City of Vaughan

SELECT ECONOMIC INDICATORS

National Consumer Price Index 

The Consumer Price Index rose 1.9% on a year-over-year basis in August, up from a 1.7 per cent increase in July. In Ontario, the Consumer Price Index rose 1.7 per cent year-over-year in August, up slightly by a 0.1 per cent increase from July. The Consumer Price Index increased in August at a faster pace than July in eight out of Canada’s ten provinces.  

Year over year, gasoline prices fell 12.7 per cent in August, following a 16.1 per cent decline in July. In August, prices for meat rose 7.2 per cent year over year, following a 4.7 per cent increase in July. Higher prices for fresh and frozen beef (+12.7 per cent) and processed meat (+5.3 per cent) put upward pressure on the index in August; growth in prices for ground beef and multiple processed meat categories contributed the most to the upward movement. The prices for fresh fruit fell 1.1 per cent year over year in August, after increasing 3.9 per cent in July. Price declines for grapes, stone fruit (including cherries), and berries contributed the most to the yearly price decrease for fresh fruit in August. 

The National Unemployment Rate

The national unemployment rate rose to 7.1 per cent in August, while the employment rate declined 0.2 percentage points to 60.5 per cent. The unemployment rate in August was the highest since May 2016 (excluding 2020 and 2021). In comparison, the unemployment rate averaged 6.0 per cent from 2017 to 2019, just prior to the COVID-19 pandemic. 

Employment across Canada fell by 66,000, with part-time jobs being the most impacted. Several provinces recorded employment declines in August, with the most significant being Ontario (-26,000; -0.3 per cent), British Columbia (-16,000; -0.5 per cent), and Alberta (-14,000; -0.6 per cent).  

Employment decreased across several industries in August, led by professional, scientific and technical services (-26,000; -1.3 per cent), transportation and warehousing (-23,000; -2.1 per cent), and manufacturing (-19,000; -1.0 per cent). On the other hand, there was an increase in construction employment (+17,000; +1.1 per cent), one of Vaughan’s leading industries. 

In August, employment fell for core-aged men (-58,000; -0.8 per cent) and core-aged women (-35,000; -0.5 per cent).  

Although there was little change in employment among youth aged 15 to 24, youth still face employment challenges, with the unemployment rate for returning students standing at 16.9 per cent in August. 

National Real Gross Domestic Product 

The national Real Gross Domestic Product grew 0.2 per cent in July. The first increase in four months was predominantly driven by expansion in the goods-producing industries. Goods-producing industries rebounded with a 0.6 per cent increase in July, following three consecutive months of contraction. All sectors in the goods-producing group expanded; overall, 11 of 20 industrial sectors expanded in July. 

Transportation and warehousing rose 0.6 per cent in July, partially offsetting a 0.7 per cent drop in June. Rail transportation (+1.1 per cent) further contributed to the growth of this sector in July, partially recouping the decline recorded in the previous month. 

The manufacturing sector rose 0.7 per cent in July, partially offsetting a 1.5 per cent contraction in June, driven by increases in both durable and non-durable manufacturing industries. Durable goods manufacturing industries grew 1.0 per cent in July. Transportation equipment manufacturing led the growth (+3.2 per cent), driven by expansions in motor vehicle parts (+10.5 per cent) and motor vehicle manufacturing (+9.1 per cent). This level of growth is positive news for Vaughan’s automotive manufacturing sector, as July typically sees planned temporary shutdowns at motor vehicle assembly plants in Ontario. However, the impact of these seasonal closures was less pronounced this year due to the continued production slowdown, influenced by factors such as the new tariffs imposed by the United States. 

The wholesale trade sector increased by 0.6 per cent in July, up for the third consecutive month. Motor vehicle and parts wholesalers (+5.4 per cent) led the growth in July. Building material and supplies wholesalers grew 2.5 per cent, in large part on the strength of lumber and millwork, coinciding with higher exports and imports of lumber and other sawmill products in the month. 

LOCAL TRENDS, INVESTMENTS, AND SUCCESS STORIES

In August, the Vaughan Business and Entrepreneurship Centre experienced demand for consulting in retail trade, other services and accommodation and food services.

