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Vaughan Economic and Business Update – December 2025

Vaughan Economic and Business Update - December 2025

Key Highlights

The national Consumer Price Index rose 2.2 per cent year-over-year in November, following an identical 2.2 per cent increase in October.

The national unemployment rate fell by 0.4 percentage points to 6.5 per cent in November, while the employment rate rose 0.1 percentage points to 60.9 per cent.

National Real Gross Domestic Product contracted 0.3 per cent in October, offsetting most of September’s 0.2 per cent growth.

In November, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in other services, professional scientific and technical services, construction, and health care and social assistance.

FedDev Ontario investment of over $3.1 million will help three Vaughan-based companies scale operations, adopt advanced technologies, and strengthen local supply chains.

Distribution Stox opens Greater Toronto Area distribution hub in Vaughan.

Cineplex Announces a New Playdium Location in Vaughan Mills for Summer 2026.

SELECT Economic Indicators

The national Consumer Price Index rose 2.2 per cent year-over-year in November, following an identical 2.2 per cent increase in October.

The Consumer Price Index rose 2.2 per cent on a year-over-year basis in November, following a 2.2 per cent increase in November. In Ontario, the Consumer Price Index rose 1.9 per cent year-over-year in November, up slightly by a 0.1 per cent increase from October. The Consumer Price Index increased in November at a faster pace than in October in five of Canada’s ten provinces.

Consumers paid 4.7 per cent more year over year for food purchased from stores in November, driven largely by an increase in fresh fruit (+4.7 per cent), fresh or frozen beef (+17.7 per cent), and coffee (+27.8 per cent). The increase in November was the largest since December 2023 (+4.7 per cent). Higher beef prices have been partially attributed to lower cattle inventories in North America. Coffee prices have been affected by adverse weather conditions in growing regions and have risen amid U.S. tariffs on coffee-producing countries, contributing to higher prices for refined coffee.

Year over year, prices for services rose at a slower pace in November compared with October. Lower prices for travel tours and travel accommodation, in addition to slower growth for rent prices, put downward pressure on the all-items CPI. Rent prices rose at a slower pace in November 2025 (+4.7 per cent) compared to October (+5.2 per cent).

The national unemployment rate fell by 0.4 percentage points to 6.5 per cent in November, while the employment rate rose 0.1 percentage points to 60.9 per cent.

The unemployment rate fell 0.4 percentage points to 6.5 per cent, while the employment rate rose 0.1 percentage points to 60.9 per cent. Employment increased by 54,000 jobs (+0.3 per cent) in November, driven by gains in part-time work. The unemployment rate fell in the CMA of Toronto (-0.3 percentage points to 8.4 per cent), which includes Vaughan.

Employment growth was concentrated among youth aged 15 to 24 (+50,000; +1.8 per cent). The gain in November follows an increase in October (+21,000; +0.8 per cent). These two months were the first increases in youth employment since the start of the year. Youth bore the brunt of a difficult labour market through most of 2025. In November, the youth employment rate was 55.3 per cent, up 1.7 percentage points from the low recorded in July (53.6 per cent). There was little change in employment for core-aged people (25 to 54 years) and people aged 55 years and older.

Employment increased in health care and social assistance (+46,000; +1.6 per cent), one of Vaughan’s emerging sectors. Employment decreased in one of Vaughan’s key sectors, wholesale and retail trade (-34,000; -1.1 per cent). The number of private-sector employees rose by 52,000 (+0.4 per cent) in November, while there was little change in the number of public-sector employees and self-employed workers.

Among people who were unemployed in October, 19.6 per cent had found work in November. This job-finding rate was up slightly compared with the same months in 2024 (18.6 per cent), indicating that job searchers were more likely to find work in November 2025 than a year earlier (not seasonally adjusted).

National Real Gross Domestic Product contracted 0.3 per cent in October, offsetting most of September’s 0.2 per cent growth.

Real gross domestic product (GDP) decreased 0.3 per cent in October, offsetting a 0.2 per cent increase in September. The decrease was driven by contractions in goods-producing and services-producing industries. Overall, 11 of the 20 industrial sectors contracted in October.

The manufacturing sector, one of Vaughan’s key sectors, fell 1.5 per cent in October, largely offsetting September’s expansion, as contractions in durable-goods and non-durable goods manufacturing industries weighed on growth. Machinery manufacturing (6.9 per cent) contributed the most to the decline in October after driving the increase in the previous month. Wood product manufacturing (-7.3 per cent) recorded its largest decline since April 2020, on widespread contractions across all industry groups. Sawmills and wood preservation (-9.0 per cent) drove the decline in the subsector in October 2025, reflecting production slowdowns following the US government’s announcement of additional tariffs on Canadian lumber effective October 14.

In addition to manufacturing, three of Vaughan’s other key sectors declined in October: transportation and warehousing, down 1.1 per cent, wholesale trade, down 0.9 per cent, and the construction sector, down 0.4 per cent.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

In November, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in other services, professional scientific and technical services, construction, and health care and social assistance.

In November, the top five industries seeking small business or entrepreneurship consultations were:

Other Services (25 per cent)
Professional Scientific & Technical Services (18 per cent)
Construction (8 per cent)
Health Care and Social Assistance (8 per cent)
Manufacturing (7 per cent)

*Other services include repair centers for motor vehicles, pet care services, funeral, laundry, photo finishing, etc.

A FedDev Ontario investment of over $3.1 million will help three Vaughan-based companies scale operations, adopt advanced technologies, and strengthen local supply chains.

The Federal government announced over $3.1 million to support the growth and resiliency of three Vaughan companies: Sky Acoustics Inc., Letar Inc. and Petra Hygienic Systems International Ltd. (Petra). Sky Acoustics Inc. is receiving up to $1 million to accelerate growth through the adoption of new automated equipment and more sustainable production practices. Letar Inc. is receiving $1.5 million to expand its capacity for complex aerospace and defence components through the adoption of advanced machining equipment. Petra is receiving $625,000 to implement its fully automated production system, powered by its AI-driven engine. The project will establish flexible, high-speed autonomous production lines for its personal care and cosmetic products.

Distribution Stox opens Greater Toronto Area distribution hub in Vaughan.

Distribution Stox is consolidating its Ontario operations with the upcoming opening of a new distribution centre in Vaughan, which will serve as the hub of its Greater Toronto Area operations. The consolidation will shift activities from Brampton to Vaughan as part of the company’s ongoing expansion in Ontario. The move centralizes GTA operations at a single location intended to improve proximity to customers, partners and employees across the region.

Cineplex announces a new Playdium location in Vaughan Mills for Summer 2026.

Canadian entertainment chain Playdium is bringing arcade games and interactive activities to Vaughan Mills. Construction for the new location has already started with targeted opening for summer 2026. The new Playdium will span more than 24,000 feet and will feature more than 70 games and attractions, including a ropes course, wall climbing, laser tag, duckpin bowling, and paintball. The new Playdium location will support Vaughan’s continuously expanding tourism sector and provide Vaughan Mills with an additional anchor tenant.

2025 Q3 Building Permit Rankings

HIGHLIGHTS

By the end of the third quarter of 2025, Vaughan ranked third nationally in the number of industrial building permits and sixth in the value of those permits.
Vaughan remains the most significant industrial market in York Region, surpassing 105.7 million square feet of industrial inventory in the third quarter of 2025.
Vaughan’s industrial permit value totalled more than $414 million at the end of the third quarter, with all non-residential permits totalling more than $673 million in permit value.
Vaughan is a leader in Ontario in non-residential development, ranking in the top five by both value and number of non-residential permits.
When looking specifically at commercial development, Vaughan ranks eighth nationally by value of building permits and sixth in Ontario by number of commercial building permits.
In Ontario, Vaughan ranks in the top ten by number of institutional building permits.
The industrial market in the Greater Toronto Area continues to face downward pressure in 2025, with year-over-year industrial availability rising by 0.1% from the previous quarter.
The Greater Toronto Area commercial market continues to gain momentum, with 2.5 million square feet of office space currently under construction, most of it in Toronto.
Non-residential building construction costs rose 0.6 per cent in the third quarter, following a 1.8 per cent increase in the previous quarter.

ANALYSIS

The data received from Statistics Canada ranks the number and value of building permits for the quarter. As economic indicators, the number and value of building permits measure current demand in both residential and non-residential real estate markets and estimate the future performance of the construction industry. Building permit values are a key indicator of the local economy’s strength and a predictor of population and employment growth.

By the end of the third quarter of 2025, Vaughan ranked third nationally in the number of industrial building permits and sixth in the value of those permits.

Vaughan’s industrial sector continues to thrive, and the performance of the industrial development market at the end of the second quarter reflects the city’s position as a top market in Canada. At the end of the third quarter of 2025, Vaughan ranked third nationally in the number of industrial building permits and sixth in the value of those permits.

Top Ten Canadian Industrial Markets by Number of Permits, Q3 2025[1]
1. Mississauga	6. Montreal
2. Toronto	7. Winnipeg
3. Vaughan	8. Markham
4. Calgary	9. London
5. Brampton	10. Edmonton

Top Ten Canadian Industrial Markets by Value of Permits, Q3 2025[2]
1. Brampton	6. Vaughan
2. Toronto	7. Edmonton
3. Winnipeg	8. Calgary
4. London	9. Windsor
5. Montréal	10. Mississauga

Vaughan remains the most significant industrial market in York Region, surpassing 105.7 million square feet of industrial inventory in the third quarter of 2025.

Vaughan maintains its position as the most significant industrial market in the York Region, with a growing industrial inventory of more than 105.7 million square feet. The city accounted for 61 per cent of York Region’s total industrial inventory at the end of the third quarter; Vaughan has more industrial inventory than all York Region municipalities combined[3]. Vaughan’s industrial vacancy rate for the third quarter of 2025 was 2.4 per cent, up slightly from quarter two’s vacancy rate of 2.1 per cent.

Vaughan’s industrial permit value totalled more than $414 million at the end of the third quarter, with all non-residential permits totalling more than $673 million in permit value.

Until the end of the third quarter in 2025, Vaughan’s non-residential permits totalled more than $673 million in permit value, with $414 million coming from industrial development[4]. Non-residential permits include those for industrial, commercial, and institutional permits.

Vaughan is a leader in Ontario in non-residential development, ranking in the top five by both value and number of non-residential permits.

In the third quarter of 2025, Vaughan ranked fifth in both the number and value of non-residential building permits in Ontario. Vaughan continues to maintain its position as a leader in non-residential development among Ontario municipalities.

Top Ten Ontario Non-Residential Markets by Number of Permits, Q3 2025[5]
1. Toronto	6. Hamilton
2. Mississauga	7. London
3. Ottawa	8. Markham
4. Brampton	9. Kitchener
5. Vaughan	10. Guelph

Top Ten Ontario Non-Residential Markets by Value of Permits, Q2 2025[6]
1. Toronto	6. London
2. Brampton	7. Ottawa
3. Hamilton	8. Markham
4. Mississauga	9. Kitchener
5. Vaughan	10. Richmond Hill

When looking specifically at commercial development, Vaughan ranks eighth nationally by value of building permits and sixth in Ontario by number of commercial building permits.

In the third quarter of 2025, Vaughan ranked eighth in Canada by the value of commercial permits and sixth in Ontario by the number of commercial permits issued. Vaughan’s commercial permit value for the year up to the end of September 2025 was $114.6 million[7].

