Business Climate & Trends | Insight Categories | Vaughan Economic Development

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.

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

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 – August 2024

Highlights

The Consumer Price Index rose 2.7 per cent year-over-year in June following a 2.9 per cent increase in May.
The national unemployment rate was unchanged at 6.4 per cent in July, while the employment fell 0.2 per centage points to 60.9 per cent.
The national Real Gross Domestic Product (GDP) grew 0.2 per cent in May following a 0.4 per cent increase in April.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, health care and social assistance, professional scientific and technical services in July.
Vaughan-based QTK Fine Cabinetry celebrates 50 years of doing business.
Vaughan-based WaterPuris was selected to advance to the semi-finals in federal funding initiative to tackle methane emissions from Canadian cattle herds.

SELECT Economic Indicators

The Consumer Price Index rose 2.7 per cent year-over-year in June following a 2.9 per cent increase in May.

The national Consumer Price Index (CPI) rose 2.7 per cent year-over-year in June following a 2.9 per cent increase in May. In Ontario, the CPI rose 3.0 per cent year-over-year in June after a 3.0 per cent year-over-year increase in May.

Nationally, grocery prices rose 2.1 per cent in June compared to a 1.5 per cent increase in May. Price growth in June was attributed primarily to dairy products (+2.0 per cent), fresh vegetables (+3.8 per cent), non-alcoholic beverages (+5.6 per cent), as well as preserved fruit and fruit preparations (+9.5 per cent).

In June, prices for durable goods fell 1.8 per cent year-over-year. Passenger vehicle purchases contributed the most to the decrease in June, falling 0.4 per cent year-over-year. This was driven primarily by a reduction in prices of used vehicles (-4.5 per cent) caused by improved inventory levels.

Gasoline prices rose at a slower pace in June (0.4 per cent) compared with May (5.6 per cent). The decline was due in part to an announcement from the Organization of the Petroleum Exporting Countries (OPEC) to gradually phase out voluntary production cuts and plant shutdowns for spring maintenance.

The national unemployment rate remained unchanged at 6.4 per cent in July, while the employment rate fell 0.2 percentage points to 60.9 per cent.

The national unemployment rate was unchanged at 6.4 per cent, while the employment rate fell 0.2 percentage points to 60.9 per cent in July. Ontario’s unemployment rate decreased 0.3 per cent in July to 6.7 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – decreased 0.1 per cent to 7.7 per cent.

A decrease in employment was seen in the wholesale and retail trade (-44,000; -1.5 per cent) as well as in finance, insurance, real estate, rental and leasing (-15,000; -1.0 per cent) in July. Employment increases in July were noted for the following sectors: public administration (+20,000; +1.6 per cent), transportation and warehousing (+15,000; +1.4 per cent) and utilities (+6,200; +4.2 per cent).

Private sector employment fell by 0.3 per cent (-42,000) in July following two months of little change, while public sector employment rose 0.9 per cent (+41,000) in July. Public sector employment gains over the last year have been led by increases in health care and social assistance (+87,000; +6.9 per cent), public administration (+57,000; +4.8 per cent) and educational services (+33,000; +3.3 per cent).

The unemployment rate among recent immigrants has risen in past months due to barriers integrating into the labour market, educational credentials and domestic work experience. From July 2023 to July 2024 the unemployment rate of recent immigrants rose 3.1 percentage points to 12.6 per cent.

Despite the national unemployment remaining unchanged in July, when adjusted for comparison to the United States, the unemployment rate in Canada for July was 1.1 percentage points higher than in the US. When compared with data 12 months earlier, the unemployment rate increased 0.8 percentage points in both Canada and the US. And while the employment rate has trended down in both countries over the past 12 months, the decline has been larger in Canada, highlighting a greater upward trend in unemployment.

Average hourly wages among employees increased 5.2 per cent (up $1.73 to $34.97) on a year-over-year basis in July, following growth of 5.4 per cent in June (not seasonally adjusted).

The national Real Gross Domestic Product (GDP) grew 0.2 per cent in May following a 0.4 per cent increase in April.

The national Real Gross Domestic Product (GDP) grew 0.2 per cent in May, following a 0.3 per cent increase in April. Goods-producing industries were the main contributors to May’s GDP growth, increasing 0.4 per cent.

