s leadership and enhance services to the community
The City remains dedicated to empowering the local business community, promoting Vaughan’s economy as transformative, ambitious and purpose-driven, and undertaking strategic initiatives to bolster the local economy and future investment.
To learn more, read the full 2024-2027 Economic Development Action Plan Report (PDF) or visit vaughanbusiness.ca/ActionPlan.
QUOTES
“Vaughan is the economic engine of York Region, accounting for more than one-third of the region’s economic output, employment and businesses. The Economic Development Action Plan is critical to ensuring our momentum continues and that our strategic goals of enhancing economic prosperity and job creation are met. First and foremost, this plan sets the stage for a strong economy, offering ambitious and innovative solutions that will see our city thrive for generations to come. More practically, it operationalizes our Strategic Plan and serves as a signal to the local business community and prospective investors that Vaughan is open for business, and is a key gateway between the regional, provincial, national and international economies. The City of Vaughan is on an exciting trajectory and has delivered on several key milestones over the past year. I want to extend my thanks to all the staff who worked so hard to ensure this report reflects our vision for the future of this city.”
- Mayor Steven Del Duca
“The Economic Development Action Plan outlines a City-wide approach to economic development that demonstrates Vaughan’s commitment to advancing and future-proofing our rapidly growing economy. Through direct services, partnership and advocacy, our Economic Development department will continue to empower local businesses, residents and stakeholders to advance economic prosperity and job creation in Vaughan. On behalf of the Senior Leadership Team – Executive, I thank the Economic Development department for their hard work in making Vaughan a place where entrepreneurship, business, tourism and the arts can prosper and grow.”
- Nick Spensieri, City Manager
“The City’s Economic Development department is committed to undertaking projects that create business opportunities and attract talent to Vaughan. The Economic Development Action Plan will help guide our work. I want to acknowledge the hard work and dedication of our Economic Development team who helped shape this Action Plan into a guiding document we can all be proud of. As our city continues to expand, the contributions of the Economic Development department are critical to our ongoing efforts. This Action Plan will serve as a road map to ensure Vaughan’s continued economic vitality.”
- Raphael Costa, Director, Economic Development
QUICK FACTS
To keep up with Vaughan’s unprecedented growth and rapid urbanization, the City has developed a new Economic Development Action Plan for 2024 to 2027.
The 2024-2027 Economic Development Action Plan will guide the City’s Economic Development team to help businesses grow, future-proof the local economy, position Vaughan as the leading livable and explorable city in the region and promote the creation of living wage jobs in Vaughan.
The City remains dedicated to empowering the local business community, promoting Vaughan’s economy as transformative, ambitious and purpose-driven, and undertaking strategic initiatives to bolster the local economy and future investment.
LEARN MORE
April 10, 2024, Committee of the Whole (Working Session) Report: 2024-2027 Economic Development Action Plan (PDF)
- Economic Development’s webpage
- Economic Development department’s eNewsletter
- Economic Development LinkedIn
