Business and Investment Continue to Grow in Vaughan
Strong Business Base Contributed to Thousands of New Jobs in the City
The City of Vaughan continues to show strong economic growth and remains a leader when it comes to job creation in York Region, according to an economic development report presented to Council today.
The City reached a new milestone in 2014 – it is now home to more than 10,900 businesses, increasing from 10,231 in 2013. This represents 2.7 per cent business growth and 3.1 per cent employment growth from 2013 to 2014.
Contributing to this success is the Vaughan Business Enterprise Centre (VBEC), which provides entrepreneurs with professional business consultation services. VBEC completed more than 1,400 business consultations in 2014, an increase of 67 per cent over the year before, which resulted in the start-up of 346 new businesses and generated employment for 772 people.
The Update on the Economic Development Strategy also lists a number of next steps including a Community Improvement Plan Study that will support the development of Vaughan’s new downtown, and the Vaughan International Commercialization Centre Strategy that will work to attract foreign investment from companies looking to enter the North American market.
QUOTE
“We are committed to the continued growth of our business base in Vaughan as part of our goal to improve the quality of life and standard of living for the entire community. From the development of programs to support arts and culture, to creating the planning and financial environment to attract industry investment, the City’s economic development is a collaborative effort that involves Council and staff, as well as the development industry, educational institutions, government agencies and local businesses. By working together, we are creating a world-class city, creating jobs and establishing Vaughan as a destination for international investment.”
-Mayor Maurizio Bevilacqua
QUICK FACTS
- In 2014, the City of Vaughan was home to more than 10,900 businesses, employing 194,900 people
- Vaughan’s business community accounted for 38 per cent of the overall York Region business community, up from 36 per cent in 2013
- Canadian Real Estate Wealth magazine ranked Vaughan #1 in Ontario for real estate investment
- In 2014, the Economic Development department worked on projects totaling 1.8-million square feet of space and the sectors covered by these projects included supply chain and logistics, food and beverages, building products, machinery fabrication, hospitality, and office development
LEARN MORE