Advancing Vaughan’s economy

July 20, 2022 10:00 a.m.
​The City’s Economic Prosperity Task Force inspires sustainable economic growth across Vaughan


Involving citizens in matters that impact them remains a top priority for the City of Vaughan. That’s where the 2018-2022 Term of Council task forces come into play, addressing a range of policy areas that are important to the community. At the inaugural meeting for this term, Mayor Maurizio Bevilacqua announced the creation of new task forces related to economic development, transportation, older adult issues, diversity and governance.

As these task forces wrap up this year, the City will be sharing highlights from each of them once their findings reports are ratified by Vaughan Council. Most recently, the Economic Prosperity Task Force report was brought forward.

This task force was approved by Council in May 2020, and Ward 4 Councillor Sandra Yeung Racco and Deputy Mayor, Local and Regional Councillor Mario Ferri were appointed as Chair and Vice-Chair, respectively.

The task force had an overall mandate to advise on how the City can best deliver an economic development function that would increase the well-being of citizens by making it easier for businesses to thrive. This included creating opportunity statements – the ideal state the City can explore – to spur sustainable economic growth and create more jobs, higher incomes, better living standards and a healthier municipality.

Following careful research, consideration and dedication to this mandate, the appointed members developed the Economic Prosperity Task Force Findings Report, which was presented to Council on June 28, 2022. It outlines the following recommendations:

  • That Council endorses and refers the following seven opportunity statements to staff to help inform the next Economic Development Strategic Business Plan:
    • COVID-19 Impact Opportunity Statement – Support organizations to be flexible and adapt to unexpected challenges, such as a global pandemic. 
    • Vaughan’s Economic Identity Opportunity Statement – Convey the narrative that Vaughan is a world-class city with innovative and transformational projects and opportunities.
    • Built-Form Opportunity Statement – Create an environment of prosperity for businesses and residents across a diverse range of job sectors.
    • International Business Development Opportunity Statement – Adopt an international approach to talent, commercial and cultural development.
    • Talent Development Opportunity Statement – Engage and further mobilize Vaughan’s diverse talent pool.
    • Tourism Development and Creative Industry Opportunity Statement – Activate Vaughan’s arts, culture and tourism assets through ongoing partnerships with businesses and community organizations.
    • Small Business and Entrepreneurship Opportunity Statement – Reduce barriers to business ownership and business expansion.
  • That an economic prosperity advisory body is established for the 2022 to 2026 Term of Council.

Read more in the Economic Prosperity Task Force Findings Report.

QUOTES

“A strong economy is the foundation of a well-run city, and as one of the fastest-growing municipalities in North America, Vaughan is an economic powerhouse. The city is outpacing national, provincial and regional growth rates with real Gross Domestic Product growth at seven per cent. Since 2010, more than $15 billion in building permits have been issued and 70,000 additional jobs have been created. The Vaughan Metropolitan Centre – our downtown core – is growing well beyond projected growth at a rate of 267 per cent. Cortellucci Vaughan Hospital is Canada’s first smart hospital, providing healthcare and creating thousands of new jobs. Key investments in transit, housing, environment, education, healthcare and infrastructure provide residents with a high standard of living and quality of life – making the City of Vaughan the city of choice. I want to thank members of the Economic Prosperity Task Force, including my Council colleagues, the Chair and Vice-Chair, Councillor Yeung Racco and Deputy Mayor, Local and Regional Councillor Ferri, for their contribution.”

- Mayor Maurizio Bevilacqua

“I am pleased to have served as Chair of the City of Vaughan’s inaugural Economic Prosperity Task Force. Our mandate was to advise on how the City could best devise an economic development function that would increase the well-being of citizens by making it easier for businesses to thrive. The City of Vaughan stands out among its neighbours, and we will continue to strive to move forward in a progressive and innovative way in order to be recognized as a world class city. Fueled by an ambitious approach to city building, a subway, and major projects like the Vaughan Metropolitan Centre and the Vaughan Healthcare Centre Precinct, the city’s transformation allows businesses and talent to capitalize on the excitement, opportunity and culture of this urban centre. The work of the Economic Prosperity Task Force has provided valuable insight into the emerging opportunities for Vaughan’s economic development.”

- Councillor Sandra Yeung Racco, Chair, Economic Prosperity Task Force

“The Economic Prosperity Task Force has been instrumental in its mission to improve local economic development strategies and identify global marketing strategies to improve Vaughan’s foreign-direct investment offerings. I am pleased to say that we have been successful in our mandate to leverage industry knowledge to encourage sustainable economic growth that leads to more jobs, higher incomes, a better standard of living and an overall healthier municipality. Ultimately our goal is to provide guidance toward a stronger, more prosperous Vaughan. Many residents, businesses and organizations contributed to the outstanding work of the Economic Prosperity Task Force. We are grateful for their time, talent and input toward this critical city-building initiative.” 

- Deputy Mayor, Local and Regional Councillor Mario Ferri, Vice-Chair, Economic Prosperity Task Force

QUICK FACTS

  • On Dec. 4, 2018, at the inaugural meeting of this Term of Council, Mayor Maurizio Bevilacqua announced the creation of new task forces to address a range of important policy areas, including transportation, economic development, older adult issues, diversity and governance.
  • Twelve members – nine regional industry stakeholders and three resident representatives – were recruited for the Economic Prosperity Task Force.
  • This task force was approved by Council in May 2020, and Ward 4 Councillor Sandra Yeung Racco and Deputy Mayor, Local and Regional Councillor Mario Ferri were appointed as Chair and Vice-Chair, respectively.
  • The task force met quarterly as needed, from July 2020 to May 2022.
  • The task force had an overall mandate to advise on how the City can best deliver an economic development function that would increase the well-being of citizens by making it easier for businesses to thrive.
  • Following careful research, consideration and dedication to this mandate, the appointed members developed the Economic Prosperity Task Force Findings Report, which was presented to Council on June 28, 2022.
  • The task forces for this Term of Council are as follows: Diversity and Inclusion Task Force, Economic Prosperity Task Force, Effective Governance and Oversight Task Force, Older Adult Task Force, Smart City Task Force and Transportation and Infrastructure Task Force. 

LEARN MORE

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