City of Vaughan

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.

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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 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.

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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:

1. Professional, scientific and technical services (21 per cent)
2. Retail trade and other services(15 per cent)
3. Information and cultural industries (11 per cent)
4. Accommodation and food services (9 per cent)
5. 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

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.

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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.

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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:

1. Professional, scientific and technical services (21 per cent)
2. Retail Trade (20 per cent)
3. Arts, entertainment and recreation (11 per cent)
4. Education services and Health care and social assistance (8 per cent)
5. 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.

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.

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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.

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.

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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:

1. Retail trade (21 per cent)
2. Health care and social assistance (13 per cent) and professional and Scientific Services (13 per cent)
3. Other services (10 per cent)
4. Education services (3 per cent)
5. 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.

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.

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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.

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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:

1. Retail trade (24 per cent)
2. Professional scientific and technical services (15 per cent)
3. Health care and social assistance (7 per cent) and Other Services (7 per cent)
4. Wholesale trade (7 per cent)
5. 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.

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.

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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.

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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:

1. Retail trade (18 per cent)
2. Accommodation and food services (16 per cent) and wholesale trade (16 percent)
3. Other services (11 per cent)
4. Arts, entertainment and recreation (9 per cent)
5. 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.

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.

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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.

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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:

1. Other services (33 per cent)
2. Retail trade (10 per cent)
3. Professional technical and scientific services (10 per cent)
4. Health care and social assistance (8 per cent)
5. 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.

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:

1. Other services (33 per cent)
2. Retail trade (20 per cent)
3. Accommodation and food services (16 per cent)
4. Professional technical and scientific services (10 per cent)
5. 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.

Read more: https://www.vaughan.ca/news/mayor-del-duca-welcomes-approval-and-provincial-funding-york-universitys-school-medicine-vaughan

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.

Highlights

• The Consumer Price Index rose 2.9 per cent year-over-year in January following a 3.4 per cent increase in December.
• The unemployment rate increased by 0.1 per cent in February despite an increase to national employment of 41,000 in February.
• Real Gross Domestic Product (GDP) was unchanged in December following two months of growth.
• The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, professional, scientific and technical services, and arts, entertainment and recreation in February.
• Fawn Group Canada announces new head office location in Vaughan to enhance client services and expand product reach.
• NGen unveils $86.7 million in new advanced manufacturing projects which includes funding to Vaughan-based manufacturer Macrodyne Technologies for a gas oscillation super plastic forming technology project.
• Fero International Inc., a provincial grant recipient through the Activate!Vaughan health innovation challenge, receives $3.5 million in funding from FedDev Ontario to bring its cost-effective hospital infrastructure to market.

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SELECT Economic Indicators

The Consumer Price Index rose 2.9 per cent year-over-year in January following a 3.4 per cent increase in December.

The Consumer Price Index (CPI) rose 2.9 per cent year-over-year in January following a 3.4 per cent increase in December. Deceleration in CPI was largely due in part to lower gasoline prices – there was a 4.0 per cent decrease in January when compared to December.

Gas prices fell for the fifth consecutive month due regular shifts in winter blended gasoline and the extension of Manitoba’s provincial gas tax has also provided further relief to this month’s deceleration.

Grocery prices continue to increase at a slower pace on a year-over year basis. The deceleration of grocery prices was broad-based in January with products such as meat (+2.8 per cent), dairy (+1.5 per cent) and bakery products (+4.0 per cent) leading the deceleration.

The unemployment rate increased by 0.1 per cent in February despite an increase to national employment of 41,000 in February.

National employment increased by 41,000 people despite an increase in the unemployment rate of 0.1 per cent in February. This is a result of population growth (+0.3 per cent) continuing to outpace employment growth (+0.2 per cent). Employment gains for January were spread across multiple sectors including accommodation and food services (+26,000, +2.4 per cent), and professional scientific and technical services (+18,000, +0.9 per cent).