In May, the manufacturing sector posted its largest monthly increase since January 2023 (+1.0 per cent) following increases for two previous months. Non-durable goods manufacturing recorded its largest increase since November 2023 (+1.4 per cent), attributing petroleum and coal product manufacturing to most of this growth. Rebounds in non-durable goods manufacturing came after many refineries across Canada completed maintenance in April. Durable goods manufacturing also expanded in May (+0.7 per cent), with 6 of 10 subsectors posting increases. Furniture manufacturing (+4.6 per cent) and miscellaneous manufacturing (-0.4 per cent) contributed the most to May’s increase.

Meanwhile, retail trades contracted 0.9 per cent in May, offsetting the previous months’ increases. The sector was the largest detractor to GDP growth – food and beverage stores ( -2.3 per cent), health and personal care stores (-1.4 per cent) and general merchandise stores (-1.4 per cent) contributed the most to May’s contraction.

Wholesale trade also contracted in May, dropping 0.8 per cent following a 1.4 per cent increase in April. Motor vehicle and motor vehicle part and accessories merchant wholesalers drove May’s decline (-4.0 per cent), likely the result of decreased imports of passenger car and light trucks and overall lower production of motor vehicle.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, health care and social assistance, professional scientific and technical services in July.

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

Retail trade (21 per cent)
Health care and social assistance (13 per cent) and professional and Scientific Services (13 per cent)
Other services (10 per cent)
Education services (3 per cent)
Wholesale trade (2 per cent)

Vaughan-based QTK Fine Cabinetry celebrates 50 years of doing business.

Vaughan-based QTK Fine Cabinetry recently celebrated its 50^th anniversary. The company specializes in the manufacturing of kitchens, vanities and custom millwork that can be found in homes across the Greater Toronto Area. Founded by Tony and Mary Toto in the basement of their home in 1974, the company has grown to produce 2,000 kitchens a year and has become a first choice for residential builders and contractors across the GTA.

Vaughan’s manufacturing cluster is a significant part of the City’s economic base, contributing more than $3.9 billion in economic output and employing more than 31,000 people. Manufacturers in Vaughan have access to a robust network of goods-movement infrastructure positing the City as an attractive destination for advanced manufacturing.

Vaughan-based WaterPuris was selected to advance to the semi-finals in federal funding initiative to tackle methane emissions from Canadian cattle herds.

Vaughan-based WaterPuris was recently selected to move on to the semi-finals of the Agricultural Methane Reduction Challenge, a $12 million fund launched jointly by Impact Canada, a federal government program, and Agriculture and Agri-Food Canada. The fund is seeking innovative solutions to lower methane emissions from Canada’s cattle herds. Out of 86 applicants, WaterPuris is one of 13 semi-finalists that can receive up to $153,846 to move on to the prototype development stage.

WaterPuris, is a nanotechnology research company, that is developing a nanobubble technology that will be used to track animal health and reduce methane emissions from livestock herds.

Vaughan Economic and Business Update – July 2024

Highlights

The Consumer Price Index rose 2.9 per cent year-over-year in May following a 2.7 per cent increase in April.
The national unemployment rate rose 0.2 per cent to 6.4 per cent in June.
The national Real Gross Domestic Product (GDP) grew 0.3 per cent in April after being unchanged in March.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, professional scientific and technical services and healthcare and social assistance in June.
Cardinal Health Canada introduces 80 autonomous mobile robots at 165,000 square foot Vaughan distribution centre.
First of its kind fuel terminal opened at CN’s Mac Millian Rail Yard in Vaughan.
Vaughan-based Novel Biotechnology Inc. is one of eleven Ontario Companies to receive $500,000 in funding through the Life Sciences Innovation Fund.

SELECT Economic Indicators

The Consumer Price Index rose 2.9 per cent year-over-year in May following a 2.7 per cent increase in April.

The national Consumer Price Index (CPI) rose 2.9 per cent year-over-year in May following a 2.7 per cent increase in April. In Ontario, the CPI rose 3.0 per cent year-over-year in May after a 2.7 per cent year-over-year increase in April.

Grocery prices increase month over month – prices of food purchased from stores increased 1.5 per cent in May following a 1.4 per cent increase in April. This marks the first acceleration in food prices since June 2023. On a month-over-month basis, grocery prices rose 1.1 percent in May and while this is seasonally typical, it was the largest increase since 2023. The increase in food prices in May was largely attributed to fresh vegetables (3.5 per cent), meat (1.3 per cent), fresh fruit (2.2 per cent) and non-alcoholic beverages (2.4 per cent).

Cellular service prices have fell at a slower pace year-over-year in May (-19.4 per cent) than in April (-26.6 per cent). On a monthly basis, cellular services were up 1.2 percent in May compared to April.

