City of Vaughan

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.