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City of Vaughan

Vaughan Economic and Business Update – June 2023

KEY HIGHLIGHTS 

  • The Consumer Price Index rose 4.4 per cent year over year in April following a 4.3 per cent increase in March. 
  • The national unemployment rate rises to 5.2 per cent, the first increase since August 2022. 
  • Real Gross Domestic Product (GDP) is unchanged in March following a 0.1% increase in February. 
  • The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in May by Retail Trade, Professional, Scientific & Technical Services, Accommodation and Food Service, Education Services, Other Services. 
  • The Government of Canada invested $5 million in leading automotive parts manufacturer ArcelorMittal Tailored Blanks Americas Limited (AMTB) to green operations and create 65 jobs at its Vaughan facility. 
  • Noble launches industries first AutoStore warehouse automation system that revolutionizes order picking and customer service excellence. 

SELECT ECONOMIC INDICATORS 

The Consumer Price Index rose 4.4 per cent year over year in April following a 4.3 per cent increase in March.  

The Consumer Price Index rose 4.4 per cent year over year in April following a 4.3 per cent increase in March. Home mortgage interest costs and rent prices contributed the most to 0.1 per cent increase seen in April. Grocery prices are continuing to increase at a slower pace with year over year grocery prices in April at 9.1 per cent, compared to March at 9.7 per cent. The slowdown in grocery prices was mainly due to smaller price increases for fresh vegetables, coffee and tea.  

The national unemployment rate rises to 5.2 per cent, the first increase since August 2022. 

In May employment experienced little change, as employment fell by 77,000 for youth aged 15 to 24 years and increased by 63,000 among people 25 to 54 years of age. Business, building and other support services (-31,0000), as well as professional scientific and technical services (-13,000) had fewer people employed in May. However, increases in employment were noted for Manufacturing (+13,000), other services (+11,000) and utilities (+4,200).  

The number of employees held steady in the private and public sector, while there was a decline in the number of self-employed workers (-40,000). 

On a year-over-year basis, average hourly wages rose 5.1% (+$1.61 to $33.25) in May (not seasonally adjusted). 

Real Gross Domestic Product (GDP) is unchanged in March following a 0.1% increase in February. 

Real Gross Domestic Product (GDP), which measures the inflation-adjusted value of goods and services produced in the economy, was unchanged in March following a 0.1 per cent increase in February. For the third consecutive month oil and gas extraction expanded, with a 1.2 per cent increase in March. Manufacturing and accommodation and food services contracted in May by 0.6 per cent and 2.2 per cent. Main causes for the contractions included decline in durable goods manufacturing and food services and drinking places. 

Advanced estimates indicate that GDP is expected to increase 0.2 per cent in April with increases in mining, and oil and gas extraction, and transportation and warehousing being responsible for the month over month increase. 

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in May by Retail Trade, Professional, Scientific & Technical Services, Accommodation and Food Service, Education Services, Other Services. 

ED’s Small Business and Entrepreneurship top five industries seeking consultations in May were: 

  1. Retail Trade (32 per cent) 
  2. Professional Scientific and Technical Services (28 per cent)
  3. Accommodation and Food Service (11 per cent) 
  4. Education Services (9 per cent) 
  5. Other Services (7 per cent)  
The Government of Canada invested $5 million in leading automotive parts manufacturer ArcelorMittal Tailored Blanks Americas Limited (AMTB) to green operations and create 65 jobs at its Vaughan facility. 

Vaughan-based ArcelorMittal Tailored Blanks America Limited (AMTB) a leading automotive parts manufacturer is receiving a $5 million dollar investment from the Government for Canada to green its operations and create 65 jobs at its Vaughan facility. Funding will be utilized to modernize its equipment and technologies to fully transition its Concord facility from producing fuel powered components to 100 per cent electric vehicle components. This funding will also support the company as they collaborate with many leading EV Original Equipment manufacturers (OEM). 

Noble launches industries first AutoStore warehouse automation system that revolutionizes order picking and customer service excellence. 

Noble, a leading trade supplier in plumbing, HVAC, industrial and fire protection based in Vaughan announced a fully automated warehouse solution operated by autonomous robots. The new system is set to redefine inventory management, order processing operations and service excellence. Noble is the first in the industry to implement an AutoStore solution, developed and installed by Dematic – the global supplier of integrated automated technology, software and services.