City of Vaughan

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.