On March 23, 2016, Council was presented with the Region’s Economic Development – Economic Review 2015 staff report that indicates Halton’s economy continues to be strong, making it one of the best places in Ontario to do business. This report provides the highlights of Halton’s economic activity and real estate development over the past year. Outlined in the report were several key accomplishments including low unemployment rates and tremendous growth in non-residential development.
Regional Council is committed to keeping our local economy strong and ensuring businesses throughout the region succeed. This report demonstrates that our vision for economic development and investment in Halton is right on track. It shows that Halton Region is providing businesses with the right mix of competitive taxes, quality infrastructure, favourable business costs and a high quality of life, each contributing to our healthy economy.
Highlights of the 2015 Economic Review include:
- 5.3 per cent average unemployment rate, significantly lower than both the provincial rate (6.8 per cent) and national rate (6.9 per cent).
- 70.4 per cent labour force participation, well above the provincial and national averages.
- $1.79 billion building permit construction value, an increase of 17.4 per cent over 2014 and nearly 33.5 per cent since 2011.
- Approximately 5.07 million sq. ft. of employment development floor area was constructed, an increase of 89 per cent over 2014.
Major new developments including the opening of the new state-of-the-art, 1.6 million sq. ft. Oakville hospital; the official opening of the new 1.3 million sq. ft. Lowe’s Canada’s Distribution Centre in Milton; a new $12.8 million industrial development by Cogent Power in Burlington; and a $26 million investment by Broccolini Construction Inc. for a new warehouse building in Halton Hills.
To download an electronic version of the full report, or to learn more about what makes Halton a great place to invest and do business, please visit halton.ca/business.