Vaughan's Economic Development Efforts Build Jobs and Business Growth
March 17, 2014
The City of Vaughan’s job rate, business growth, lease rates and housing prices are all trending upwards, according to an economic development report presented to Council today.
In 2013, the City reached a new milestone – it is now home to 10,230 businesses. That reflects a three per cent growth rate from 2012. The latest York Region Employment Survey points to continued growth with a 5.5 per cent increase in the number of jobs in Vaughan last year. There were 186,019 jobs in 2013 compared to 176,296 in 2012, an increase of 9,723 jobs.
The Update on the Economic Development Strategy report presented at a Priorities and Key Initiatives Committee meeting also includes preliminary results from the City’s 2013 mission to Israel. It indicates the mission was highly successful with business, academic and other public-sector participants together generating more than $300 million in economic opportunities.
QUOTE
“The City of Vaughan is positioning itself for continued future economic success, both at home and on a global scale. Reaching the 10,000-businesses milestone reflects the fact this is a place people want to do business. This growth will result in an improved quality of life and build a better future for the entire community.”
– Mayor Maurizio Bevilacqua
QUICK FACTS
- The City’s Economic Development department worked on a range of projects in 2013 including new business investments, building expansions and relocations of businesses from other communities, which totaled 1.74-million square feet of building space
- The projected employment for these projects is more than 700 jobs created or retained
- The sectors covered by these projects are diverse, ranging from financial services, retail distribution, transportation and logistics, to lighting and building technologies and professional services
- The largest employment sector in the City of Vaughan is manufacturing, which accounted for 22 per cent of the City’s projects
- Progress is being made on some large and notable projects, including the City’s new downtown area, the Vaughan Metropolitan Centre
- Vaughan Business Enterprise Centre (VBEC) completed 872 business consultations in 2013, which resulted in the start-up or expansion of 208 businesses and generated more than 650 employment opportunities, a 48 per cent increase from 2012
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