Ontario residents continue to see increases in the cost of rent. On a year-over-year basis rent prices rose 8.4 per cent, up from the 6.1 per cent increase in April. Higher interest rates and population increases continue to put increased pressure on rent prices nationally.

The national unemployment rate rose 0.2 per cent to 6.4 per cent in June.

The national unemployment rate rose 0.2 per cent to 6.4 per cent in June. Ontario’s unemployment rate increased 0.3 per cent in June to 7.0 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – decreased 0.1 per cent to 7.8 per cent.

Employment in Canada was unchanged in June (-1,400; -0.0 per cent) following little change in May (+27,000; 0,1 per cent). The national employment rate declined 0.2 percentage points to 61.1 per cent in June, marking the eighth decrease in the past nine months.

In June, employment declines were noted in the transportation and warehousing (-12,000; 1.1 per cent) and public administration (-8,800; 10.7 per cent) sectors. Industry sectors that experienced some growth in June included accommodation and food services (17,000; 0.8 per cent) and agriculture (12,000; 5.5 per cent).

Every year, statistics Canada collects data from youth who attended school full-time in March and who intend to return to school full-time in the fall. The employment rate of youth aged 15 to 24 was 46.8 per cent with the youth unemployment rate increasing 0.9 percentages points to 13.5 per cent in June. This marks the lowest employment rate of youth returning to summer work since 1998.

Average hourly wages among employees increased 5.4% in June on a year-over-year basis, following growth of 5.1% in May (not seasonally adjusted).

The national Real Gross Domestic Product (GDP) grew 0.3 per cent in April after being unchanged in March.

The national Real Gross Domestic Product (GDP) grew 0.3 per cent in April, after being essentially unchanged in March. Both goods and services-producing industries contributed to growth in April with 15 of 20 sectors posting increasing.

Whoelsale trade, mining, quarrying and oil and gas extraction, retail trade and manufacturing were the largest contributors to GDP growth in April. Following two consecutive months of declines, retail trade was also among the top contributors to GDP growth in April.

Wholesale trade expanded 2.0 per cent in April with most subsectors posting increases. Motor vehicle and motor vehicle parts and accessories wholesaling increased 8.0 per cent and personnel and household goods rose 3.5 per cent.

Manufacturing posted its first increase after two consecutive months of declines, expanding 0.4 per cent in April. Durable goods manufacturing contributed the most to April’s growth with transportation and equipment manufacturing growing 1.9 per cent. Non-durable goods rose 0.2 per cent in April with chemical manufacturing contributing 2.6 per cent to the manufacturing sector’s growth in April.

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

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, professional scientific and technical services and healthcare and social assistance in June.

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

Retail trade (24 per cent)
Professional scientific and technical services (15 per cent)
Health care and social assistance (7 per cent) and Other Services (7 per cent)
Wholesale trade (7 per cent)
Education services (4 per cent)

Cardinal Health Canada introduces 80 autonomous mobile robots at its 165,000-square-foot Vaughan distribution centre.

Cardinal Health Canada is a global healthcare company providing products and services to hospitals, pharmacies, and clinics. The 165,000-square-foot distribution centre in Vaughan. The facility is dedicated to providing Cardinal Health’s ValueLink logistics service which is innovating how healthcare products are distributed across Canada. The addition of autonomous robots will support companies’ ability to provide quality products to healthcare settings.

Vaughan’s Health and Healthcare Tech and Life Sciences sector comprises More than 350 life sciences and health-tech companies in York Region. More than 1,300 businesses employing more than 17,000 people in life sciences, health and health-tech across Vaughan.

First of its kind fuel terminal opened at CN’s Mac Millian Rail Yard in Vaughan.

Canadian National (CN) railway recently announced the opening of a first of its kind fuel terminal at the Mac Millian Rail Yard in Vaughan. The new terminal opened in partnership with Norcan an international fuel distributor to lower greenhouse gas emissions and provide timely and on-site refuelling of train cars. CN will soon begin phase 2 of the project which will expand the terminal allowing for more fueling capabilities and capacity.

The logistics, distribution and E-commerce solutions sector is thriving in Vaughan. As one of the largest transportation hubs in Ontario, this sector plays a crucial role in moving goods across North America with direct rail connections to air- and sea-ports linking Vaughan to the world. Vaughan’s logistics sector is comprised of nearly 190 companies that employ more than 9,670 people.