Top Ten Canadian Commercial Markets by Value of Permits, Q3 2025[8]
1. Toronto	6. Burnaby
2. Vancouver	7. Mississauga
3. Calgary	8. Vaughan
4. Montreal	9. Hamilton
5. Edmonton	10. Markham

Top Ten Ontario Commercial Markets by Number of Permits, Q3 2025[9]
1. Toronto	6. Vaughan
2. Mississauga	7. London
3. Ottawa	8. Markham
4. Brampton	9. Kitchener
5. Hamilton	10. Windsor

In Ontario, Vaughan ranks in the top ten by number of institutional building permits.

In the third quarter of 2025, Vaughan ranks 10^th overall in Ontario by the number of institutional building permits. Vaughan’s institutional permit value for the year up to the end of September 2025 was $$23,670,647[10].

Top Ten Ontario Institutional Markets by Number of Permits, Q3 2025[11]
1. Toronto	6. Guelph
2. Mississauga	7. Brampton
3. London	8. Kitchener
4. Ottawa	9. Windsor
5. Hamilton	10. Vaughan

MARKET TRENDS

The industrial market in the Greater Toronto Area continues to face downward pressure in 2025, with year-over-year industrial availability rising by 0.1% from the previous quarter.

Industrial absorption increased from 80,000 square feet in the second quarter to 1.2 million square feet in the third quarter of 2025[12]. The average asking net rent in the Greater Toronto Area dropped slightly from $16.96 per square foot in the second quarter to $16.84 per square foot in the third quarter of 2025. Vaughan’s industrial average asking net rent in the third quarter was slightly higher than the Greater Toronto Area’s average at $17.38 per square foot.

The Greater Toronto Area commercial market continues to gain momentum, with 2.5 million square feet of office space currently under construction, most of it in Toronto.

Commercial real estate continues to gain momentum in the third quarter of 2025 as return-to-office mandates from the public and private sectors drive up occupancy rates. Suburban A Class buildings could start emerging as strong contenders, offering better value and easier access for suburban workforces. These assets are increasingly attracting tenants and outperforming many B- and C-Class options in the Toronto core[13].

Non-residential building construction costs rose 0.6 per cent in the third quarter, following a 1.8 per cent increase in the previous quarter.

Non-residential building construction costs increased across most divisions measured, with the structural steel (3 per cent) and metal fabrications (2 per cent) divisions recording the most significant increases. These increases were partly due to higher labour costs and higher metal prices, which are still affected by import tariffs[14].

NEXT STEPS

Economic Development will continue to monitor economic trends, including non-residential market conditions, and leverage its available channels to provide timely updates to the business community. These include the department’s LinkedIn Channel, eNewsletters, and the Insights page on vaughanbusiness.ca.

Staff continue to connect with local businesses through Economic Development’s corporate calling program to better understand business sentiment towards local market conditions and other business challenges.

If you have any questions, don’t hesitate to contact Jordan Lopez, Economic Development Coordinator, at Jordan.Lopez@vaughan.ca.

DEFINITIONS

Industrial buildings are defined as structures used in the processing or production of goods, or those related to transportation and communication.

Commercial buildings are defined as structures used in the trade or distribution of goods and services and include office and retail buildings.

Institutional buildings are structures designed to house public and semi-public services, such as those related to health and welfare, education, or public administration, as well as buildings used for religious purposes.

Residential buildings are defined as structures intended for private occupancy whether on a permanent basis or not. Dwellings are divided into the following types: single-family, mobile, cottage, semi-detached, row house and apartment building.

Non-Residential buildings are all structures not intended for private occupancy whether on a permanent basis or not. This includes buildings used for institutional, commercial, or industrial purposes.

[1] Q3 2025 Toronto Industrial Market Report. Colliers.

[2] Q3 2025 Toronto Office Market Report. Colliers.

[3] Building Construction Price Indexes, Q3 2025. Statistics Canada

[4] Q3 2025 Building Permit Data Report. Statistics Canada.

[5] Summary of Construction Activity to September 30, 2025. City of Vaughan.

[6] Q3 2025 Building Permit Data Report. Statistics Canada.

[7] Q3 2025 Building Permit Data Report. Statistics Canada.

[8] Summary of Construction Activity to September 30, 2025. City of Vaughan.

[9] Q3 2025 Building Permit Data Report. Statistics Canada.

[10] Q3 2025 Building Permit Data Report. Statistics Canada.

[11] Q3 2025 Toronto Industrial Market Report. Colliers.

[12] Summary of Construction Activity to September 30, 2025. City of Vaughan.

[13] Q3 2025 Building Permit Data Report. Statistics Canada.

[14] Q3 2025 Building Permit Data Report. Statistics Canada.

Vaughan Economic and Business Update – October 2025

Vaughan Economic and Business Update - November 2025

Key Highlights

The national Consumer Price Index rose 2.4 per cent year-over-year in September, following a 1.9 per cent increase in August.
The national unemployment rate remained unchanged in September at 7.1 per cent, while the employment rate rose 0.1 percentage points to 60.6 per cent.
National Real Gross Domestic Product contracted 0.3 per cent in August, offsetting most of July’s 0.3 per cent growth.
In September, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in other services, retail trade, and professional scientific and technical services.
Ontario Vehicle Innovation Network 2.0 will be implemented over the next four years, with Infineon and Mercedes named as the primary partners.
Walmart Canada opens its first Ambient Distribution Centre in Vaughan, marking the company’s most advanced distribution centre in the country.
Tailored Genes opens its new 5,145-square-foot viral vector manufacturing facility in Concord.
Shake Shack opens a new location at Vaughan Mills, marking the franchise’s first expansion into York Region.
Six companies from Vaughan have been recognized in the 2025 edition of The Globe and Mail’s “Canada’s Top Growing Companies” list.

SELECT Economic Indicators

The national Consumer Price Index rose 2.4 per cent year-over-year in September, following a 1.9 per cent increase in August.

The Consumer Price Index rose 2.4 per cent on a year-over-year basis in September, up from a 1.9 per cent increase in August. In Ontario, the Consumer Price Index rose 2.0 per cent year-over-year in September, up slightly by a 0.3 per cent increase from August. The Consumer Price Index increased in September at a faster pace than in August in each of Canada’s ten provinces.

Consumers paid 4.0 per cent more year over year for food purchased from stores in September, following a 3.5 per cent increase in August. Increased prices for fresh vegetables, sugar, coffee, and fresh or frozen beef drove faster price growth.

As students in Vaughan and across the Greater Toronto Area returned to post-secondary education programs, tuition fees, which are priced annually in September, increased by 1.7 per cent in 2025 compared to a 1.8 per cent increase in 2024. Aside from 2019, the 2025 increase was the smallest since 1976, when the index remained unchanged at 0.0 per cent. Students in Ontario had the smallest tuition increase in Canada at 1.1 per cent, coinciding with a tuition fee freeze in the province.

The national unemployment rate remained unchanged in September at 7.1 per cent, while the employment rate rose 0.1 percentage points to 60.6 per cent.

The national unemployment rate remained unchanged in September at 7.1 per cent, while the employment rate rose 0.1 percentage points to 60.6 per cent. National employment increased by 60,000 (+0.3 per cent) in September, partially offsetting a cumulative decline of 106,000 jobs (-0.5 per cent) over the previous two months. From January to September 2025, employment has recorded little net growth (+22,000; +0.1 per cent).

Employment was up in the core-aged group (25 to 54 years old), both for women (+76,000; +1.2 per cent) and men (+33,000; +0.5 per cent). There was an increase in full-time employment (+106,000; +0.6 per cent) in September, and average hourly wages among employees increased 3.3 per cent (+$1.17 to $36.78) on a year-over-year basis.

Employment in manufacturing increased by 28,000 in September (+1.5 per cent), with the majority of the growth occurring in Ontario (+12,000). While employment grew in manufacturing, another one of Vaughan’s key sectors saw a decline, with wholesale and retail trade dropping nationally by 21,000 jobs (-0.7 per cent).

The youth unemployment rate rose to 14.7 per cent in September. The elevated unemployment rate among youth attending school in September follows a challenging summer student job market in 2025. On average over the months of May to August 2025, the unemployment rate for returning students stood at 17.9 per cent, the highest rate since the summer of 2009 (18.0 per cent), excluding the COVID-19 pandemic in 2020.

National Real Gross Domestic Product contracted 0.3 per cent in August, offsetting most of July’s 0.3 per cent growth.

National Real Gross Domestic Product contracted 0.3 per cent in August, offsetting most of July’s 0.3 per cent growth. There was a decline in both goods-producing and service-producing industries for the first time in six months.

Goods-producing industries declined 0.6 per cent in August, marking the fifth contraction since the beginning of the year. Service-producing industries edged down 0.1 per cent, marking this aggregate’s first decline in six months, driven by contractions in transportation and warehousing and in wholesale trade.

Primarily driven by a work stoppage (strike) in August, the transportation and warehousing sector declined by 1.7 per cent. The wholesale trade sector declined by 1.2 per cent in August, after three consecutive monthly increases; motor vehicle and parts wholesalers led the decline with an 8.3 per cent drop in August as activity in the subsector eased, coinciding with planned annual summer shutdowns and lower exports and imports of motor vehicles and motor vehicle parts amid ongoing tariff uncertainty with the United States.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

In September, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in other services, retail trade, and professional scientific and technical services.

In September, the top five industries seeking small business or entrepreneurship consultations were:

Other Services (27 per cent)
Retail Trade (23 per cent)
Professional Scientific & Technical Services (14 per cent)
Education Services (10 per cent)
Construction (6 per cent)

*Other services include: repair centers for motor vehicles, pet care services, funeral, laundry, photo finishing, etc.

Ontario Vehicle Innovation Network 2.0 will be implemented over the next four years, with Infineon and Mercedes named as the primary partners.

During the Ontario Vehicle Innovation Network Forum on October 29, Raed Kadri, VP Strategic Initiatives, Business Development and Head of OVIN, announced Ontario Vehicle Innovation Network 2.0 will take place over the next four years, with Infineon and Mercedes announced as the primary partners. While no further details were provided during Mr. Kadri’s address, the intent is to continue the collaborative nature of their program and expand research and partnership opportunities through Ontario Vehicle Innovation Network 2.0

Walmart Canada opens its first Ambient Distribution Centre in Vaughan, marking the company’s most advanced distribution centre in the country.

Walmart Canada officially opened its most advanced distribution centre in Vaughan on October 16. The 550,000-square-foot, 94-feet-tall facility, which is the retailer’s first Ambient Distribution Centre in Canada, leverages automation, robotics, and artificial intelligence to deliver products to customers across Ontario. This new distribution centre employs more than 200 associates, creating opportunities for skill development and career growth in high-tech logistics roles. The new distribution centre currently services 131 stores and two fulfillment centres across Ontario, making it the highest-volume facility in Walmart Canada’s supply chain network.

Walmart Canada’s new Vaughan Ambient Distribution Centre is designed with associate experience at its core, enabling products to move more quickly. The new distribution centre uses advanced AI-driven warehouse management, autonomous forklifts, and automated storage and retrieval systems. This new state-of-the-art facility enables Walmart Canada to ship up to 70 million cases annually.

