New Investment in Vaughan Tops Billion Dollar Mark in 2013
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Jan. 14, 2014
The annual value of construction activity in the City of Vaughan has surpassed the one billion dollar mark for the ninth time in 12 years, supporting Vaughan’s position as one of Canada’s fastest-growing cities.
The annual value of construction activity in the City of Vaughan has surpassed the one billion dollar mark for the ninth time in 12 years, supporting Vaughan’s position as one of Canada’s fastest-growing cities.
“At a time when the Canadian economy continues to have challenges, this high level of investment in Vaughan sets us apart and showcases the advantages of our diversified local economy and our outstanding community services,” said Mayor Maurizio Bevilacqua. “Quite simply, people want to live here and businesses want to locate here. Our city is becoming established as a major urban centre in the GTA with a good balance of residential, retail and office investments.”
In 2013, permits issued in Vaughan totaled $1.102 billion, a 42 per cent increase over the value of permits issued in 2012 ($778.0 million).
The residential component accounts for 67 per cent ($735.3 million) of issued permits with new condominium apartments outpacing single family dwellings, including townhouses and semi-detached homes. This increase in mixed use high-rise residential units is consistent with the City’s Official Plan goals of achieving intensification and transit-oriented developments.
The commercial sector recorded strong growth in the areas of office development, retail structures, and restaurants. Compared to last year, construction of commercial properties increased by 49 per cent.
“These impressive numbers are an excellent indicator of strong business confidence in the Vaughan economy,” said Mayor Bevilacqua. “We are a city on the move, with the subway coming to our new downtown area, the extension of Highway 427 through prime employment lands, and the approval of Vaughan’s first hospital.”
The continuing investment in public transit infrastructure accounted for almost half of the $103.6 million in institutional building permits. Construction is proceeding at the Pioneer Village Station on Steeles Ave. W., one of six stations being built along the 8.6 kilometre Toronto-York Spadina Subway Extension line for the Toronto Transit Commission.