Vaughan-based Novel Biotechnology Inc. is one of eleven Ontario Companies to receive $500,000 in funding through the Life Sciences Innovation Fund.

Vaughan-based Novel Biotechnology Inc. was recently selected to receive $500,000 through the Life Sciences Innovation Fund (LSIF). Novel Biotechnology is a synthetic biology company focused on developing non-steroidal therapies to transform the treatment of immune diseases. The funding awarded through the provinces of Ontario’s LSIF to help companies develop and launch mad-in-Ontario healthcare technologies and innovations.

This investment is part of the province’s $15 million LSIF that was established in 2022 to help companies and innovators bring their ideas to the marketplace. The fund is part of the provinces Taking Life Sciences to the Next Level life science strategy.

Vaughan Economic and Business Update – June 2024

Highlights

The Consumer Price Index rose 2.7 per cent year-over-year in April, following a 2.9 per cent increase in March.
The national unemployment rate rose 0.1 per cent to 6.2 per cent in May.
Canada’s Real Gross Domestic Product (GDP) was unchanged in March following a 0.2 per cent increase in February.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, accommodation and food services and wholesale trade in May.
The Government of Ontario announced $6 million in funding to train more than 1,000 carpenters in Vaughan and across Ontario.
Mackenzie Health launched innovative IV pump technologies at Cortellucci Vaughan Hospital and Mackenzie Richmond Hill Hospital in April.
Vaughan-headquartered Drone Delivery Canada and Oro-Medonte based Volatus Aerospace Corp announced merger of equals to become global leader in drone technology and services.
Vaughan-headquartered Fastfrate Group was recently recognized as one of Canada’s Best Managed Companies.

SELECT Economic Indicators

The Consumer Price Index rose 2.7 per cent year-over-year in April following a 2.9 per cent increase in March.

The national Consumer Price Index (CPI) rose 2.7 per cent year-over-year in April following a 2.9 per cent increase in March. In Ontario, the CPI rose 2.7 per cent year-over-year in April after a 2.6 per cent year-over-year increase in March.

When compared to March (+1.9 per cent), food purchased from stores decelerated at a slower pace year-over-year in April (+1.4 per cent). Meat, specifically fresh or frozen beef, contributed the most to April’s price deceleration. Other contributors to April’s price slowdown included other products and non-alcoholic beverages (+2.1 per cent), and bakery and cereal products (+0.2 per cent). From April 2021 to April 2024, prices for food purchased from stores have increased 21.4 per cent.

Gasoline prices in April rose by 6.1 per cent at the pump following a 4.5 per cent increase in March. Higher demand, the cost associated with switching to summer fuel blends and increased Federal carbon levies all contributed to the months increase.

The national unemployment rate rose 0.1 per cent to 6.2 per cent in May.

The national unemployment rate rose 0.1 per cent to 6.2 per cent in May. Ontario’s unemployment rate decreased 0.1 per cent in December to 6.7 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – increased 0.2 per cent to 7.9 per cent.

Youth employment was unchanged in May but has been on the decline in recent months. On a year-over-year basis, the youth employment rate has declined 2.4 per cent and was lower than the average rate of 58.2 per cent observed from 2017 to 2019.

The employment rate of returning students was 61 per cent, 2.9 per cent lower than in May 2023. The month of May provides the first indicator of the summer job market, especially for students aged 20 to 24. Declines noted in May 2024 were seen primarily in males aged 20 to 24, whose employment rate fell 6.6 per cent to 57.3 per cent, while the employment rate for females aged 20 to 24 remained unchanged (64.2 per cent).

The national employment rate fell 0.1 percent to 61.3 per cent in May. Employment gains in May were seen in the following sectors health care and social assistance (+30,000), finance, insurance, real estate, rental and leasing (+29,000), business, building and other support services (+19,000), as well as accommodation and food services (+13,000). Sectors that saw employment declines included construction (-30,000), transportation and warehousing (-21,000) and utilities(-5,400).

More Canadians were working part-time hours in their job in May. The involuntary part-time rate (which is the proportion of part-time workers who are not able to find full-time work) was 18.2 per cent in May – an increase of 15.4 per cent over the past 12 months.

Average hourly wages among employees increased 5.1 per cent (+$1.69 to $34.94) on a year-over-year basis in May, following growth of 4.7 per cent in April (not seasonally adjusted).

The national Real Gross Domestic Product (GDP) was unchanged in March following a 0.2 per cent in February.

