City of Vaughan

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.