The national employment rate, the proportion of the population aged 15 and older who are employed, decreased for the fifth consecutive month. The consecutive decreases in the employment rate mark the longest period of consecutive decreases since a six-month period ending in April 2009. Rapid population growth largely driven through permanent and temporary immigration is causing record high growth. On October 1, 2023, Canadas population was estimated at 40,528,396 – an increase of 430,635 people since July 1, 2023. This quarterly increase in population growth was the highest recorded growth since the second quarter of 1957.

Ontario’s unemployment rate increased 0.3 per cent in December to 6.5 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – increased 0.3 per cent to 7.1 per cent.

Average hourly wages among employees rose 5.0 per cent on a year-over-year basis in February (+$1.66 to $34.82), following an increase of 5.3 per cent in January (not seasonally adjusted).

Working from home continues to be an important work week feature for many Canadians. In February, nearly 1 in 4 Canadian worked some or part of their time at home – 13.5 per cent of workers usually worked exclusively from home and a further 11.4 per cent had a hybrid arrangement. Compared to November 2023, the proportion of those working exclusively from home had increased 0.9 per cent while hybrid work arrangements saw little change. Sectors such as professional scientific and technical services, finance insurance, real estate and rental and leasing, and public administration had the largest proportion of workers who worked exclusively at home or in a hybrid arrangement.

Real Gross Domestic Product (GDP) was unchanged in December following two months of growth.

Real Gross Domestic Product (GDP) was unchanged in December following two months of growth. Despite 14 of 20 sectors increasing in December, goods-producing industries contracted 0.2 per cent with manufacturing, construction, and utilities accounting for the decline in this industry grouping.

The construction sector declined 0.6 per cent in December due to lower building activity in three of the four subsectors. Residential building construction declined the most at 1.6 per cent.

Manufacturing contracted 0.6 per cent in December in both durable and non-durable goods manufacturing. Transportation and equipment manufacturing saw the largest decrease at 3.1 per cent due to slowdowns for retooling in multiple Ontario assembly plants.

Utilities contracted 3.6 per cent in December as all three sub sectors posted declines. Electric power generation, and natural gas distribution both experienced declines as commercial and residential uses dropped due to unseasonably warm weather in December.

Retail trade grew for the fourth consecutive month. Seven of the twelve subsectors posted increases in December. The largest contributors to growth were general merchandise stores, which rose 3.1 per cent, and food and beverage stores, which increased 1.8 per cent. Motor vehicles and parts dealers have been a key driver in the previous three consecutive monthly gains, and another strong contributor to gains again in December, increasing 1.2 per cent.

Advance information indicates that real GDP rose 0.4 per cent in January. Increases in educational services and health care and social assistance were partially offset by decreases in mining, quarrying, and oil and gas extraction and transportation and warehousing.

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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 arts, entertainment and recreation in February.

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

1. Retail trade (38 per cent)
2. Professional, scientific, and technical services (16 per cent)
3. Arts entertainment and recreation (11 per cent)
4. Healthcare and social assistance (9 per cent)
5. Accommodation and food services (8 per cent)

Fawn Group Canada announced new head office location in Vaughan to enhance client services and expand product reach.

Fawn Group Canada specializes in the import and export of firefighting supplies and offers a comprehensive range of products designed to ensure the safety and efficiency of firefighting professionals. The company recently announced the re-location of its headquarters to 2100 Steeles Avenue West, Unit 101 marking a significant milestone in the company’s expansion strategy. The new location allows Fawn Group Canada to streamline logistics, ensure rapid and reliable delivery of products and increase the company’s commitment to client care.

NGen unveils $86.7 million in New Advanced Manufacturing projects which includes funding to Vaughan-based manufacturer Macrodyne Technologies for a gas oscillation super plastic forming technology project.

Vaughan-based Macrodyne Technologies, the largest North American manufacturer of hydraulic presses, press lines and die handling equipment, was one recipient of the latest cohort of applicants for funding from NGen for new advanced manufacturing projects. The current cohort of projects funded by NGen totals $86.7 million and includes 15 companies from across Ontario.