The national Real Gross Domestic Product (GDP) was unchanged in March following a 0.2 per cent in February. Goods and services producing industries experienced no change in March, with 11 of 20 sectors posting increases in the month.

In March, the construction sector saw the largest increase in economic output since January 2022, rising 1.1 per cent. All types of construction activity increased in March aside from the exception of the repair construction sub sector (-0.3 per cent). Residential building activity was up 1.4 per cent in March and was driven by increased activity in single detached home construction. Non-residential building construction increased 1.6 per cent in March with public and industrial construction contributing the most to the increase.

Manufacturing activity continued to decline for the second consecutive month (-0.8 per cent). Durable goods manufacturing decreased for the fourth consecutive month down 0.9 percent. Transportation equipment manufacturing (-2.4 percent) was the largest decrease in March which was a result of ongoing retooling at several major automotive plants in Ontario.

Advance information indicates that real GDP rose 0.3 per cent in April. Increases in manufacturing, mining, quarrying, and oil and gas extraction and wholesale trade were partially offset by decreases in utilities.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, accommodation and food services and wholesale trade in May.

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

Retail trade (18 per cent)
Accommodation and food services (16 per cent) and wholesale trade (16 percent)
Other services (11 per cent)
Arts, entertainment and recreation (9 per cent)
Education services (7 per cent)

The Government of Ontario announces $6 million in funding to train more than 1,000 carpenters in Vaughan and across Ontario.

The Government of Ontario, through the Skills Development Fund (SDF), recently announced more than $6 million in funding to support innovative projects that aim to train more than 1,000 carpenters in Vaughan and across Ontario. The College of Carpenters and Allied Trades (CCAT), which is headquartered in Vaughan will receive $894,824 to deliver upskilling programs to 312 jobseekers in carpentry and related formwork.

Vaughan’s construction and building materials sector is integral to supporting residential, commercial, and industrial building growth across Ontario and Canada. Vaughan’s Construction industry contributed $4 billion in real GDP to Vaughan’s economy in 2023. Construction in Vaughan is supported by high economic spin-offs anchored by strong local industry verticals, including advanced manufacturing, retail and wholesale trade, professional and business services, and technology.

Mackenzie Health launched innovative IV pump technologies at Cortellucci Vaughan Hospital and Mackenzie Richmond Hill Hospital in April.

Cortellucci Vaughan and Mackenzie Richmond Hill became the first hospitals in Canada to launch new two-way information systems between an IV medication pump and patients electronic medial records. The new technology called BD AlarisTM EMR Interoperability, replaces the need for healthcare staff to manually programs pumps while sending infusion safety information.

Cortellucci Vaughan Hospital is Canada’s first smart hospital. The hospital features fully integrated smart technology systems and medical devices which utilize digital communications and the Internet of Healthcare Things to deliver a world class and pioneering patient-centred experience.

Vaughan’s Health and Healthcare Tech and Life Sciences sector comprises more than 350 life sciences and health-tech companies in York Region. More than 1,300 businesses employing more than 17,000 people in life sciences, health and health-tech across Vaughan. 18 world-class hospitals within the Greater Toronto Area. A high concentration in the manufacturing of magnetic and optical media, medical and control instrument manufacturing, and pharmaceuticals and medical equipment supplies, which boast a location quotient* of more than 2.0.

Vaughan-headquartered Drone Delivery Canada and Oro-Medonte based Volatus Aerospace Corp announced merger of equals to become global leader in drone technology and services.

Vaughan-headquartered Drone Delivery Canada and Volatus Aerospace Corp enter merger of equals to become a leading global drone technology company. The combined company will be called Voltaus Aerospace Corp and will leverage Voltaus existing global name and brand while Drone Delivery Canada’s name will be retained for cargo operations.

Vaughan-headquartered Fastfrate Group recently recognized as one of Canada’s Best Managed Companies.

Fastfrate, ASL Distribution and Challenger Motor Freight are all apart of the Fastfrate Group, which was recently recognized as one of Canadas Best Managed Companies for its leading performance, global business practices and sustained growth.

The logistics, distribution and e-commerce solutions sector is thriving in Vaughan. As one of the largest transportation hubs in Ontario, this sector plays a crucial role in moving goods across North America with direct rail connections to air and sea-ports linking Vaughan to the world. Vaughan’s position in Canada’s largest market, major highways, airports and intermodal rail terminals, companies have the potential to increase efficiencies and reduce transportation costs significantly.

