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Vaughan outpaced regional, provincial and national economic growth in 2021

Key Highlights

  • Since 2010, more than 70,000 jobs have been added to the City’s employment base
  • Despite flat growth in business establishments, more than 20,000 jobs were added in 2021
  • Real Gross Domestic Product (GDP) outpaced regional, provincial and national growth rates with an increase of more than 7 per cent over the previous year
  • Both real GDP and employment have surpassed pre-pandemic levels, with nearly $25 billion in economic output and more than 236,000 workers in 2021
  • Vaughan is the largest economic and employment centre in York Region, contributing 37.5 per cent of all economic output and 38.6 per cent of all employment in the region

Despite the ongoing effects of the COVID-19 pandemic that continued to be felt through 2021, including revolving public health measures, supply chain disruptions and increasing inflation, Vaughan’s economy returned to pre-pandemic levels in 2021.

Vaughan accounts for more than half of York Region’s real GDP in good-producing industries and nearly one-third of its real GDP in service-producing industries. Since 2010, Vaughan’s yearly economic output has increased by $7.7 billion.

The top five industries by economic output in 2021 were:

  1. Finance, Insurance and Real Estate
  2. Manufacturing
  3. Construction
  4. Wholesale Trade
  5. Retail Trade

Vaughan is also the largest employment centre in York Region – providing more than 236,000 jobs, accounting for 38.6 per cent of all employment. Despite flat business establishment growth, this represents an increase of 20,000 jobs added to the economy in 2021 following the sharp decline in employment seen in 2020. Since 2010, more than 70,000 jobs have been added to the City’s employment base.

The top five industries by employment in 2021 were:

  1. Manufacturing
  2. Retail Trade
  3. Construction
  4. Finance, Insurance and Real Estate
  5. Professional, Scientific and Technical Services