Tailored Genes opens its new 5,145-square-foot viral vector manufacturing facility in Concord.

Tailored Genes celebrated the grand opening of its new 5,145-square-foot viral vector manufacturing facility in Concord on October 16. During the grand opening, the federal government announced an investment of more than $1 million, through FedDev Ontario, towards advanced equipment to enhance the testing and development of gene and cell therapy methods at the new facility, with the aim of treating rare and life-threatening diseases. Tailored Genes uses its tailoring background to provide customized advanced gene and cell therapy applications to clients with the power to treat, and potentially cure, genetic diseases such as cystic fibrosis, HIV/AIDs, and certain cancers.

This new facility is part of a more than $2-million project to relocate the company from Toronto Western Hospital to a larger, more advanced facility in Vaughan. The new labs will provide biotech companies, academic institutions, and medical startups with better access to domestic expert advice and tools to turn discoveries into market-ready treatments more efficiently.

Shake Shack opens a new location at Vaughan Mills, marking the franchise’s first expansion into York Region.

The fast-food franchise, known for its smash burgers, cheese fries, and milkshakes, has recently opened its first location in Vaughan at the Vaughan Mills shopping centre. This is also the first location in York Region, as the brand begins its expansion into the Greater Toronto Area after successful restaurant openings in Toronto. While specific employment numbers at the Vaughan Mills location are not yet available, it’s estimated that six locations in the Greater Toronto Area will create more than 400 jobs.

Six companies from Vaughan have been recognized in the 2025 edition of The Globe and Mail’s “Canada’s Top Growing Companies” list.

These firms, including Fastfrate Group, Unilux HVAC Industries Inc., Amar Transport Inc., Apaylo Finance Technology Inc., Clever Digital Marketing and Catanzaro Mechanical, have each achieved strong multi-year revenue growth, earning them national recognition for their performance. This achievement reflects Vaughan’s thriving business ecosystem and its strong capacity to foster, attract, and sustain high-growth companies in an increasingly competitive market.

If you have any questions, please contact Jordan Lopez, Economic Development Coordinator at Jordan.Lopez@vaughan.ca.

2025 Q2 Building Permit Rankings

HIGHLIGHTS

By the end of the second quarter of 2025, Vaughan ranked third nationally by the number and value of industrial building permits.
Vaughan remains the most significant industrial market in York Region, surpassing 105 million square feet of industrial inventory in the second quarter of 2025.
Vaughan’s non-residential permits totaled more than $363 million in permit value at the end of the second quarter.
Vaughan is also a leader in Ontario across non-residential development, ranking top ten in the province by value and number of non-residential permits.
When looking specifically at commercial development, the city ranks sixth by number and eighth by value of commercial building permits in Ontario.
In Ontario, Vaughan ranks in the top ten by number of institutional building permits.
The industrial market in the Greater Toronto Area softened in the second quarter of 2025, with year-over-year asking net rent declining by 6.7 per cent.
The Greater Toronto Area commercial market continues its gradual recovery, with 2.2 million square feet of office space currently under construction, the majority of it in Toronto.
Non-residential building construction costs rose 1.6 per cent in the second quarter, following a one per cent increase in the previous quarter.

ANALYSIS

The data received from Statistics Canada ranks the number of building permits and the value of building permits for the quarter. As an economic indicator, the number of building permits and the value of building permits measure current demand in both residential and non-residential real estate markets and estimate the future performance of the construction industry. Building permit values are a key indicator of the local economy’s strength, as well as a predictor of population and employment growth.

By the end of the second quarter of 2025, Vaughan ranked third nationally by the number and value of industrial building permits.

Vaughan’s industrial sector continues to thrive, and the performance of the industrial development market at the end of the second quarter reflects the city’s position as a top market in Canada. At the end of the second quarter of 2025, Vaughan ranked third nationally by both the number and value of industrial building permits.

Top Ten Canadian Industrial Markets by Number of Permits, Quarter Two 2025[1]
1. Mississauga	6. Montreal
2. Toronto	7. Winnipeg
3. Vaughan	8. Edmonton
4. Calgary	9. London
5. Brampton	10. Markham

Top Ten Canadian Industrial Markets by Value of Permits, Q2 2025[2]
1. Brampton	6. Halifax
2. Toronto	7. London
3. Vaughan	8. Mississauga
4. Calgary	9. Edmonton
5. Montreal	10. Markham

Vaughan remains the most significant industrial market in York Region, surpassing 105 million square feet of industrial inventory in the second quarter of 2025.

Vaughan maintains its position as the most significant industrial market in the York Region, with a growing industrial inventory of more than 105 million square feet. The city represented 61 per cent of the total industrial inventory in York Region at the end of the second quarter[3].

Vaughan’s non-residential permits totaled more than $363 million in permit value at the end of the second quarter.

Until the end of the second quarter in 2025, Vaughan’s non-residential permits totaled more than $363 million in permit value[4]. Non-residential permits include those for industrial, commercial, and institutional permits.

Vaughan is also a leader in Ontario across non-residential development, ranking top ten in the province by value and number of non-residential permits.

In the second quarter of 2025, Vaughan ranked sixth by number and eighth by value of non-residential building permits in Ontario. Vaughan continues to maintain its position as a leader in non-residential development among Ontario municipalities.

Top Ten Ontario Non-Residential Markets by Number of Permits, Q2 2025[5]
1. Toronto	6. Vaughan
2. Mississauga	7. London
3. Ottawa	8. Markham
4. Brampton	9. Kitchener
5. Hamilton	10. Guelph

Top Ten Ontario Non-Residential Markets by Value of Permits, Q2 2025[6]
1. Toronto	6. London
2. Brampton	7. Markham
3. Mississauga	8. Vaughan
4. Hamilton	9. Kitchener
5. Ottawa	10. Guelph

When looking specifically at commercial development, the city ranks sixth by number and eighth by value of commercial building permits in Ontario.

In the second quarter of 2025, Vaughan ranked sixth by number of permits and eighth by value of permits for commercial development among municipalities in Ontario. Vaughan’s commercial permit value for the year up to the end of June 2025 was $76,386,662[7].

Top Ten Ontario Commercial Markets by Number of Permits, Q2 2025[8]
1. Toronto	6. Vaughan
2. Mississauga	7. London
3. Ottawa	8. Markham
4. Brampton	9. Kitchener
5. Hamilton	10. Guelph

Top Ten Ontario Commercial Markets by Value of Permits, Q2 2025[9]
1. Toronto	6. Markham
2. Mississauga	7. Kitchener
3. Hamilton	8. Vaughan
4. Brampton	9. London
5. Ottawa	10. Oakville

In Ontario, Vaughan ranks in the top ten by number of institutional building permits.

In the second quarter of 2025, Vaughan ranks 10^th overall in Ontario by the number of institutional building permits. Vaughan’s institutional permit value for the year up to the end of June 2025 was $6,866,997[10].

Top Ten Ontario Institutional Markets by Number of Permits, Q2 2025[11]
1. Toronto	6. Guelph
2. Mississauga	7. Kitchener
3. Ottawa	8. Brampton
4. London	9. Markham
5. Hamilton	10. Vaughan

MARKET TRENDS

The industrial market in the Greater Toronto Area softened in the second quarter of 2025, with year-over-year asking net rent declining by 6.7 per cent.

Industrial absorption declined from 2 million square feet in the first quarter, to 80,000 square feet in the second quarter of 2025[12]. The average asking net rent in the Greater Toronto Area dropped below $17 per square foot for the first time since the third quarter of 2022, marking the largest quarterly decline in the past five years. Developers are proceeding more cautiously, weighing the risks of new construction starts against evolving market demand.

The Greater Toronto Area commercial market continues its gradual recovery, with 2.2 million square feet of office space currently under construction, the majority of which is in Toronto.

Net absorption remains healthy in the second quarter of 2025, standing at just under 6,000 square feet, with a net positive result, driven by larger deals in the Suburban regions. Many tenants remain drawn to suburban locations for cost efficiency, proximity to staff, and the flexibility to support hybrid work[13]. Subleasing continues to serve as a valuable bridge for companies refining their long-term workplace strategies.

Non-residential building construction costs rose 1.6 per cent in the second quarter, following a one per cent increase in the previous quarter.

The tariffs imposed by the United States and the countermeasures implemented by Canada on construction-related imports have increased instability in both the pricing and availability of certain materials. Builders reported that uncertainty because of the tariffs continued to create challenges in securing contracts, contributing to delays in project starts, along with labour shortages[14].

NEXT STEPS

Economic Development monitors economic trends, including non-residential market conditions. To stay up to date on the latest, following us on LinkedIn at Vaughan Economic Development or visit vaughanbusiness.ca/Insights

DEFINITIONS

Industrial buildings are defined as structures used in the processing or production of goods, or those related to transportation and communication.

Commercial buildings are defined as structures used in the trade or distribution of goods and services and include office and retail buildings.

Institutional buildings are structures designed to house public and semi-public services, such as those related to health and welfare, education, or public administration, as well as buildings used for religious purposes.

Residential buildings are defined as structures intended for private occupancy whether on a permanent basis or not. Dwellings are divided into the following types: single-family, mobile, cottage, semi-detached, row house and apartment building.

Non-Residential buildings are all structures not intended for private occupancy whether on a permanent basis or not. This includes buildings used for institutional, commercial, or industrial purposes.

[1] Q2 2025 Building Permit Data Report. Statistics Canada.

[2] Q2 2025 Building Permit Data Report. Statistics Canada.

[3] Q2 2025 Toronto Industrial Market Report. Colliers.

[4] Summary of Construction Activity to June 30, 2025. City of Vaughan.

[5] Q2 2025 Building Permit Data Report. Statistics Canada.

[6] Q2 2025 Building Permit Data Report. Statistics Canada.

[7] Summary of Construction Activity to June 30, 2025. City of Vaughan.

[8] Q2 2025 Building Permit Data Report. Statistics Canada.

[9] Q2 2025 Building Permit Data Report. Statistics Canada.

[10] Summary of Construction Activity to June 30, 2025. City of Vaughan.

[11] Q2 2025 Building Permit Data Report. Statistics Canada.

[12] Q2 2025 Toronto Industrial Market Report. Colliers.

[13] Q2 2025 Office Market Report. Colliers

[14] Building Construction Price Indexes, Q2 2025. Statistics Canada

Vaughan Economic and Business Update – August 2025

Highlights

The national Consumer Price Index rose 1.7 per cent year-over-year in July, following a 1.9 per cent increase in June.
The national unemployment rate remained at 6.9 per cent in July, while the employment rate declined 0.2 percentage points to 60.7 per cent.
National Real Gross Domestic Product declined 0.1 per cent in June, the third consecutive month of decline, led by goods-producing industries in all three months.
In July, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in retail trade, other services and education services.
Vaughan-headquartered GFL Environmental received funding from Next Generation Manufacturing Canada through their Sustainable Manufacturing Challenge.
Recipe Unlimited Corporation, a Vaughan-based full-service restaurant company, acquires Olive Garden Canada and secures exclusive rights to expand the brand nationwide, reinforcing Vaughan’s role as a national hospitality hub.
Minus Waste Solutions, a Vaughan-headquartered company specializing in food and liquid waste recycling and resource recovery, receives a major growth equity investment to scale its sustainable waste recycling operations, advancing Vaughan’s position in clean-tech innovation.

