City of Vaughan

Highlights

• The national Consumer Price Index rose 2.3 per cent year-over-year in March, a slowdown compared to the 2.6 per cent increase in February.
• The national unemployment rate rose to 6.7 per cent in March, a marginal increase from 6.6 per cent in February.
• The national Real Gross Domestic Product fell slightly to 0.2 per cent in February, partially offsetting January’s 0.4 per cent increase.
• The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, finance and insurance and professional, scientific, and technical services industries in April.
• Tailored Genes is building a new full-service viral sector facility in Vaughan, accelerating Canada’s biotech presence in global supply chains.
• Vaughan-based REV Capital and Weston Consulting, along with Auvik Networks, which has an office in Vaughan, were recognized as three of Canada’s Top Small and Medium Employers of 2025.
• More than ten companies with headquarters or facilities in Vaughan were awarded Canada’s Best Managed Companies in 2025.

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SELECT Economic Indicators

The national Consumer Price Index rose 2.3 per cent year-over-year in March, a slowdown compared to the 2.6 per cent increase in February.

The national Consumer Price Index rose 2.3 per cent year-over-year in March, down from a 2.6 per cent increase in February. Among the all-items Consumer Price Index, gasoline and travel tours were the primary contributors to the decline.

Gasoline prices experienced a significant decline year-over-year, from a 5.1 per cent increase in February to a 1.6 per cent drop in March. Falling gasoline prices are expected to be the trend amidst slowing global oil demand, economic growth from tariff threats and recent announcements from the Organization of the Petroleum Exporting Countries and its partners to increase production.

Similarly, Canadians paid less for travel tours and airfares in March. Year-over-year, prices for travel tours declined 4.7 per cent in March compared to an 18.8 per cent increase in February. Coinciding with less Canadian air travel to the U.S., air transportation continued to fall, from a 4.4 per cent drop in February to a 12.0 per cent decline in March.

In Ontario, the Consumer Price Index saw a year-over-year dip from 2.7 per cent in February to 2.3 per cent in March, as several provinces slowly rebounded from the first full month after the end of the federal tax break on February 15.

The national unemployment rate rose to 6.7 per cent in March, a marginal increase from 6.6 per cent in February.

The national unemployment rate rose to 6.7 per cent in March, a marginal increase from 6.6 per cent in February. Ontario’s unemployment rate similarly rose, reaching 7.5 per cent in March compared to 7.3 per cent in February. In the Toronto Census Metropolitan Area  – which includes Vaughan – the unemployment rate rose to 8.8 per cent, up 0.3 percentage points from 8.5 per cent in February.

Employment in March fell by 33,000 (-0.2 per cent), the first decrease since January 2022, while the employment rate was down 0.2 percentage points to 60.9 per cent. By province, employment fell in Ontario (-28,000; -0.3 per cent) and Alberta (-15,000; -0.6 per cent), while Saskatchewan experienced some employment growth (+6,600; +1.1 per cent).

In March, employment gains were recorded for utilities (+4,200; +2.8 per cent) and personal and repair services (+12,000; +1.5 per cent). This growth was tempered by declines in wholesale and retail trade (-29,000; -1.0 per cent) and information, culture and recreation (-20,000; -2.4 per cent).

Across the country, 1.5 million Canadians were unemployed and facing difficulties finding work this March, representing a 12.4 per cent increase year-over-year. Job loss due to lay-offs within the previous 12 months was the most significant contributor (44.1 per cent) to those unemployed, down from 47 per cent in March 2024. While construction (18.4 per cent) and wholesale or retail trade (12.4 per cent) were the sectors most impacted by lay-offs, manufacturing (9.3 per cent) saw minimal change year-over-year.

Across gender and age groups, employment fell the most among men aged 55 years and older (-21,000; -0.9 per cent), with a 0.4 percentage point drop to 38.8 per cent in March, marking a third consecutive month of decline. Over the same period, employment levels and employment rates for women aged 55 and older, core-aged women and youth were little changed.

Average hourly wages among employees were up 3.6 per cent (+$1.24) to $36.05 in March, following a growth of 3.8 per cent in February (not seasonally adjusted).

The national Real Gross Domestic Product fell slightly to 0.2 per cent in February, partially offsetting January’s 0.4 per cent increase.

The national Real Gross Domestic Product saw a slight decrease in February to 0.2 per cent, partially offsetting a 0.4 per cent increase in January. Both services-producing and goods-producing industries contracted, with more than half (12) of the 20 industrial sectors overall experiencing a decline in February.

For the second consecutive month, the manufacturing sector rose 0.6 per cent in February. Namely, machinery manufacturing (+5.9 per cent) contributed the most to the increase, the subsector’s highest growth rate since February 2023. In line with changing export demands, transportation equipment manufacturing (+0.7 per cent) grew due to higher export activity. In contrast, primary metal and wood product manufacturing contracted with a decline in exports of lumber and other sawmill products.