Vaughan Economic and Business Update – May 2024

Highlights

The Consumer Price Index rose 2.9 per cent year-over-year in March following a 2.8 per cent increase in February.
The national unemployment rate was unchanged at 6.1 per cent in April.
Real Gross Domestic Product (GDP) increased by 0.2 per cent in February.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in other services, retail trade, and professional scientific and technical services in April.
Martinrea announces investment in Equispheres Inc. for additive manufacturing of high-performance powders.
Woodbridge Foam Group announces joint venture with TM Automotive Seating Systems to produce innovative seating systems.

SELECT Economic Indicators

The Consumer Price Index rose 2.9 per cent year-over-year in March following a 2.8 per cent increase in February.

The national Consumer Price Index (CPI) rose 2.9 per cent year-over-year in March following a 2.8 per cent increase in February. In Ontario, the CPI rose 2.6 per cent year-over-year in March after a 2.4 per cent year-over-year increase in February.

Gasoline prices rose 4.5 per cent in March following a 0.8 per cent increase in February. Higher global prices for crude oil in March were due to supply concerns amid geopolitical conflict and continued voluntary production. Supply issues are also common in the spring as demand for vehicle travel increases as temperatures begin to warm.

Shelter prices continue to put pressures on the CPI with a 6.5 per cent increase year-over-year in March, rising at the same rate as a month prior. Rental prices continued to climb in March rising 8.5 percent year-over-year following an 8.2 per cent increase in February. Among many factors, higher interest rates are creating significant barriers towards homeownership, and additional pressure on landowners whose housing costs are changing due to higher interest rates.

The national unemployment rate was unchanged at 6.1 per cent in April.

The national employment rate held steady at 61.4 per cent in April. The unemployment rate was unchanged in April at 6.1 per cent. Employment gains in April were primarily driven by part-time employment. Employment increased across multiple sectors in April including professional, scientific and technical services (+26,000; +1.3 per cent), accommodation and food services (+24,000; +2.2 per cent), health care and social assistance (+17,000; +0.6 per cent) and natural resources (+7,700; +2.3 per cent).

Employment gains in April were primarily seen in core-aged men and women as well as male youth. For the third consecutive month employment rose for core-aged men in April. For core-aged women employment increased by 27,000 and was driven primarily by part-time work. Despite the increase, more core-aged women worked full-time compared to 12 months earlier.

Youth employment in April increased by 40,000 and marked the first major increase since December 2022. The youth employment rate in April (55.5 per cent) was up 0.5 percentage points from March but was down 3.7 percentage points compared with the same month in 2023.

Ontario’s unemployment rate increased 0.1 per cent in December to 6.8 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – increased 0.1 per cent to 7.9 per cent.

Average hourly wages among employees increased 4.7 per cent (+$1.57 to $34.95) on a year-over-year basis in April, following growth of 5.1 per cent in March (not seasonally adjusted).

Real Gross Domestic Product (GDP) increased by 0.2 per cent in February.

Real Gross Domestic Product (GDP) increased nationally by 0.2 per cent in February. Growth in February was seen in 12 of 20 sectors. Goods-producing industries were unchanged in February with the mining, quarrying and oil and gas extraction sector expanding while the utilities and manufacturing sectors contracted.

Transportation and warehousing increased 1.4 per cent in February. This was the largest monthly increase since January 2023. Six of nine subsectors increased with rail transportation (5.5 per cent) contributing the most to February’s increase.

Manufacturing experienced a 0.4 per cent decline in February, partly due to a decrease in transportation manufacturing. Sub-sector declines in transportation equipment manufacturing and motor vehicle manufacturing were the largest contributors to this month’s declines partly due to continued retooling activities at several major automotive plants.

Advance information indicates that real GDP was essentially unchanged in March. Increases in utilities and real estate and rental and leasing were offset by decreases in manufacturing and retail trade.

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 in April.

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

Other services (33 per cent)
Retail trade (10 per cent)
Professional technical and scientific services (10 per cent)
Health care and social assistance (8 per cent)
Information and Cultural Industries (5 per cent)

Martinrea announces investment in Equispheres Inc. for additive manufacturing of high-performance powders.

Martinrea International, a diversified global automotive supplier headquartered in Vaughan, recently announced the investment in Equispheres Inc. a supplier of additive manufacturing materials. The investment by Martinrea will support Equispheres’ development of advanced materials such as high-performance aluminum powder for additive manufacturing applications in the automotive sector.

Vaughan 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.