Select Economic Indicators

The national Consumer Price Index rose 1.7 per cent year-over-year in July, following a 1.9 per cent increase in June.

The Consumer Price Index rose 1.7% on a year-over-year basis in July, down from a 1.9 per cent increase in June. Gasoline prices remained stable as consumers continued to pay less at the pump on a year-over-year basis in July (-16.1 per cent), a decline slightly greater than in June (-13.4 per cent). In Ontario, the Consumer Price Index rose 1.6 per cent year-over-year in July, down from a 0.2 per cent decrease in June. The Consumer Price Index increased in July at a slower pace than June in six out of Canada’s ten provinces.

Shelter prices continue to rise at a slightly greater rate year-over-year in July (+3.0 per cent) compared to June (+2.9 per cent). The upward pressure on shelter prices mostly came from the natural gas and rent indexes. The cost of natural gas in Ontario increased by 1.8 per cent year-over-year, following a decline of 14.0 per cent in June.

Prices for food purchased from stores rose 3.4 per cent year over year in July, following a 2.8 per cent increase in June. The faster growth was primarily a result of price increases for confectionery (+11.8 per cent) and coffee (+28.6 per cent). The price increase for these goods is attributed to unfavourable weather conditions in growing regions for the primary ingredients (cocoa and coffee beans) used to produce these products.

The national unemployment rate remained at 6.9 per cent in July, while the employment rate declined 0.2 percentage points to 60.7 per cent.

The national unemployment rate remained at 6.9 per cent in July, while the employment rate declined 0.2 percentage points from June to 60.7 per cent. Employment across Canada fell by 41,000, with youth and young adults (ages 15 – 24) being the most affected, experiencing a decline of 34,000 jobs within this age range in July. Youth continue to face challenging labour market conditions with youth employment at 53.6% in July — the lowest rate since November 1998 (excluding 2020 and 2021 during the COVID-19 pandemic). Employment among the core-aged population (25 to 54 years old) was relatively unchanged in July.

Employment in Ontario was relatively unchanged in July, after increasing by 21,000 (+0.3 per cent) in June. The unemployment rate in Ontario stood at 7.9 per cent in July. The unemployment rate in the Toronto census metropolitan area, which includes Vaughan, stood at 9.0% in July, up 0.3 percentage points from the previous month.

The most significant gains in employment were led by Transportation and Warehousing (+26,100), followed by Educational Services (+22,400). The most significant losses in employment by sector were Information, Culture and Recreation (-29,200), followed by Construction (-21,600).

Of the 1.6 million people who were unemployed in July, 23.8% were in long-term unemployment, meaning they had been continuously searching for work for 27 weeks or more. This was the highest share of long-term unemployment since February 1998 (excluding 2020 and 2021).

National Real Gross Domestic Product declined 0.1 per cent in June, marking the third consecutive month of decline, led by goods-producing industries in all three months.

The national Real Gross Domestic Product declined 0.1 per cent in June for the third consecutive month of decline. Goods-producing industries have declined in all three months. The services sector remained largely unchanged (+0.1 per cent) from the previous month. This is the first occurrence of three consecutive monthly declines since the last three months of 2022.

The manufacturing sector declined by 1.5 per cent in June, after growth of 0.7 per cent in May partially offset April’s 1.8 per cent decline. Trade relations between Canada and the United States continue to impact manufacturing.

Durable goods manufacturing industries dropped in June (-2.1 per cent), down for the second time in three months, as seven out of ten subsectors contracted. Transportation equipment manufacturing contributed the most to this drop (-4.4 per cent). Declines in motor vehicle (-12.6 per cent) and motor vehicle parts manufacturing (-2.7 per cent) coincided with lower exports of passenger cars and light trucks, primarily to the United States. These declines reflect the impact of the tariffs imposed by the United States on several goods imported from Canada, including automobile parts from manufacturers in Vaughan.

Transportation and warehousing dropped 0.3 per cent in June, following a 0.6 per cent growth in May. Rail transportation contracted 2.3 per cent in June, following a 3.1 per cent expansion in May. Metal and mineral carloadings contributed the most to the decline in June, which coincided with a decrease in exports of these products. Automotive carloadings also fell for the third consecutive month in June, coinciding with a decrease in exports of motor vehicles and motor vehicle parts.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

In July, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in retail trade, other services and education services.

In July, Economic Development’s Small Business and Entrepreneurship top five industries seeking consultations were:

Retail trade (44 per cent)

Other services (13 per cent)

Education services (8 per cent)

Professional, scientific and technical services (7 per cent)

Construction and accommodation and food services (6 per cent)

*Other services include: repair centers for motor vehicles, pet care services, funeral, laundry, photo finishing, etc.

Vaughan-headquartered GFL Environmental received funding from Next Generation Manufacturing Canada (NGen) through their Sustainable Manufacturing Challenge.

Vaughan-headquartered GFL Environmental was one of 32 companies funded by Next Generation Manufacturing Canada (NGen) through their Sustainable Manufacturing Challenge. Alongside Cobric Chemicals Inc. of Barrie, Ontario, GFL Environmental received funding for a project related to the manufacturing of zinc from electric arc furnace dust. This funding supports projects that aim to accelerate the application of cleantech and other advanced technologies to improve the environmental sustainability of Canadian manufacturing.

Vaughan’s advanced manufacturing cluster contributed $4.1 billion – equivalent to 15 per cent of Vaughan’s real Gross Domestic Product – in economic output in 2024. The city continues to be a destination for companies to expand, ranking third overall in the country in terms of both the number and value of industrial building permits by the end of 2024.

Recipe Unlimited Corporation, a Vaughan-based full-service restaurant company, acquires Olive Garden Canada and secures exclusive rights to expand the brand nationwide, reinforcing Vaughan’s role as a national hospitality hub.

Recipe Unlimited Corporation, headquartered in Vaughan and recognized as Canada’s largest full-service restaurant company, has announced the acquisition of Olive Garden’s Canadian operations. The deal includes the rights to operate and expand the well-known Italian dining brand across the country, with plans for new restaurant openings in the coming years. From its Vaughan headquarters, Recipe Unlimited oversees a diverse portfolio of beloved brands, and the addition of Olive Garden further underscores the city’s role in driving national restaurant growth, job creation, and investment decisions.

This strategic move strengthens Vaughan’s profile as a hub for hospitality and franchise management. Vaughan’s food industry comprises a robust business-to-consumer element that contributes to the City’s vibrancy and diversity, complementing the promotion and growth of tourism within the City by providing food destinations and amenities attractive to both visitors and residents. Recipe Unlimited’s latest acquisition positions Vaughan at the heart of an expansion that will bring new dining options and economic benefits to communities locally and nationwide.

Minus Waste Solutions, a Vaughan-headquartered company specializing in food and liquid waste recycling and resource recovery, receives a major growth equity investment to scale its sustainable waste recycling operations, advancing Vaughan’s position in clean-tech innovation.

Minus Waste Solutions, a Vaughan-based company specializing in the sustainable recycling of food and liquid waste, has secured a major growth equity investment from the Canada Business Growth Fund (CBGF), a national fund dedicated to scaling mid-market businesses. This capital will enable Minus Waste to rapidly expand its operations, including doubling its fleet size, opening new depackaging and processing facilities, enhancing its technology platforms, and pursuing strategic acquisitions. These expansion plans strengthen Vaughan’s position as a hub for environmental innovation, supporting the circular economy and generating clean-tech solutions and jobs.

2024 Q3 Building Permit Ranking Updates

Highlights

Vaughan ranked ninth nationally by the value of industrial building permits and tenth by the value of commercial building permits at the end of the third quarter of 2024.
When looking at only Ontario, Vaughan ranked fifth by value of industrial building permits, and seventh by value of non-residential building permits over the same period.
The city’s non-residential permits totaled more than $643 million in permit value at the end of the third quarter after a significant increase of activity in the third quarter.
This quarter, the non-residential market had the slowest quarterly growth in construction costs since the fourth quarter of 2020.
The commercial market in the Greater Toronto Area (GTA) recorded increased leasing volumes and shifts to model suites and smaller leasing footprints driven by transit access, amenities, and lease flexibility.
The industrial market in the Greater Toronto Area (GTA) rebounded with positive absorption in the third quarter of 2024, with a slight shift in demand for more design-builds as a contributing factor.
Vaughan remains the largest industrial market in York Region, with more than 100 million square feet of industrial inventory.

As an economic indicator, building permit values measure current demand in both residential and non-residential real estate markets and estimate future performance of the construction industry. Building permit activity is one indicator of the strength of the local economy, as well as a predictor of population and employment growth.

By the end of the third quarter of 2024, Vaughan ranked ninth nationally by value of industrial building permits.

Vaughan’s industrial sector continues to thrive, reflecting its importance in the national development landscape. At the end of the third quarter of 2024, Vaughan ranked ninth nationally by value of industrial building permits.

Top Ten Canadian Industrial Markets by Value of Permits, Q1-Q3 2024:

Toronto
Windsor
Brampton
Vancouver
Winnipeg
Edmonton
Montréal
London
Vaughan
Mississauga

Vaughan remains the largest industrial market in York Region with more than 100 million square feet of industrial inventory.

With more than 100 million square feet of industrial inventory, Vaughan has the largest industrial market in York Region. The city represented 61 per cent of the total industrial inventory in York Region at the end of the third quarter [1].

When looking at only Ontario, the city ranked fifth by value of industrial building permits.

In the third quarter of 2024, Vaughan ranked in the top five census subdivisions by construction value of industrial building permits when looking at only Ontario. The city ranked fifth after Toronto, Windsor, Brampton, and London.

Top Ten Ontario Industrial Markets by Value of Permits, Q1-Q3 2024:

Toronto
Windsor
Brampton
London
Vaughan
Mississauga
Markham
Oakville
Kitchener
Ottawa

Vaughan’s national recognition for its development activity also extended to commercial development, ranking tenth by value of commercial building permits in Canada at the end of the third quarter of 2024.

By the end of the third quarter of 2024, Vaughan ranked tenth nationally by the value of commercial building permits, making it one of the leading development markets in the country. Commercial building permits include both office and retail buildings.

Top Ten Canadian Commercial Markets by Value of Permits, Q1-Q3 2024:

Toronto
Montréal
Calgary
Mississauga
Vancouver
Edmonton
Surrey
Brampton
Ottawa
Vaughan

The city’s non-residential permits totaled more than $643 million in permit value at the end of the third quarter after a significant increase of activity in the third quarter.

Until the end of the third quarter in 2024, Vaughan’s non-residential permits totaled more than $642 million in permit value. This is almost double the combined non-residential permit value of nearly $364 million from the first and second quarters of 2024. Non-residential includes industrial, commercial, and institutional permits.

In Ontario, Vaughan ranks seventh overall by value of all non-residential building permits.

According to recent data released from Statistics Canada cumulative to the end of the third quarter of 2024, Vaughan ranks seventh overall when looking at only Ontario by the value of non-residential building permits. Vaughan’s ranking across all non-residential activity in Ontario comes after Toronto, Brampton, Mississauga, Windsor, London, and Ottawa.

Top Ten Ontario Non-Residential Markets by Value of Permits, Q1-Q3 2024:

Toronto
Brampton
Mississauga
Windsor
London
Ottawa
Vaughan
Kitchener
Hamilton
Pickering

The industrial market in the Greater Toronto Area rebounded with positive absorption in the third quarter of 2024, with a slight shift in demand for more design-builds as a contributing factor.