Next Generation Manufacturing Canada (NGen) is the industry-led non-profit organization responsible for leading the advanced manufacturing cluster in Ontario.

Vaughan has one of the most concentrated advanced manufacturing hubs in the GTA. The City is home to global leaders across many sectors – including automotive, food processing and more – contributing more than $4 billion in local economic output and employing 30,000 workers.

Fero International Inc., a provincial grant recipient through the Activate!Vaughan health innovation challenge, receives $3.5 million in funding from FedDev Ontario to bring its cost-effective hospital infrastructure to market.

Fero International Inc. is a provider of pressurized mobile medical units creating additional capacity for ICUs, operating rooms, long-term care, triage centres and other care needs. Recently announced an investment from the Federal Economic Development Agency for Southern Ontario of an investment of over $3.5 million, This funding will allow Fero to increase its in house manufacturing capabilities to grow production of its modular healthcare infrastructure benefiting hospital an long term care homes across Ontario and Canada.

Fero International Inc. was one of the top eight companies and provincial grant recipient in the Activate!Vaughan Health Innovation Challenge, which ran in 2020. The City, in partnership with presenting sponsors the Province of Ontario and Sterling Industries, and program partners Mackenzie Health, the Mackenzie Innovation Institute (Mi²), SE Health, ventureLAB, York Region and The Hub, called on entrepreneurs to present innovative business solutions that will advance a technology-enabled healthcare system in its delivery of high-quality, effective and patient-focused care. These were centered around four “reverse pitches” identifying opportunities for innovation related to telehealth solutions, improved communication technologies, connected healthcare services and new medical devices.

Highlights

• Vaughan had a record development year, issuing more than $2.6 billion in value of building permits in 2023.
• The City is one of the top development markets in the country, ranking ninth by value of building permits in Canada for all types of buildings.
• Vaughan’s industrial development market ranks sixth nationally by value of permits in 2023.
• Vaughan’s residential development activity ranks seventh nationally by value of permits over the same period.
• Vaughan remains the largest industrial market in York Region and the fourth largest industrial market in the Greater Toronto Hamilton Area after Toronto, Mississauga, and Brampton.

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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.

Vaughan had a record development year, issuing more than $2.6 billion in value of building permits in 2023. The City is one of the top development markets in the country, ranking ninth by value of building permits in Canada for all types of buildings.

According to data released last week from Statistics Canada that included fourth quarter building permit data, Vaughan ranks ninth overall in the country by value of permits across all building types (including both residential and non-residential building permits).

Top 10 Canadian Development Markets (All Buildings) by Value of Permits, 2023:

1.  Toronto
2. Calgary
3. Montréal
4. Vancouver
5. Edmonton
6. Ottawa
7. Hamilton
8. Brampton
9. Vaughan
10.  Winnipeg

In 2023, Vaughan ranked seventh overall in the country for value of residential building permits. 2023 residential building permits accounted for $1.9 billion in construction value, a 56 per cent increase from 2022.

From the 2023 Construction Activity Summary from Vaughan’s Building Standards Department, the value of residential building permits for 2023 was more than $1.9 billion. This is a 56 per cent increase from 2022 of approximately $860 million in residential building permit value.

Despite the increase in value, the number of residential permits decreased by 0.8 per cent in 2023. Increased costs in materials, labour, profit, overhead or residential building type may be factors. The number of residential building permits decreased from 2,146 in 2022 to 2,129 in 2023. Factors that may contribute to a higher value of residential building permits despite lowered quantity include increased costs in materials, labour, profit, overhead, or residential building type (e.g., detached, semi-detached, condominium).

Top 10 Canadian Residential Markets by Value of Permits, 2023:

1. Toronto
2. Calgary
3. Vancouver
4. Edmonton
5. Ottawa
6. Montréal
7. Vaughan
8. Hamilton
9. Winnipeg
10.   Surrey

Vaughan remains the largest industrial market in York Region and the fourth largest industrial market in the Greater Toronto Hamilton Area after Toronto, Mississauga, and Brampton.

