Vaughan’s economy continues to grow

Highlights from the 2023 Economic Development Year in Review

Vaughan remains the largest economy in York Region – accounting for more than 35 per cent of all employment and economic output in York Region in 2023. Supporting Vaughan’s thriving businesses is central to the work of the City of Vaughan’s Economic Development department. The City’s best-in-class, award-winning economic development initiatives foster the growth of the local business community and attract new businesses and talent to Vaughan through strategic services, programs and partnerships.

In 2023, the city’s economic output, as measured by real gross domestic product (GDP), rose to more than $25.5 billion, outpacing provincial and national growth rates. Vaughan remained one of the top development markets in the country, ranking ninth by the value of building permits in Canada for all types of buildings and sixth nationally by the value of industrial permits in 2023. Last year alone, Economic Development tracked 23 major business investments in the city that represent more than three million square feet of commercial and industrial space.

An overview of Economic Development’s 2023 initiatives and achievements is outlined in the Economic Development: 2023 Year in Review (PDF) – which was recently approved by Vaughan Council.

Here are some of the 2023 highlights of economic development initiatives, projects, and activities supporting the growth and expansion of the city’s medium and large-sized business community and advancing knowledge and insight delivery: 

• Secured the 2024 to 2027 Auto Parts Manufacturer’s Association’s (APMA) Canada Automotive Summit in Vaughan to raise the profile of the city’s automotive industry and provide an opportunity to engage on the national and international stage.
• Worked with York Region Transit to secure the pilot Route 361 - Nashville Express to serve employers in the Vaughan Enterprise Zone and the extension of Route 20 - Jane to serve new employers at Jane Street and Teston Road.
• Received Council approval to advance a first- and last-mile goods and people movement Community Improvement Plan to equip businesses to accommodate innovative transportation solutions.
• Delivered the second year of the Talent City Vaughan program, supporting more than 180 residents in up-skilling.
• Hosted the Ontario Auto Mayors Caucus, bringing together representatives from 31 Ontario municipalities, Ontario’s original equipment manufacturers and other automotive industry stakeholders.
• Launched the Vaughan Economic Development LinkedIn account to enhance connections with the business community.
• Completed more than 50 corporate calls and supported more than 60 companies to understand the opportunities associated with investing in Vaughan.
• Launched updated key sector profiles and new opportunity area profiles to support business growth and expansion.

The Economic Development team remains committed to maintaining the competitiveness of the local economy. Looking ahead, the department will continue to support high-impact projects and initiatives, including international conference and mission participation, transit expansion support and community improvement plan development.

To learn more about Economic Development, visit vaughanbusiness.ca.

QUOTES

“The City of Vaughan is committed to building a world-class city where residents and businesses can thrive. We are committed to business excellence and building on our position as leader in the Greater Toronto Area. Vaughan has become the economic engine of York Region, accounting for more than one-third of all economic output and employment in the regional municipality. With a wide array of services dedicated exclusively to supporting businesses of all sizes, Vaughan is a great place to start or grow your company. The City is fortunate to have a talented Economic Development team committed to advancing our shared goal of boosting our local economy. The results of their work summarized in this report are incredible, and I look forward to their future accomplishments.”

- Mayor Steven Del Duca

“The City of Vaughan’s Economic Development department remains dedicated to working with all levels of government to support entrepreneurs and small business owners, with a focus on maintaining the competitiveness of the local economy. As the go-to source for insight into Vaughan’s economy, the team supports the business community with economic, real estate and demographic information, highly customized end-to-end site selection assistance, zoning, planning and by-law information, and much more. Their work contributes to one of the department’s goals of providing businesses with a climate for growth and improving residents’ quality of life and standard of living. I am pleased to congratulate the Economic Development team on the initiatives outlined in this review.”

- Nick Spensieri, City Manager

“The Economic Development team is committed to undertaking projects that create business opportunities and attract talent in Vaughan. The 2023 Economic Development Year in Review provides a snapshot of the transformative, ambitious and purpose-driven initiatives that support the growing economy of our world-class city. I want to congratulate the entire Economic Development team on the successes achieved and I look forward to many more accomplishments in the year ahead.”

- Raphael Costa, Director, Economic Development

QUICK FACTS

• The Economic Development team undertakes strategic services, programs and partnerships that foster the growth of the local business community and attract new businesses and talent to Vaughan.

• The Economic Development: 2023 Year in Review (PDF) showcases an overview of the Tourism Vaughan team’s initiatives and achievements for 2023.
• Connect with the Economic Development team in person at City Hall, 2141 Major Mackenzie Dr., by email at ed@vaughan.ca or by phone at 905-832-8526.

LEARN MORE

• Economic Development’s Economic Development: 2023 Year in Review (PDF)
• June 18, 2024, Committee of the Whole (2) Report: Business Retention, Expansion and Attraction - 2023 Economic Development Year in Review (PDF)
• Economic Development’s webpage
• Economic Development department’s eNewsletter
• Economic Development’s LinkedIn