After significant negative absorption recorded earlier in 2024, industrial absorption has rebounded from negative 884,000 square feet to 2.5 million square feet in the third quarter of 2024 – this represents a total increase of nearly 3.4 million square feet[2]. The Greater Toronto Area (GTA) industrial market is slightly shifting to more design-builds as landlords and developers look to provide mutual security before construction. This leads to higher absorption as new supply coming to market already has tenants secured.

The GTA commercial market records increased leasing volumes and shifts to model suites and smaller leasing footprints driven by transit access, amenities and lease flexibility.

In the third quarter of 2024, the commercial market in the GTA saw a notable transformation, with increased leasing volumes this year. The demand in the leasing market is shifting to model suites, with transit access, amenities and lease flexibility contributing to smaller leasing footprints[3].

This quarter, the non-residential market had the slowest quarterly growth in cost of construction since the fourth quarter of 2020.

Non-residential building construction costs rose 0.5 per cent in the third quarter, following a 1.4 per cent increase in the previous quarter. This marks the slowest quarterly growth since the fourth quarter of 2020. Year-over-year with the same period, non-residential building construction costs increased 3.9 per cent. The industry continued to face cost pressure from skilled labour shortages, land prices and availability, and building code changes, according to builders nationally[4]

[1] Q3 2024 Toronto Industrial Market Report. Colliers.

[2] Q3 2024 Toronto Industrial Market Report. Colliers.

[3] Q3 2024 Toronto Office Market Report. Colliers.

[4] Q3 2024 Building Construction Price Indexes. Statistics Canada.

Definitions

Industrial buildings are defined as buildings used in the processing or production of goods or related to transportation and communication.

Commercial buildings are defined as buildings used in the trade or distribution of goods and services.

Institutional buildings are buildings used to house public and semi-public services, such as those related to health and welfare, education, or public administration, as well as buildings used for religious services.

Residential buildings are defined as buildings intended for private occupancy whether on a permanent basis or not. Dwellings are divided into the following types: single-family, mobile, cottage, semi-detached, row house and apartment building.

Non-Residential buildings are all buildings not intended for private occupancy whether on a permanent basis or not. This includes buildings used for institutional, commercial, or industrial purposes.

Vaughan Economic and Business Update – December 2024

Highlights

The national Consumer Price Index rose 2.0 per cent year-over-year in October, following a 1.6 per cent increase in September.
The national unemployment rate rose to 6.8 per cent in November, while the employment rate held steady at 60.6 per cent.
National Real Gross Domestic Product (GDP) grew 0.1 per cent in September, after remaining essentially unchanged in August.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in other services, retail trade, and professional, scientific, and technical services industries in November.
Held in Vaughan, the 12^th annual Pentola d’Oro Awards celebrated best-in-class in the food and beverage industry.
The recently announced $9 million federal funding for UBC’s Bridge to Red Seal project and Vaughan’s $26 million investment in LiUNA 183’s new training center address labour shortages in skilled trades.
Vaughan-headquartered Longo’s was named one of Canada’s Most Admired Corporate Cultures.

SELECT Economic Indicators

The national consumer Price Index rose 2.0 per cent year-over-year in October, following a 1.6 per cent increase in September.

The national Consumer Price Index (CPI) rose 2.0 per cent year-over-year in October, up from a 1.6 per cent increase in September. Gasoline prices fell to a lesser extent in October (-4.0 per cent) compared to September (-10.7 per cent). Despite a smaller year-over-year decline in gasoline prices, the CPI rose 0.3 per cent on a seasonally adjusted monthly basis. In Ontario, the CPI rose 2.0 per cent year-over-year in October, up from a 1.9 per cent increase in September. Canadians continue to feel the impact of higher price levels for day-to-day basics, with rent increasing by 21.6 per cent since October 2021 and prices for groceries seeing its third consecutive month of price growth.

Shelter prices continue to rise at a slower rate year-over-year in October (+4.8 per cent) compared to September (+5.0 per cent). Rent price growth slowed the most in Nova Scotia (+5.2 per cent) and Manitoba (+6.5 per cent).

Prices for food purchased from stores rose 2.7 per cent year-over-year in October, making it the third consecutive month that grocery prices increased at a faster pace than headline inflation. Other fresh vegetables (+7.3 per cent) and preserved fruit and fruit preparations (+7.6 per cent) were main drivers to the price acceleration. Notably, a slowed price growth for fresh or frozen beef in October (+7.0 per cent) compared to September (+9.2 per cent), tempered the acceleration, among other food items.

Gasoline prices have seen a smaller year-over-year decline, dropping 0.4 per cent compared to a 10.7 per cent decrease in September. This smaller contraction in gasoline prices is partly due to a base-year effect in October 2023, when prices fell 6.4 percent month-over-month because of lower refining margins and weaker global oil consumption.

The national unemployment rate rose to 6.8 per cent in November, while the employment rate held steady at 60.6 per cent.

The national unemployment rate rose to 6.8 per cent in November, while the employment rate held steady at 60.6 per cent, unchanged from 60.6 per cent in October. Ontario’s unemployment rate increased 0.8 percentage points in November to 7.6 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – increased to 9.2 per cent.

November saw an increase in employment (+51,000, +0.2 per cent), following minimal change in October (+15,000, +0.1 per cent). The employment rate in November held steady with minimal changes at 60.6 per cent, after a decline in national employment for six consecutive months from May to October 2024.

Employment increased in wholesale and retail trade (+39,000; +1.3 per cent), construction (+18,000; +1.2 per cent), professional, scientific and technical services (+17,000; +0.9 per cent), educational services (+15,000; +1.0 per cent) and accommodation and food services (+15,000, +1.3 per cent). Over the same period, employment declined for manufacturing (-29,000; -1.6 per cent), transportation and warehousing (-19,000; -1.7 per cent) and natural resources (-6,300; -1.8 per cent).

Recent data demonstrates that employment rose among core-aged men (+45,000; +0.6 per cent), while employment fell among women aged 55 to 64 years old (-20,000; -1.3 per cent). The youth unemployment rate rose 1.1 percentage points to 13.9 per cent in November. This age group had the largest increases among the major age groups, with youth unemployment rate up 2.3 percentage points on a year-over-year basis.

Average hourly wages among employees increased 4.1 per cent (up $1.40 to $35.68) year-over-year in November, following a growth of 4.9 per cent in October (not seasonally adjusted).

National Real Gross Domestic Product (GDP) grew 0.1 per cent in September, after remaining essentially unchanged in August.

The national Real Gross Domestic Product (GDP) saw a slight increase in September by 0.1 per cent, after remaining essentially unchanged in August.

The services-producing industries saw a 0.2 per cent increase in September, driven in large part by increases in the retail and wholesale trade sectors, marking the fourth consecutive monthly increase. Goods-producing industries contracted 0.3 per cent in September, with mining, quarrying, and oil and gas extraction and the manufacturing sectors as the primary drivers of this decline.

In September, the manufacturing sector posted a 0.3 per cent decrease, making it the fourth consecutive month of decline in the sector. Higher durable goods manufacturing activity this month did not make up for the decline in non-durable goods manufacturing.

The food manufacturing subsector (-1.5 per cent) contributed the most to the decline in non-durable goods manufacturing, with chemical manufacturing (-1.8 per cent) contracting for the third month in a row, driven in large part by pharmaceutical and medicine manufacturing (-2.8 per cent).

Durable goods manufacturing rose 0.2 per cent in September, with growth led by transportation equipment manufacturing (+1.0 per cent). Production rose at manufacturing plants in motor vehicle (+3.2 per cent) and motor vehicle parts (+2.1 per cent) subsectors despite continued retooling activities in September.

The construction sector rose by 0.4 per cent in September for the second consecutive month. Repair construction led the growth with a 1.0 per cent increase, while residential building construction grew for the third consecutive month, up 0.4 per cent in September. The growth reflected higher activity in single family home and multi-unit structures construction in Ontario. Non-residential building construction rose 0.7 per cent for the second consecutive month following a period of four monthly contractions, with industrial and commercial building construction driving the increase in September.

The retail trade sector increased 1.0 per cent in September, representing its largest monthly growth rate since October 2023. The food and beverage stores subsector expanded 2.4 per cent, driven by higher retailing activity at beer, wine and liquor retailers. Higher activity for gasoline stations (+3.8 per cent) and building material and garden equipment and supplies dealers (+2.6 per cent), further contributed to the growth. Similarly, wholesale trade activity rose by 0.9 per cent in September, offsetting August’s decline despite contractions in five of nine subsectors this month. Miscellaneous wholesalers (+4.6 per cent), as well as motor vehicle and motor vehicle parts and accessories wholesalers (+3.2 per cent) were primary drivers to this growth.

The transportation and warehousing sector rebounded this month, expanding 0.7 per cent in September after impacts from wildfires in July and rail lockouts in August. Rail transportation partially rebounded from August’s contraction with a 6.3 per cent increase in September, as commodity and container carloading activity recovered this month. Transit ground passenger, as well as scenic and sightseeing transportation grew 3.7 per cent in September, reflecting a 5.0 per cent increase in urban transit and reaching a post-COVID-19 pandemic peak in ridership.

Advance information indicates that real GDP increased 0.1 per cent in October. Increases in real estate and rental and leasing, transportation and warehousing and retail trade were partially offset by decreases in construction and mining, quarrying, and oil and gas extraction.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in other services, retail trade, and professional, scientific, and technical services industries in November.

Economic Development’s Small Business and Entrepreneurship top five industries seeking consultations in October were:

Other services* (28 per cent)
Retail trade (21 per cent)
Professional, scientific and technical services (14 per cent)
Arts, entertainment and recreation (7 per cent)
Wholesale trade and education services (5 per cent)

*Other services include: repair centers for motor vehicles, pet care services, funeral, laundry, photo finishing, etc.

Held in Vaughan, the 12^th annual Pentola d’Oro Awards gala celebrated best-in-class in the food and beverage industry.

November marked the 12^th annual ICCO Unico Primo Pentola d’Oro Awards gala, celebrating the contributions to excellence, innovation, quality and authenticity in the food and beverage industry. Hosted in Vaughan, the Pentola d’Oro Awards brings together industry leaders from restaurateurs and suppliers to packaging innovators and media influencers.

Vaughan plays a central role in York Region’s agri-food sector, with notable industry concentrations including bakeries and tortilla manufacturing, sugar and confectionery product manufacturing, dairy product manufacturing and food merchant wholesalers. Vaughan is connected across the food and beverage supply chain, with access to the Ontario Food Terminal, Canada’s largest wholesale fruit and produce terminal, within a 20-minute drive from the City.

The recently announced $9 million federal funding for UBC’s Bridge to Red Seal project and Vaughan’s $26 million investment in LiUNA 183’s new training center address labour shortages in skilled trades.

The Government of Canada recently announced more than $9 million in funding for the United Brotherhood of Carpenters and Joins of America Canadian District (UBC) to support the UBC Bridge to Red Seal project. The project aims to support 1,500 internationally trained skilled workers to address significant labour shortages across the country.