Vaughan’s industrial market remains one of the busiest in the country by value of industrial permits in 2023, ranking sixth overall.

Top 10 Canadian Industrial Markets by Value of Permits, 2023:

1. Toronto
2. Hamilton
3. Mississauga
4. Brampton
5. Vancouver
6. Vaughan
7. Montréal
8. Québec
9. London
10.   Kelowna

When looking at only Ontario, Vaughan is in the top ten census subdivisions by value of non-residential building permits, ranking sixth after Toronto, Brampton, Ottawa, Hamilton, and Mississauga which includes industrial, commercial and institutional development.

Vaughan continues to be one of the largest industrial markets in the Greater Toronto Area, with a total industrial inventory of nearly 100 million square feet at the end of the fourth quarter, according to a market report by Colliers. Both vacancy rates and availability rates remain very low in Vaughan and across the Greater Toronto Area for industrial properties.

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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.

Highlights

• On an average annual basis, the Consumer Price Index rose 3.9 per cent in 2023, following an average annual increase of 6.8 per cent in 2022.
• The Consumer Price Index rose 3.4 per cent year-over-year in December following a 3.1 per cent increase in November.
• National employment increased by 37,000 people, and the unemployment rate fell 0.1 per cent in January.
• Real Gross Domestic Product (GDP) grew 0.2 per cent in November, after three consecutive months of no change.
• The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, construction, and professional scientific and technical services in January.
• Mircom introduces the next-generation fire detection and alarm product range into the U.S. security distribution

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SELECT Economic Indicators

On an average annual basis, the Consumer Price Index rose 3.9 per cent in 2023, following an average annual increase of 6.8 per cent in 2022.

The Consumer Price Index (CPI) measures the change in prices of goods and services purchased by Canadians. CPI measures price changes by comparing, through time, the cost of a fixed basket of goods and services. In 2023 the CPI rose 3.9 per cent on an average annual basis following an average annual increase of 6.8 per cent in 2022.

The deceleration of CPI in 2023 was due in part to lower energy prices which fell 4.2 per cent on an average annual basis in 2023 following a 22.5 per cent increase in 2022. The price increase of gasoline in 2022 was due to several factors including increased demand from easing COVID-19 restrictions, supply interruptions and supply uncertainty as crude oil facilities needed time to ramp up production. These challenges settled in 2023 allowing for the overall cost of gasoline to fall.

While all categories of CPI experienced continued price growth in 2023, six of the eight categories of CPI saw slower price growth when compared to 2022.  Food prices remained elevated throughout 2023, however, prices for food purchased from stores rose at 7.8 per cent in 2023 down from the record high in 2022 of 9.8 per cent.

Housing replacement costs in 2023 decreased while mortgage interest costs and rents accelerated. Due to rising interest rates and mortgage renewals in 2023, mortgage interest costs and rent costs increased 28.5 per cent and 6.5 per cent respectively. This index was the largest contributor to the annual average of all items CPI increase in 2023.

The Consumer Price Index rose 3.4 per cent year-over-year in December following a 3.1 per cent increase in November.

The Consumer Price Index rose 3.4 per cent year-over-year in December following a 3.1 per cent increase in November. The acceleration in CPI for December was due to rising costs in airfare, fuel oil, passenger vehicles and rent.

Prices for air transportation rose 31.1 per cent in December following an increase of 1.1 per cent in November. This increase was largely due to increased demand for travel during the holiday season and into the winter months of 2024.

The cost of rent has continued to climb, rising 7.7 per cent year over year following a 7.4 per cent increase in November. A higher interest rate environment has put upward pressure on Canadians’ ability to own a home has will continue to put pressure on rental costs. Ontario (+6.9 per cent), British Columbia (8.6 per cent) and Quebec contributed the most to this index’s increase in December.