The top five industries seeking small business or entrepreneurship consultations were: 

1. Retail trade (23 per cent) 

1. Other services (20 per cent) 

1. Accommodation and Food Services (16 per cent) 

1. Healthcare and Social Assistance (9 per cent) 

1. Professional Scientific & Technical Services (7 per cent), tied with Arts, Entertainment and Recreation Services (7 per cent) 

*Other services include: repair centers for motor vehicles, pet care services, funeral, laundry, photo finishing, etc. 

Ontario invests $2.5M in Vaughan-based DSI Industries to install new automated finishing equipment, doubling plant capacity, creating new jobs, and strengthening the city’s advanced manufacturing cluster.  

The Ontario government is investing $2.5 million in DSI Industries, a Vaughan-based office furniture manufacturer with a 45-year legacy of innovation and quality. The funding, delivered through the Forest Sector Investment and Innovation Program, will support the installation of new automated finishing equipment at the company’s Concord facility. This new equipment is expected to cut production time in half, boost plant capacity by 200 per cent, and help retain 31 local jobs while creating two net new positions. With this investment, DSI Industries is also planning to broaden their product portfolio and unlock opportunities in new markets. 

This provincial funding enhances Vaughan’s role as an innovative hub for advanced manufacturing, a key sector in Vaughan linked closely to Ontario’s forestry supply chain. Vaughan’s manufacturing cluster is the largest in the city, contributing $4.1 billion or 15 per cent to Vaughan’s real Gross Domestic Product in 2024. The city continues to be a destination for companies to expand, ranking third overall in the country by both the number and value of industrial building permits by the end of 2024.   

Integrated Control Technology, a global security technology firm, opened its new 15,000 sq. ft. Canadian headquarters in Vaughan, reinforcing the city’s role as a hub for advanced technology and innovation. 

Integrated Control Technology, a global leader in security solutions technology, has officially opened its new Canadian headquarters in Vaughan. Their new 15,000 square foot facility was built to support a growing team, featuring two conference rooms, a technical training and education center, an expanded shipping area, and a state-of-the-art workspace. By choosing Vaughan as the home of its Canadian operations, Integrated Control Technology joins the city’s thriving ecosystem of technology and innovation companies. This investment highlights Vaughan’s continued success in attracting international firms seeking to expand into the Canadian market, while also contributing to local high-skill job creation and reinforcing the city’s position as a hub for advanced technology and professional services. 

Vaughan-based Northern Transformer Corporation expands operations to Innisfil with plans to invest $207 million in a new state-of-the-art facility to fill critical gaps in Ontario’s energy supply chain. 

Northern Transformer Corporation is a leading Canadian designer and manufacturer of high-voltage liquid power transformers, supplying companies in industrial, nuclear, mining, utilities, and petrochemicals. While headquartered in Vaughan, their expansion plans to establish new operational facility in Innisfil will allow them to expand their footprint in Ontario and fulfill the increasing demand for high-quality and reliable power transformers across North America, aligning with government plans to grow and modernize energy infrastructure in the province. 

In support of their $207 million investment, the company will receive $10.5 million in funding from the Invest Ontario Fund, as this project will strengthen and fill a critical gap in the domestic energy supply chain, as well as generate opportunities for a highly-skilled labour market, creating 151 new jobs in the region. Manufacturing is a key sector across Ontario’s regional communities, accounting for over 800,000 jobs across the province in 2024, and as such, both the provincial and federal governments are doubling down on Ontario-made technology and materials, and are supporting the company’s expansion project through the Federal Economic Development Agency for Southern Ontario.  

Cizzle Brands, a Vaughan-based health and wellness company secures $5 million in financing to expand its food and beverage portfolio globally, showcasing Vaughan’s strength as a hub for food and beverage innovation. 