Vaughan is at the heart of the next generation of talent in the skilled trades, as investments in Vaughan-based LiUNA 183 received $26 million in provincial funding to build a new training centre. Announced earlier this year, the investment will enable LiUNA 183 to train an additional 50,000 construction workers to support critical housing, infrastructure and industrial projects in the Greater Toronto Area (GTA) and beyond.

Vaughan-headquartered Longo’s named one of Canada’s Most Admired Corporate Cultures.

Longo’s, a national grocery chain with Vaughan-based headquarters, was named one of Canada’s Most Admired Corporate Cultures by Waterstone Human Capital. The rankings are part of a national program – now in its 20^th year – recognizing Canadian organizations and CEOs for creating best-in-class cultures and performance.

Vaughan’s agri-food and food processing sector runs “farm to fork”, from more than 7,800 acres of farmland in use to a vibrant retailers and food services industry encompassing nearly 130 grocery and specialty food retailers, including Longo’s. Vaughan’s strengths as an advanced manufacturing hub translate to a destination of choice for food processing, with nearly half of York Region’s food processors located in Vaughan.

Vaughan Economic and Business Update – November 2024

Highlights

Canada’s Consumer Price Index rose 1.6 per cent year-over-year in September following a 2.0 per cent increase in August.
The national unemployment rate was unchanged at 6.5 per cent in October, while the employment rate decreased to 60.6 per cent.
National Real Gross Domestic Product (GDP) was essentially unchanged in August, following a 0.1 per cent increase in July.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and arts, entertainment and recreation industries in October.
The recently launched 2024 Citizen and Business Survey aim to capture feedback from Vaughan residents and businesses to identify local business trends and improve service delivery, quality of life, value for tax dollars, among other important topics.
Hanon Systems, a South-Korean automotive parts manufacturer with facilities in Vaughan, announced construction of a Woodbridge plant to strengthen electronic vehicles (EV) supply chain.
Cardinal Health, Microsoft and Yum! Brands, companies with significant economic investments in Vaughan, made 3BL’s 100 Best Corporate Citizens in 2024.
Vaughan-headquartered Hammond Paper Company acquires Rainbow Excelsior Ltd, continuing sustainable development with expanded eco-friendly product line.

Select Economic Indicators

The Consumer Price Index rose 1.6 per cent year-over-year in September following a 2.0 per cent increase in August.

The national Consumer Price Index (CPI) rose 1.6 per cent year-over-year in September compared to the previous year, following a 2.0 per cent rise in August. This marked the lowest annual price increase since February 2021, with prices for gasoline as the main contributor. In Ontario, the CPI rose 1.9 per cent year-over-year in September, down from a 2.1 per cent increase in August. Canadians continue to feel the impact of higher price levels for day-to-day basics such as rent and food, which increased during that same 3-year period.

Shelter prices rose at a slower rate in September (+8.2 per cent) than in August (+8.9 per cent). Rent price growth slowed the most in Newfoundland and Labrador (+5.1 per cent), New Brunswick (+10.1 per cent), and British Columbia (+7.3 per cent).

Prices for food purchased from stores rose 2.4 per cent in September, making it the second consecutive month that grocery prices increased at a faster pace than headline inflation. Fresh or frozen beef, edible fats and oils, and eggs saw sustained elevation and increase in prices. Additionally, prices for food purchased from restaurants rose at a slightly faster pace in September compared with August.

Gasoline prices fell at a faster pace in September (-10.7 per cent) when compared to August (-5.1 per cent). Price deceleration was due part to increasing concerns over weaker economic growth impacting crude oil prices and lower costs with switching to winter blends.

The national unemployment rate was unchanged at 6.5 per cent in October, while the employment rate decreased to 60.6 per cent.

The national unemployment rate was unchanged at 6.5 per cent in October, while the employment rate decreased to 60.6 per cent, down from 60.7 per cent in September. Ontario’s unemployment rate decreased 0.1 per cent in October to 6.8 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – fell to 7.5 per cent.

October held steady with minimal change in employment (+15,000, +0.1 per cent), following an increase in September (+47,000, +0.2 per cent). On a year-over-year basis, employment was up by 303,000, a 1.5 per cent increase. The employment rate in October decreased by 0.1 per cent to 60.6 percent, marking the sixth consecutive monthly decline in the national employment rate.

Employment increased in business, building and other support services (+29,000, +4.2 per cent) in October. Over the same period, employment decreases were noted for finance, insurance, real estate, rental and leasing (-13,000, -0.9 per cent) as well as public administration (-8,700, -0.7 per cent).

Recent data demonstrates that employment increased among youth aged 15 to 24 (+33,000, +1.2 per cent), driven by a rise in employment among male youth (+25,000, +1.8 per cent). The youth employment rate rose 0.4 percentage points to 54.4 per cent in October, the first increase for this group since April 2024. Despite the employment increase in October, this age group overall saw a 2.7 percentage point decrease on a year-over-year basis.

The labour force participation rate continues to fall, seeing its fourth monthly decline since May. The labour force participation rate is the proportion of the population aged 15 or older that are employed or looking for work. This can be attributed to a trend of cooling labour market conditions, in addition to long-term downward pressures of population aging on the labour supply.

In October, nearly three in 10 (28.8 per cent) of Canadians aged 15 and older were living in a household that had found it difficult or very difficult in the previous month to meet its financial needs, as defined by transportation, housing, food, clothing, or other necessary expenses. This number jumped to nearly four in 10 (39.2 per cent) for people living in a rented dwelling, as opposed to those living in a dwelling owned by a member of the household.

Average hourly wages among employees increased 4.9 per cent (up $1.68 to $35.76) year-over-year in October, following a growth of 4.6 per cent in September (not seasonally adjusted).

National Real Gross Domestic Product (GDP) was essentially unchanged in August, following a 0.1 per cent increase in July.

The national Real Gross Domestic Product (GDP) was essentially unchanged in August, following a 0.1 per cent increase in July.

The services-producing industries saw a 0.1 per cent increase in August, driven in large part by increases in the finance and insurance and the public administration sectors. Goods-producing industries reached its lowest level (-0.4 per cent) since December 2021, with the manufacturing and utilities sectors as the primary drivers of this decline.

In August, the manufacturing sector posted a 1.2 per cent decrease, with durable goods and non-durable goods manufacturing contributing to the decline. Durable goods manufacturing continued a downward trend since summer 2024 and decreased 1.0 per cent in August 2024, its lowest level of activity since September 2021.

A few subsectors contributed to this decline:

Transportation equipment manufacturing has been trending down (-0.9 per cent) since July 2023. Retooling and maintenance activities occurring at multiple auto plants were a large contributor to the downward trend.
Motor vehicle and parts manufacturing saw contractions (-1.9 per cent) as the auto industry experienced extended maintenance shutdowns in Ontario.
Machinery manufacturing (-2.9 per cent) and furniture and related products (-7.3 per cent) were the largest drivers of the decline observed in the durable goods manufacturing aggregate.

Non-durable goods manufacturing decreased 1.4 per cent in August, representing its largest decline since March 2024. The largest contributor was chemical manufacturing (-5.0 per cent). Pharmaceutical and medicine, in particular, led the decrease (-10.3 per cent), partially offsetting the increases recorded in the previous two months.

The utilities sector saw a decline (-1.9 per cent) in August after three consecutive months of growth. Electric power generation, transmission and distribution (-2.6 per cent) posted its first decline in four months, with declines in generation observed across most provinces and territories over the course of the month. An increase in natural gas distribution (+1.4 per cent) tempered the decline in the overall sector.

Transportation and warehousing contracted for the second consecutive month, falling 0.3 per cent in August. Rail transportation (-7.7 per cent) was the largest contributor to the decline, as work stoppages at Canada’s two main rail carriers and a bridge collapse in Fort Frances, Ontario led to decreases in intermodal and non-intermodal carloadings. The phased shutdown enacted by the two carriers ahead of the lockout impacted movement of goods including meat, medicine, chlorine and other hazardous chemical products, coal and forestry products.

Advance information indicates that real GDP increased by 0.3 per cent in September. Increases in finance and insurance, construction, and retail trade were partially offset by decreases in mining, quarrying, and oil and gas extraction.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and arts, entertainment and recreation industries in October.

Economic Developments Small Business and Entrepreneurship top five industries seeking consultations in October were:

Professional, scientific and technical services (21 per cent)
Retail trade (15 per cent)
Arts, entertainment and recreation (12 per cent)
Information and cultural industries (9 per cent)
Accommodation, food services and other services (9 per cent)

The recently launched 2024 Citizen and Business Survey aims to capture feedback from Vaughan residents and businesses to identify local business trends and improve service delivery, quality of life, value for tax dollars, among other important topics.

The 2024 Citizen Survey and Business Survey launched this October. Vaughan residents will have an opportunity to share their thoughts on service delivery, quality of life, value for tax dollars, public information and engagement, among other important topics. The Citizen Survey, last completed in 2022, helps ensure the City continues to offer a range of programs and services to meet the needs of the growing community.

The corresponding Business Survey will gather insights into the private sector’s operating outlooks, industry needs, readiness for change and service requirements from the City. The Business Survey, last completed in 2022, is a tool used by the City of Vaughan’s Economic Development Department to identify factors that influence business operations and growth, gauge local business trends, and determine business readiness for change and resiliency.

Hanon Systems, a South-Korean automotive parts manufacturer with facilities in Vaughan, announced construction of a Woodbridge plant to strengthen electronic vehicles (EV) supply chain.

Hanon Systems – a leading global automotive parts supplier – recently announced the construction of a new 284,200 square foot facility in Woodbridge. With an existing manufacturing facility in Concord, this will be Hanon Systems’ second facility in Vaughan. The Woodbridge plant will manufacture e-compressors, an essential component to electric vehicles (EV). This facility will be the first high displacement e-compressor plant in North America, strengthening Vaughan as a key part of Ontario’s growing end-to-end EV supply chain. The Woodbridge plant will become a centre for delivering to the growing demand in Canada and United States for EV components and intended to create 300 jobs in Vaughan.

The City is home to many globally recognized tier-one suppliers, including Magna International, Martinrea, Multimatic, Hanon Systems, Litens Automotive, International Automotive Components (IAC) Group and Woodbridge Foam Corporation, as well as numerous tier-two and tier-three suppliers. Vaughan is playing a pivotal role in the future of the automotive industry, with several automotive manufacturers in the City supporting Project Arrow, Canada’s first original, full-build, zero-emissions concept vehicle. The City’s emerging business-to-consumer EV cluster, located at Weston Road and Highway 7 and anchored by Tesla Motors, Rivian Automotive and Lucid Motors, presents significant economic growth opportunities.

Cardinal Health, Microsoft and Yum! Brands, companies with significant economic investments in Vaughan, made 3BL’s 100 Best Corporate Citizens in 2024.

Several US-based companies with significant economic investments in Vaughan made 3BL’s 100 Best Corporate Citizens in 2024, including Cardinal Health, Microsoft, and Yum! Brands. The 100 Best Corporate Citizens, organized by 3BL, recognizes corporate ESG leadership and ranks the largest US companies on sustainability performance and transparency.

Cardinal Health, the largest global distributor of healthcare equipment and supplies, boasts their Canadian headquarters in Vaughan and a newly opened advanced medical supply distribution centre this year. Yum! Brands’ existing corporate office in Vaughan and Microsoft’s emerging presence signify confidence in the City as a prime location for a diverse, growing economy.

