According to Halton’s most recent economic update, the region’s unemployment rate in the second quarter of this year (April-June) was 4 per cent – significantly below Halton Region’s five-year average unemployment rate of 5.5 per cent. The number of Halton residents participating in the labour market was 74.5 per cent, edging up from 74.4 percent in the previous quarter and higher than the 70.5 per cent during the same quarter in 2013.
Our most recent unemployment figures are an indication that Halton Region’s 10-year Economic Development Strategy is right on track. While we are less than half way through the life of the strategy, I am pleased to report that we are well on our way to achieving our vision by 2021 that Halton will be a preferred location for innovative businesses and entrepreneurs who need highly skilled talent, quality infrastructure and a positive business environment in order to contribute to sustainable regional economic prosperity.
Regional Council approved the 10-year Halton Region Economic Development Strategy and implementation plan in 2011. These documents guide Halton Region Economic Development – in partnership with Halton’s Local Municipal partners in Burlington, Halton Hills, Milton and Oakville – in the fulfilment of the Region’s vision for economic development by 2021.
The update, which was presented to Regional Council on November 19, 2014, also reported that Profit Magazine’s 2014 Profit 500 ranking of Canada’s fastest growing companies includes 15 Halton companies, including Burlington-based Life Science Nutritionals Inc. (#2), ECS Coffee Inc. (#69), EcoSynthetix Inc. (#77) and Oakville-based Dynamic Connections Inc. (#88).
Other highlights include a 40 per cent rise in the second quarter compared to the same period in 2013 in the value of building permits in Halton, the result of a resurgence in industrial investment activity (78 per cent increase). Halton’s commercial retail and office permit value also rose 11 per cent from the same time last year.