Cizzle Brands Corporation, a Vaughan-based food and beverage company specializing in the health and wellness niche, has secured a $5 million revolving credit facility with eCapital to support its strategic growth plans. The funding will be used for working capital as the company expands its leading product lines—CWENCH Hydration™, now carried in over 4,400 locations across Canada, the U.S., and Europe, and Spoken Nutrition, a premium line of athlete-grade nutraceuticals. This new capital, combined with the company’s recent $4.5 million private investment round and expansion of its leadership team, positions Cizzle Brands for sustained growth in Canada and internationally.  

Cizzle’s growth trajectory reflects Vaughan’s growing reputation as a hub for food and beverage innovation. Vaughan is at the heart of the Toronto Region’s food and beverage sector—the largest in North America—and part of Ontario’s $37-billion food cluster. Cizzle Brands’ success demonstrates how companies in this sector can leverage Vaughan’s ecosystem to grow, expand, and flourish on the global stage. 

CTG Brands, a Vaughan-based importer and distributor, acquires Giftcraft Assets, enhancing its portfolio and highlighting Vaughan’s strategic role as a logistics and distribution hub. 

CTG Brands Inc., a Canadian importer and distributor of consumer packaged goods with a 244,000 sq. ft. facility in Vaughan, has acquired the assets of Toronto-based Giftcraft Assets, a renowned wholesaler of home décor, gifting, fashion, and lifestyle products. Giftcraft Assets supplies more than 10,000 retailers across North America, including Costco, Walmart, Canadian Tire, Barnes & Noble, and Loblaw, and brings a 75-year legacy of excellence to CTG’s growing portfolio. 

This acquisition strengthens CTG Brands’ leadership in the consumer packaged goods, wholesale, and distribution sectors, while their massive multifunctional warehouse and showroom in Vaughan highlights the city’s strategic location and role as a major logistics and distribution hub. With direct access to highways, airports, and intermodal rail terminals, Vaughan offers companies like CTG the ability to move goods efficiently across North America and beyond. As the largest industrial market in York Region and the fourth-largest in the
Greater Toronto Area, Vaughan provides the infrastructure and market access that enable businesses to expand, serve global retailers, and create a lasting economic impact. 

Martinrea International’s Alfield plant in Vaughan wins the 2024 Toyota Quality Award, spotlighting the city’s leadership in advanced manufacturing. 

Martinrea International’s Alfield plant in Vaughan has been recognized with the 2024 Toyota Quality Award, celebrating the company’s commitment to excellence in advanced manufacturing and automotive supply. Representatives from Toyota visited the facility to mark the occasion, joining the Alfield team for a plant-wide presentation and celebration. 

This recognition highlights the strength and distinction of Vaughan’s automotive sector, one of the city’s key industries generating more than $4 billion in real GDP in 2023. Home to major Tier 1 suppliers like Magna, Multimatic, and Martinrea, Vaughan plays a pivotal role in supporting the global automotive supply chain and high-profile initiatives such as Project Arrow, Canada’s first zero-emissions concept vehicle. Martinrea’s award further underscores how Vaughan-based companies are achieving world-class quality standards while contributing to the city’s thriving automotive cluster. 

Riverside Natural Foods, a Vaughan-based producer of MadeGood® snacks, is recognized as a Local Food Champion, reflecting the strength of Vaughan’s agri-food ecosystem and its partnerships with local producers and processors. 

Riverside Natural Foods Ltd., a Vaughan-based producer best known for its MadeGood® line of healthy snacks, has been recognized as a Local Food Champion by the Golden Horseshoe Food and Farming Alliance. The award celebrates the company’s leadership in supporting local producers, strengthening Ontario’s food system, and delivering healthy, sustainable food choices to consumers. 

This recognition highlights the strength of Vaughan’s food and beverage sector, which thrives on close partnerships between consumer-facing brands, local food processors, and Ontario’s farms. Good food in Vaughan is grown, manufactured, packaged, stored, distributed, and enjoyed through a well-connected ecosystem that links producers to global markets. At the heart of the Toronto Region’s food and beverage sector—the largest in North America—companies like Riverside demonstrate how these partnerships fuel innovation, strengthen local supply chains, and contribute to a resilient food system that benefits residents, visitors, and the broader economy.