Since 2013, Vaughan has issued more than 45,000 building permits representing more than $16 billion in permit construction value. In 2023, the city was ranked top ten nationally by value of permits across all building types. With a total industrial inventory of nearly 100 million square feet at the end of the fourth quarter of 2023, Vaughan remains the largest industrial market in York Region. Combined with a growing healthcare, healthtech and life sciences cluster in the Vaughan Healthcare Centre Precinct, Vaughan is an attractive investment to locate or expand.

Vaughan-headquartered Hammond Paper Company acquires Rainbow Excelsior Ltd, continuing sustainable development with expanded eco-friendly product line.

Hammond Paper – which has a production facility in Vaughan – is a leader in full-service paperboard distribution and conversion across North America. The company recently announced the acquisition of Rainbow Excelsior Ltd. Rainbow Excelsior Ltd is a major producer and supplier of eco-friendly packaging used to provide cushioning and protection to a range of consumer and industrial goods. Rainbow Excelsior Ltd will continue its operations in Hammond Paper’s 50,000 square foot facility in Vaughan. The acquisition signifies continued sustainable development efforts by Hammond Paper, a supporter of Forest Ontario and FSC-certified for a majority of its products.

Manufacturing is the largest sector in Vaughan, contributing nearly $4 billion, or 15 per cent, to Vaughan’s total GDP. With more than 1,500 companies employing over 49,000 people, Vaughan is home to a higher concentration of manufacturing companies than the national average.

Vaughan Economic and Business Update – October 2024

Highlights

Canada’s Consumer Price Index rose 1.6 per cent year-over-year in September following a 2.0 per cent increase in August.
The national unemployment rate fell to 6.5 per cent in September, while the employment rate decreased to 60.7 per cent, down from 60.8 per cent in August.
National Real Gross Domestic Product (GDP) grew 0.2 per cent in July following minimal change in June.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and arts, entertainment and recreation, and information and cultural industries in September.
Five Vaughan-based companies amongst Globe and Mail’s Top Growing Companies of 2024 in Canada, including Catanzaro Mechanical, Unilux HVAC Industries Inc, Amar Group, Highlight Motor Group, and My Baskets.
FGF Brands, a Vaughan-based food manufacturer, was awarded Best Workplace Culture by the 2024 Canadian HR Awards.
Cardinal Health, a global health tech manufacturer with head offices in Vaughan, ranked 17th on TIME’s list of World’s Best Companies of 2024.

Select Economic Indicators

The Consumer Price Index rose 1.6 per cent year-over-year in September following a 2.0 per cent increase in August.

The national unemployment rate fell to 6.5 per cent in September, while the employment rate decreased to 60.7 per cent.

The national unemployment rate fell to 6.5 per cent in September, while the employment rate decreased to 60.7 per cent, down from 60.8 per cent in August. Ontario’s unemployment rate decreased 0.2 per cent in September to 6.9 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – fell to 7.7 per cent.

Employment in September saw an increase in full-time work (+112,000, +0.7 per cent), however this increase was partially offset by a decline in part-time work (-65,000, -1.7 per cent). The employment rate in September rose 0.2 per cent, following four consecutive months of decline in the national employment rate.

Employment increased in education services (+27,000, +1.7 per cent), healthcare and social assistance (+25,000, +0.9 per cent), and finance, insurance, real estate, rental and leasing (+11,000, +0.8 per cent) in August. Over the same period, employment decreases were noted in other services (-19,000, -2.3 per cent), professional, scientific and technical services (-16,000, -0.8 per cent), utilities (-6,800, -4.5 per cent), and natural resources (-6,500, -1.8 per cent).

Recent data demonstrates that youth aged 15 to 24 (+33,000, +1.2 per cent) and women aged 25 to 64 (+21,000, +0.3 per cent) saw the most employment growth. While the youth employment rate saw minimal changes at 54.0 per cent in September, this age group saw a 3.5 percentage point decrease on a year-over-year basis. Employment among core-aged women, aged 25 to 64 also saw an increase (+21,000, +0.3 per cent).

Average hourly wages among employees increased 4.6 per cent (up $1.58 to $35.59) year-over-year in September, following a growth of 5.0 per cent in August (not seasonally adjusted).

National Real Gross Domestic Product (GDP) grew 0.2 per cent in July following minimal change in June.

The national Real Gross Domestic Product (GDP) expanded by 0.2 per cent in July, following minimal change in June. The retail trade sector was the primary driver of this growth in July and the sector’s largest monthly growth rate since January 2023.

In July, the manufacturing sector posted a 0.3 per cent increase, partially offsetting the decline recorded in June. The chemical manufacturing subsector contributed the most growth within the non-durable goods sub sector. Food manufacturing rose 1.2 per cent in July, following two months of declines, with the grain and oilseed milling contributing the most to the increase in the subsector at 9.0 per cent.

The construction sector contracted 0.4 per cent in July. This marks the sector’s second consecutive contraction, with most subsectors posting decreases. Non-residential building construction posted a 1.7 per cent decrease in July. This is the sector’s third decline in four months and the largest contributor to the sector’s decline in July, with industrial and commercial building construction driving the decrease.

Advance information indicates that real GDP was essentially unchanged in August. Increases in oil and gas extraction and the public sector were offset by decreases in manufacturing and transportation and warehousing.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and information and cultural industries in September.

Economic Developments Small Business and Entrepreneurship top five industries seeking consultations in September were:

Professional, scientific and technical services (21 per cent)
Retail trade and other services(15 per cent)
Information and cultural industries (11 per cent)
Accommodation and food services (9 per cent)
Arts entertainment and recreation (7 per cent)

Vaughan B2B: Industrial Tour brought together over 65 professionals and nearly 20 businesses representing 2,000 employees.

September saw the success of the Vaughan B2B: Industrial Tour, hosted by Economic Development (ED) in partnership with Trillium Network for Advanced Manufacturing. The event brought together over 65 professionals and nearly 20 businesses representing 2,000 employees.

Aimed at promoting learning, networking, and business opportunities for companies in Vaughan, participants were matched to tour and showcase each other’s facilities. By pairing companies with aligned interests and needs, Economic Development enabled valuable exchanges regarding operational best practices, policies, and business challenges.

Five Vaughan-based companies amongst Globe and Mail’s Top Growing Companies of 2024 in Canada.

Catanzaro Mechanical, Unilux HVAC Industries Inc, Amar Group, Highlight Motor Group, and My Baskets were among the 416 companies listed in Globe and Mail’s Top Growing Companies of 2024 in Canada. The Vaughan-based companies contribute to a range of sectors, from mechanical contracting and engineering, to transportation, warehousing and distribution, to corporate gift baskets.

Globe and Mail’s national ranking was launched in 2019 to allow businesses with proven revenue growth over a three-year period to be considered for the ranking. In order to qualify as one of the top growing companies, businesses needed to be Canadian-run and have at least $2 million annual sales in its most recent fiscal year.

FGF Brands was awarded Best Workplace Culture by the 2024 Canadian HR Awards.

FGF Brands, a Vaughan-based food manufacturer, was recently named an Excellence Awardee for Best Workplace Culture by the 2024 Canadian HR Awards. FGF Brands has facilities across Canada and the USA, including multiple Vaughan-based facilities, and specializes in baked goods for North America’s most trusted brands, including ACE Bakery and Stonefire.

Vaughan plays a central role in York Region’s agri-food sector – as the fourth largest hub in Canada – supporting 49,000 jobs regionally. Companies like FGF Brands get to tap into the Ontario Food Terminal, a 20-minute drive from Vaughan and Canada’s largest wholesale fruit and produce terminal.

Canadian HR Awards is organized by Human Resources Director (HRD) Canada and is a leading publication highlighting human resources-related innovations and trends, as well as an organizer bringing together industrial leaders through conferences, industry summits, and award ceremonies. HRD Canada, through the Canadian HR Awards, has recognized professionals, teams, and employers for human resources at the national level for 11 years.

Cardinal Health ranked 17th on TIME’s list of World’s Best Companies of 2024.

Cardinal Health is a leading distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. With its Canadian head office in Vaughan, Cardinal Health has contributed to the growing healthcare, health tech and life sciences sector in the City.

TIME and Statista selected 1,000 of the World’s Best Companies of 2024 evaluated based on a combination of employee satisfaction surveys, revenue growth, and environmental, social, and corporate governance (ESG) metrics. As the 17^th on this list, Cardinal Health exemplified high ratings in investing in employee satisfaction.

Vaughan is creating a strong business ecosystem for healthcare, health tech and life sciences sectors with assets including:

Cortellucci Vaughan Hospital – Canada’s first smart hospital
York University School of Medicine opening in 2028
LTC ventureLAB Hardware Catalyst Initiative for MedTech
More than 350 life sciences and health-tech companies in York Region

Vaughan Economic and Business Update – September 2024

Highlights

Canada’s Consumer Price Index rose 2.5 per cent year-over-year in July following a 2.7 per cent increase in June.
The national unemployment rate rose to 6.6 per cent in August, while the employment rate decreased to 60.8 per cent.
National Real Gross Domestic Product (GDP) grew 0.1 per cent in June following a 0.2 per cent increase in May.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional scientific and technical services-, retail trade-, and arts, entertainment and recreation- based businesses in August.
Vaughan-based LIUNA 183 received $26 million in provincial funding to train 50,000 new construction workers.
Vaughan has been recognized among York Region’s municipalities and as one of Canada’s top locations to invest.
Hanon Systems, a South-Korean automotive parts manufacturer with facilities in Vaughan, was named as a finalist for 2025 PACE awards.

SELECT Economic Indicators

The Consumer Price Index rose 2.5 per cent year-over-year in July following a 2.7 per cent increase in June.

The national Consumer Price Index (CPI) rose 2.5 per cent year-over-year in July following a 2.7 per cent increase in June. In Ontario, the CPI rose 2.7 per cent year-over-year in July after a 3.0 per cent year-over-year increase in June.

Shelter prices rose at a slower rate in July (+5.7 per cent) when compared with June (+6.2 per cent). Downward pressure on shelter costs comes from increased electricity costs and mortgage interest costs. The mortgage interest cost index continued to slow year-over-year, up 21 per cent in July compared with 22.3 per cent in June.

Passenger vehicle prices fell 1.4 per cent year over year in July following a 0.4 per cent decline in June. Slower price growth for passenger vehicles was attributed to the improvement of vehicle inventory when compared to 2023.

Gasoline prices rose at a faster pace in July (+1.9 per cent) when compared to June (+0.4 per cent). Price acceleration was due in part to refinery shutdowns in the midwestern United States.

The national unemployment rate rose to 6.6 per cent in August, while the employment rate decreased to 60.8 per cent.

The national unemployment rate rose to 6.6 per cent in August, while the employment rate decreased to 60.8 per cent. Ontario’s unemployment rate rose 0.4 per cent in August to 7.1 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – rose to 8.8 per cent.

Employment in August saw little change, as gains in part-time work (+66,000, +1.8 per cent) were offset by a decline in full-time work (-44,000, -0.3 per cent). The employment rate in August decreased 0.1 per cent which marks the fourth consecutive monthly decline in the national employment rate.