Canada’s construction sector experienced its first contraction for the first time in four months, falling 0.5 per cent in February. The decline was primarily driven by residential building construction, which decreased by 0.9 per cent in February. This downturn was observed across various activities, from home alterations and improvements to single-family and row houses. Meanwhile, non-residential building construction (+0.6 per cent) saw the sector’s only growth, expanding for the seventh consecutive month, fueled by public and industrial building development.

Lower residential construction continues to impact other sectors, with the real estate and rental and leasing sector posting a 0.4 per cent decline in February, its most significant fall since April 2022.

Transportation and warehousing fell 1.1 per cent in February, marking its first decline after two consecutive monthly gains. Major snowstorms led to cancellations and limited activity across some of Canada’s largest urban centres. The impact was largely felt by transit, ground passenger, scenic and sightseeing transportation (-3.4 per cent) and rail transportation (-5.6 per cent).

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LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

The Vaughan Business and Entrepreneurship Centre experienced demand for consultations in retail trade, finance and insurance and professional, scientific, and technical services industries in April.

In April, the top five industries seeking consultations from Economic Development’s Small Business and Entrepreneurship unit were:

1. Retail trade (29 per cent)
2. Finance and insurance (14 per cent)
3. Professional, scientific and technical services (14 per cent)
4. Accommodation and food services (14 per cent)
5. Utilities and transportation and warehousing (14 per cent)

Tailored Genes is building a new full-service viral sector facility in Vaughan, accelerating Canada’s biotech presence in global supply chains.

Tailored Genes, a biotech manufacturer accelerating Canada’s life sciences sector and global supply chain presence, is expanding its footprint with a new, state-of-the-art viral sector facility in Vaughan. Located in the Vaughan Metropolitan Centre, this expansion will encompass cutting-edge technologies designed for full-service biomanufacturing production.

Citing Vaughan’s strategic location, Tailored Genes is leveraging the Vaughan Metropolitan Centre and its proximity to the Vaughan Healthcare Centre Precinct. With access to 18 world-class hospitals within a 50-kilometer radius, the Vaughan Healthcare Centre Precinct is also home to the Laboratory of the Government Chemist, ventureLAB Hardware Catalyst Initiative for Medtech, Cortellucci Vaughan Hospital – Canada’s first smart hospital, and York University’s School of Medicine, opening in 2028.

Vaughan-based REV Capital and Weston Consulting, along with Auvik Networks, which has an office in Vaughan, were recognized as three of Canada’s Top Small and Medium Employers of 2025.

Recognized for their progressive workplace programs and policies, Vaughan-based REV Capital and Weston Consulting, as well as Auvik Networks, which maintains an office in Vaughan, were named among Canada’s Top Small and Medium Employers of 2025.

REV Capital, a leading provider of financial factoring services, has an extensive presence with seven offices across North America. Vaughan-headquartered Weston Consulting is one of central Canada’s largest and most experienced planning and urban design firms. With an office in Vaughan, Auvik Networks reached global markets with its network management software, servicing over 1.5 million network devices in 2025.

Now in its 12^th year, Canada’s Top Small and Medium Employers of 2025 highlights some of the nation’s most innovative small and medium enterprises. These businesses, which have fewer than 500 employees, are assessed based on their progressive workplace programs and policies. Vaughan is home to more than 19,700 businesses, with small and medium enterprises* making up roughly 99.8 per cent, mirroring the national distribution of small and medium enterprises (approximately 99.8 per cent).

*Small and medium enterprises are defined as businesses with under 500 employees, according to Statistics Canada.

More than ten companies with headquarters or facilities in Vaughan were awarded Canada’s Best Managed Companies in 2025.

In 2025, more than ten companies with headquarters or facilities in Vaughan were awarded the prestigious Canada’s Best Managed Companies designation. This award, published by Deloitte, honoured leading Canadian-owned companies with revenues of $50 million or more, showcasing excellence in overall business performance and sustained growth.

The following 13 companies with headquarters or facilities in Vaughan were awarded in 2025:

• State Window Corporation
• Mircom
• Modern Niagara
• St. Joseph Communications
• Shah Group of Companies
• Summer Fresh Salads
• Rex Power Magnetics
• Woodbridge Foam Corporation
• Anatolia Fine Foods
• Fastfrate Group
• T&T Power Group
• Integricon
• Samuel Packaging Systems Group – a part of Samuel, Son & Co

Award-winning companies are choosing Vaughan for its access to local, regional and global markets as well as future talent. The city’s population is projected to be more than 576,000 by 2051. At the end of the fourth quarter of 2024, Vaughan had a total industrial inventory of more than 9.6 million square metres (104 million square feet), making it one of the largest markets in the Greater Toronto Area.