The automotive sector in Vaughan makes up a large part of the advanced manufacturing cluster in the city, contributing $4 billion in real gross domestic product to Vaughan’s economy in 2022. Vaughan’s automotive sector is comprised of over 660 sector-related businesses employing more than 13,600 people.

Woodbridge Foam Group announces joint venture with TM Automotive Seating Systems to produce innovative seating systems.

Vaughan-based automotive parts manufacturer Woodbridge Foam Group recently entered into a joint venture with TM Automotive Seating Systems. TM Automotive Seating Systems is an Indian-based automotive part manufacturer specializing in complex seating systems. The joint venture titled TMWB Foam Private Limited based in Pune, India will focus on delivering innovative seating systems to commercial vehicles manufacturers around the world.

Vaughan Economic and Business Update- April 2024

Highlights

The Consumer Price Index rose 2.8 per cent year-over-year nationally in February following a 2.9 per cent increase in January.
The national unemployment rate in March reached 6.1 per cent, up 0.3 per cent from the previous month and one per cent on a year-over-year basis.
Canada’s Real Gross Domestic Product (GDP) increased by 0.6 per cent in January.
The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in other services, retail trade, accommodation, and food services in March.
The latest provincial budget announced Vaughan will be home to a York University medical school set to open in 2028.
Menkes Developments Ltd. and QuadReal Property Group break ground on a three-tower community in the VMC.
Vaughan-headquartered Martinrea International recently announced the launch of a new software company MiNDCAN.

SELECT Economic Indicators

The Consumer Price Index rose 2.8 per cent year-over-year in February following a 2.9 per cent increase in January.

The Consumer Price Index (CPI) rose 2.8 per cent year-over-year in February nationally following a 2.9 per cent increase in January. In Ontario, the CPI rose 2.4 per cent year-over-year in February after a 2.7 per cent year-over-year increase in January.

Cellular and internet services cost Canadians less in February. The cost of cellular plans was down 26.5 per cent year-over-year, following a 16.4 percent decline in January. These price declines were driven by special offers, and new plans provided by cellular and internet service providers.

Prices for food purchased from stores continues to ease on a year over-year basis, rising 2.4 per cent in February compared to 3.4 per cent increase in January. Slower price growth was broad based with preserved fruit, cereal products and dairy products decelerating in February.

The national unemployment rate in March reached 6.1 per cent, up 0.3 per cent from the previous month and one per cent on a year-over-year basis.

National employment experienced little change in March with the employment rate falling 0.1 per cent to 61.4 per cent. The national unemployment rate increased 0.3 per cent in March to 6.1 per cent. In March there were fewer people employed in accommodation and food services, wholesale, and retail trade, and professional scientific and technical services. Employment gains were noted across healthcare and social assistance, construction and finance, insurance, real estate and rental leasing.

From March 2023 to March 2024 the employment rate has decreased 0.9 percentage points, as employment growth (+324,000) has been outpaced by growth in population (+1.0 million). In March Statistics Canada reported that Canadas population has increased at an annual rate of 3.2 per cent as of January 2024 the fastest annual growth rate since 1957.

In March youth unemployment rose 1.0 per cent to 12.6 per cent. The youth unemployment rate in March 2024 was the highest since 2020. On a year over year basis the unemployment rate was up for both young men (+3.3 per cent) and young women (+2.9 per cent).

Ontario’s unemployment rate increased 0.2 per cent in December to 6.7 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – increased 0.4 per cent to 7.5 per cent.

Average hourly wages among employees rose 5.1 per cent (+$1.69 to $34.81) on a year-over-year basis in March, following growth of 5.0 per cent in February (not seasonally adjusted).

Real Gross Domestic Product (GDP) increased by 0.6 per cent in January.

Real Gross Domestic Product (GDP) increased nationally by 0.6 per cent in January. Growth in January was broad based with 18 of 20 sectors increasing in January. Goods-producing industries contracted 0.2 per cent in January with the utilities, and manufacturing sectors rebounding from declines in previous months.

The public sector (consisting of educational services, healthcare and social assistance and public administration) increased 1.9 per cent In January, rebounding from two previous months of declines.

The manufacturing sector has fully recouped December’s decline with a 0.9 per cent increase in January. Durable goods manufacturing contributed the most to the increase in January, which was largely a result of an increase in the transportation equipment manufacturing subsector. Following four months of declines, the motor vehicle manufacturing sector increased 4.9 per cent in January as production resumed at auto assembly plants following retooling shutdowns.