Employment increased in educational services (+27,000, +1.7 per cent), health care and social assistance (+25,000, +0.9 per cent), and finance, insurance, and real estate, rental and leasing (+11,000, +0.8 per cent) in August. Over the same period, Employment decreases were noted in other services (-19,000, -2.3 per cent), professional, scientific and technical services (-16,000,-0.8 per cent) and utilities (-6,800, -4.5 per cent).

Recent data demonstrates that youth seeking a job this summer had a more difficult time finding employment. The unemployment rate for those 15 to 24 years of age from May to August 2024 was 16.7 per cent, an increase of nearly 4 per cent when compared to 12.9 per cent in 2023. This summer’s rise in youth unemployment marks the highest rate since 2012. More specifically, 22.1 per cent of youth aged 15 to 16 were unemployed, and the unemployment rate of youth aged 17 to 19 was 17.7 per cent.

Average hourly wages among employees increased 5.0 per cent (up $1.69 to $35.16) on a year-over-year basis in August, following growth of 5.2 per cent in July (not seasonally adjusted).

In May, Economic Development hosted the second Talent City Vaughan: Youth Careers Expo in partnership with COSTI Employment Services and Next Steps Employment Centre at Al Palladini Community Centre. The event drew more than 300 participants who established connections with Vaughan employers. Economic Development staff continue to work with the business community to highlight and promote major hiring events and job fairs taking place in Vaughan through the department’s website and LinkedIn channel. Residents looking to work in Vaughan can use Economic Development’s job search tool on vaughanbusiness.ca that provides up-to-date information on available jobs from Vaughan-based employers.

National Real Gross Domestic Product (GDP) grew 0.1 per cent in June following a 0.2 per cent increase in May.

The national Real Gross Domestic Product (GDP) expanded 0.1 per cent in June, following a 0.2 per cent increase in May. Service producing industries increased for the third consecutive month.

In June, the manufacturing sector posted a 1.5 per cent decrease offsetting the previous two months of growth. Both durable and non-durable goods manufacturing contributed to June’s decline. Durable goods manufacturing experienced its largest contraction since April 2021 (-2.4 per cent), all but one subsector posted an increase in August (wood manufacturing, +0.5 per cent).

Wholesale trade decreased for the second consecutive month (-0.7 per cent) with machinery equipment and supplies (-1.1 per cent) and motor vehicle and motor vehicle parts accessories contributing (-2.9 per cent) the most to the sectors decline in June.

The construction sector contracted 0.6 per cent in June. This marks the sector third consecutive contraction, with all subsectors but one posting decreases. Residential building construction posted a 0.3 per cent expansion in June marking the first increase in three months, this increase was driven by apartment building construction.

Advance information indicates that real GDP increased 0.1 per cent in June. Increases in construction, real estate and rental and leasing, and finance and insurance were partially offset by decreases in manufacturing and wholesale trade.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and arts, entertainment and recreation in August.

Economic Developments Small Business and Entrepreneurship top five industries seeking consultations in August were:

Professional, scientific and technical services (21 per cent)
Retail Trade (20 per cent)
Arts, entertainment and recreation (11 per cent)
Education services and Health care and social assistance (8 per cent)
Accommodation and Food Services (7 per cent)

Vaughan-based LIUNA 183 received $26 million in provincial funding to train 50,000 new construction workers.

The Province of Ontario through the Skills Development Fund (SDF) capital stream is investing $26 million at LIUNA 183’s skilled trades training campus in Vaughan. The investment will enable LIUNA 183 to train an additional 50,000 construction workers for in-demand construction careers across the Greater Toronto Area (GTA).

Vaughan’s construction and building materials sector is integral to supporting residential, commercial and industrial growth across Ontario and Canada. In 2023 the sector contributed $4 billion in real GDP to Vaughan’s economy.

Vaughan has been recognized among York Region’s municipalities and as one of Canada’s top locations to invest. ranked a top destination to invest in Canada.

In the September issue of Site Selection Magazine, York Region was identified as one of the top Canadian locations to invest. This is York Region’s second year on this list with ranking being based on several factors including amount of corporate investment, job creation and the impact of these investments for business and residents. This recognition highlights York Region as an integral destination in Canada, as well as Vaughan’s importance as a destination of choice within the region.

Site Selection Magazine is a leading business publication covering corporate real estate and economic development. The magazine selects the top 20 regions in Canada for investment on an annual basis.

Hanon Systems, a South-Korean automotive parts manufacturer with facilities in Vaughan, was named a finalist for 2025 PACE awards.

Hanon Systems – which has a manufacturing facility in Vaughan – has been named a finalist for the 2025 PACE awards. Hanon Systems is a leading global automotive parts supplier. The nomination highlights Hanon’s innovative VR-LED photocatalyst technology used for air disinfection both inside and outside of vehicles. The PACE awards organized by Automotive News a leading US media outlet, recognizes automotive innovation that demonstrates outstanding technological and business achievements within the industry.

Vaughan’s automotive sector is comprised of over 660 sector-related businesses employing more than 13,600 people. The City is home to many globally recognized tier-one suppliers, including Magna International, Martinrea, Multimatic, Hanon Systems, Litens Automotive, IAC and Woodbridge Foam Corporation, as well as numerous tier-two and tier-three suppliers. The city’s central location is in direct proximity to assembly plants for giants such as Stellantis, Ford, Honda and Toyota, where businesses can plug into a strong and well-connected supply chain.

Vaughan Economic and Business Update – December 2025

Vaughan Economic and Business Update - December 2025

2025 Q3 Building Permit Rankings

Vaughan Economic and Business Update – October 2025

Vaughan Economic and Business Update - November 2025

2025 Q2 Building Permit Rankings

Vaughan Economic and Business Update – August 2025

Highlights

Select Economic Indicators

The national Consumer Price Index rose 1.7 per cent year-over-year in July, following a 1.9 per cent increase in June.

The national unemployment rate remained at 6.9 per cent in July, while the employment rate declined 0.2 percentage points to 60.7 per cent.

National Real Gross Domestic Product declined 0.1 per cent in June, marking the third consecutive month of decline, led by goods-producing industries in all three months.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

In July, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in retail trade, other services and education services.

Vaughan-headquartered GFL Environmental received funding from Next Generation Manufacturing Canada (NGen) through their Sustainable Manufacturing Challenge.

Recipe Unlimited Corporation, a Vaughan-based full-service restaurant company, acquires Olive Garden Canada and secures exclusive rights to expand the brand nationwide, reinforcing Vaughan’s role as a national hospitality hub.

Minus Waste Solutions, a Vaughan-headquartered company specializing in food and liquid waste recycling and resource recovery, receives a major growth equity investment to scale its sustainable waste recycling operations, advancing Vaughan’s position in clean-tech innovation.

2024 Q3 Building Permit Ranking Updates

Highlights

By the end of the third quarter of 2024, Vaughan ranked ninth nationally by value of industrial building permits.

Vaughan remains the largest industrial market in York Region with more than 100 million square feet of industrial inventory.

When looking at only Ontario, the city ranked fifth by value of industrial building permits.

Vaughan’s national recognition for its development activity also extended to commercial development, ranking tenth by value of commercial building permits in Canada at the end of the third quarter of 2024.

The city’s non-residential permits totaled more than $643 million in permit value at the end of the third quarter after a significant increase of activity in the third quarter.

In Ontario, Vaughan ranks seventh overall by value of all non-residential building permits.

The industrial market in the Greater Toronto Area rebounded with positive absorption in the third quarter of 2024, with a slight shift in demand for more design-builds as a contributing factor.

The GTA commercial market records increased leasing volumes and shifts to model suites and smaller leasing footprints driven by transit access, amenities and lease flexibility.

This quarter, the non-residential market had the slowest quarterly growth in cost of construction since the fourth quarter of 2020.

Definitions

Vaughan Economic and Business Update – December 2024

Highlights

SELECT Economic Indicators

The national consumer Price Index rose 2.0 per cent year-over-year in October, following a 1.6 per cent increase in September.

The national unemployment rate rose to 6.8 per cent in November, while the employment rate held steady at 60.6 per cent.

National Real Gross Domestic Product (GDP) grew 0.1 per cent in September, after remaining essentially unchanged in August.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in other services, retail trade, and professional, scientific, and technical services industries in November.

Held in Vaughan, the 12th annual Pentola d’Oro Awards gala celebrated best-in-class in the food and beverage industry.

The recently announced $9 million federal funding for UBC’s Bridge to Red Seal project and Vaughan’s $26 million investment in LiUNA 183’s new training center address labour shortages in skilled trades.

Vaughan-headquartered Longo’s named one of Canada’s Most Admired Corporate Cultures.

Vaughan Economic and Business Update – November 2024

Highlights

Select Economic Indicators

The Consumer Price Index rose 1.6 per cent year-over-year in September following a 2.0 per cent increase in August.

The national unemployment rate was unchanged at 6.5 per cent in October, while the employment rate decreased to 60.6 per cent.

National Real Gross Domestic Product (GDP) was essentially unchanged in August, following a 0.1 per cent increase in July.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and arts, entertainment and recreation industries in October.

The recently launched 2024 Citizen and Business Survey aims to capture feedback from Vaughan residents and businesses to identify local business trends and improve service delivery, quality of life, value for tax dollars, among other important topics.

Hanon Systems, a South-Korean automotive parts manufacturer with facilities in Vaughan, announced construction of a Woodbridge plant to strengthen electronic vehicles (EV) supply chain.

Cardinal Health, Microsoft and Yum! Brands, companies with significant economic investments in Vaughan, made 3BL’s 100 Best Corporate Citizens in 2024.

Vaughan-headquartered Hammond Paper Company acquires Rainbow Excelsior Ltd, continuing sustainable development with expanded eco-friendly product line.

Vaughan Economic and Business Update – October 2024

Highlights

Select Economic Indicators

The Consumer Price Index rose 1.6 per cent year-over-year in September following a 2.0 per cent increase in August.

The national unemployment rate fell to 6.5 per cent in September, while the employment rate decreased to 60.7 per cent.

National Real Gross Domestic Product (GDP) grew 0.2 per cent in July following minimal change in June.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and information and cultural industries in September.

Vaughan B2B: Industrial Tour brought together over 65 professionals and nearly 20 businesses representing 2,000 employees.

Five Vaughan-based companies amongst Globe and Mail’s Top Growing Companies of 2024 in Canada.

FGF Brands was awarded Best Workplace Culture by the 2024 Canadian HR Awards.

Cardinal Health ranked 17th on TIME’s list of World’s Best Companies of 2024.

Vaughan Economic and Business Update – September 2024

Highlights

SELECT Economic Indicators

The Consumer Price Index rose 2.5 per cent year-over-year in July following a 2.7 per cent increase in June.

The national unemployment rate rose to 6.6 per cent in August, while the employment rate decreased to 60.8 per cent.

National Real Gross Domestic Product (GDP) grew 0.1 per cent in June following a 0.2 per cent increase in May.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in professional, scientific and technical services, retail trade, and arts, entertainment and recreation in August.

Vaughan-based LIUNA 183 received $26 million in provincial funding to train 50,000 new construction workers.

Vaughan has been recognized among York Region’s municipalities and as one of Canada’s top locations to invest. ranked a top destination to invest in Canada.

Hanon Systems, a South-Korean automotive parts manufacturer with facilities in Vaughan, was named a finalist for 2025 PACE awards.

Held in Vaughan, the 12^th annual Pentola d’Oro Awards gala celebrated best-in-class in the food and beverage industry.