National employment increased by 37,000 people, and the unemployment rate fell 0.1 per cent in January.

National employment increased by 37,000 people and the unemployment rate fell 0.1 per cent in January. Population growth (+0.4 per cent) is continuing to outpace employment growth (+0.2 per cent). Employment gains for January were spread across multiple sectors including wholesale and retail trade, finance, insurance, rental and leasing, educational services, and transportation and warehousing.

For the fourth consecutive month, the national employment rate has declined. The employment rate is the proportion of the working-aged population that is employed. In January 2024, the rate fell 0.1 per cent to 61.6 percent marking the fourth month of decline. On a year-over-year basis, the labour force grew by 345,000 while the working-aged population grew by 1.0 million largely driven by permanent and temporary immigration.

The participation rate – which is the number of people who are either employed or unemployed as a percentage of the population aged 15 years and older – fell 0.2 per cent in January 2024 to 65.3 per cent. This decrease was again due to population growth that is outpacing employment growth.

Ontario’s unemployment rate declined 0.1 per cent in December to 6.2 per cent, while unemployment in the Toronto Census Metropolitan Area (CMA) – which includes Vaughan – increased 0.1 per cent to 6.8 per cent.

On a year-over-year basis, average hourly wages among employees rose 5.3 per cent in January (+$1.74 to $34.75), following an increase of 5.4 per cent in December 2023.

Real Gross Domestic Product (GDP) grew 0.2 per cent in November, after three consecutive months of no change.

Real Gross Domestic Product (GDP) grew 0.2 per cent in November, after three consecutive months of no change. GDP growth in November came from goods-producing industries such as manufacturing and utilities.

The manufacturing sector rose 0.9 per cent in November as both durable and non-durable goods posted increases. Non-durable goods experienced the largest monthly gain since May of 2023, primarily due to increases in chemical manufacturing after several major Canadian plants completed maintenance related shutdowns. Durable goods manufacturing posted increases in 7 of its 10 subsectors with metal manufacturing and machinery equipment manufacturing posting the largest increases.

The wholesale trade sector increased 0.7 per cent for the first time after two consecutive months of declines. Increases in November were primarily due to increased outputs in motor vehicle and motor vehicle parts and accessories wholesalers and building materials and supplies wholesalers.

The information and cultural services sector increased 0.5 percent in November after five consecutive months of decline. Motion picture and sound recording industries and publishing industries posted the highest increases. Sector growth was mainly attributed to media and motion picture companies being able to ramp up operations after the SAG-AFTRA strike ended on November 9.

Advance information indicates that real GDP increased 0.3 per cent in December. Increases in manufacturing, real estate and rental and leasing, and mining, quarrying and oil and gas extraction were partially offset by decreases in transportation and warehousing, construction, and educational services.

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LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, construction, and professional scientific and technical services in January.

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

1. Retail trade (39 per cent)
2. Construction 26 per cent)
3. Professional, scientific, and technical services (17 per cent)
4. Administrative and support and waste management (9 per cent)
5. Healthcare and social assistance (4 per cent)

Mircom introduces the next-generation fire detection and alarm product range into the U.S. security distribution market.

Vaughan headquartered Mircom is one of the largest independent fire alarm manufacturers and distributors in Norther America. The company recently introduced their next-generation fire detection and alarm product range into the U.S. security distribution market. This next-generation product line meets the most stringent industry standards and is engineered to be easy to use and cost-competitive.

Vaughan’s advanced manufacturing cluster has a significant impact on the city’s economy accounting for 19 per cent of Vaughan’s real GDP and contributing $4.7 billion in economic output in 2022. As one of Canada’s advanced manufacturing hubs, Vaughan is an integral part of the newly announced Advanced Manufacturing Supercluster, developing next-generation manufacturing capabilities and incorporating technologies, such as advanced robotics and 3D printing. Vaughan’s access to superior end-to-end supply chain solutions, transportation assets and industrial market size makes it a competitive and attractive destination for advanced manufacturing.