Advance information indicates that real GDP rose 0.4 per cent in February. Broad-based increases, with main contributions from mining, quarrying, and oil and gas extraction, manufacturing, and finance and insurance, were partially offset by decreases in utilities.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in other services, retail trade, accommodation, and food services in March.

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

Other services (33 per cent)
Retail trade (20 per cent)
Accommodation and food services (16 per cent)
Professional technical and scientific services (10 per cent)
Health care and social assistance (5 per cent)

The latest provincial budget announced Vaughan will be home to a York University medical school set to open in 2028.

The province announced that York University will open a new medical school focused on family medicine in Vaughan in 2028. The new medical school will be located in the Vaughan Healthcare Centre Precinct (VHCP) and is part of a broader effort to address Ontario’s shortage of healthcare workers. York University estimates that the medical school will help the province meet almost 88 per cent of the projected need for family physicians as well as other primary care doctors in the generalist specialties in Ontario.

The City of Vaughan is leading a collaboration to transform an 82-acre parcel of land at Jane Street and Major Mackenzie Drive into the Vaughan Healthcare Centre Precinct (VHCP). Together with partners Mackenzie Health, York University and ventureLAB, the City is developing a world-class destination for healthcare excellence.

Menkes Developments Ltd. and QuadReal Property Group break ground on a three-tower community in the VMC.

Menkes and QuadReal have started construction on the next phase of the largest mixed-use development in the VMC. The three-tower community will consist of 32, 41 and 51 storeys, and marks the second phase of the Company’s Festival brand. The development is designed to seamlessly integrate into the growing VMC offering a range of amenities including coworking spaces, grade retail, a pedestrian mews, and a privately-owned public space.

The Vaughan Metropolitan Centre (VMC) is Vaughan’s emerging downtown core that continues to establish its reputation as the premier destination for talent and business. The VMC offers unparalleled access to office space, multimodal mobility and urban amenities – all located within the heart of the Greater Toronto Area (GTA). More than 783,000 square feet of new office space has been built and approved in the VMC, representing 52 per cent of the 2031 office space target. More than 425,000 square feet of retail use in VMC has been approved, representing 57 per cent of the 2031 retail target. Including pre-application consultations, the VMC has now reached 194 per cent off office targets and 115 per cent of retail targets for 2031.

Vaughan-headquartered Martinrea International recently announced the launch of a new software company MiNDCAN.

Vaughan-headquartered Martinrea International a major automotive supplier recently announced the launch of MiNDCAN. The newly established software company offers solutions to help enhance program management, profit optimization, and sustainability reporting across throughout the private sector. Tailored solutions offered through MiNDCAN have been rigorously tested and applied to operations within Martinrea International offering innovative and specific applications that make organizations operate more efficiently and effectively.

The automotive sector in Vaughan makes up a large part of the advanced manufacturing cluster in the city, contributing $4 billion in real gross domestic product to Vaughan’s economy in 2022.

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.

Vaughan Economic and Business Update – August 2024

Highlights

SELECT Economic Indicators

The Consumer Price Index rose 2.7 per cent year-over-year in June following a 2.9 per cent increase in May.

The national unemployment rate remained unchanged at 6.4 per cent in July, while the employment rate fell 0.2 percentage points to 60.9 per cent.

The national Real Gross Domestic Product (GDP) grew 0.2 per cent in May following a 0.4 per cent increase in April.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, health care and social assistance, professional scientific and technical services in July.

Vaughan-based QTK Fine Cabinetry celebrates 50 years of doing business.

Vaughan-based WaterPuris was selected to advance to the semi-finals in federal funding initiative to tackle methane emissions from Canadian cattle herds.

Vaughan Economic and Business Update – July 2024

Highlights

SELECT Economic Indicators

The Consumer Price Index rose 2.9 per cent year-over-year in May following a 2.7 per cent increase in April.

The national unemployment rate rose 0.2 per cent to 6.4 per cent in June.

The national Real Gross Domestic Product (GDP) grew 0.3 per cent in April after being unchanged in March.

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, professional scientific and technical services and healthcare and social assistance in June.

Cardinal Health Canada introduces 80 autonomous mobile robots at its 165,000-square-foot Vaughan distribution centre.

First of its kind fuel terminal opened at CN’s Mac Millian Rail Yard in Vaughan.

Vaughan-based Novel Biotechnology Inc. is one of eleven Ontario Companies to receive $500,000 in funding through the Life Sciences Innovation Fund.

Vaughan Economic and Business Update – June 2024

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