Halton Region Economic Development staff issues a quarterly report that provides a snapshot of Halton’s economic performance with respect to development, labour force, and real estate markets. (Sign-up here to receive it in your inbox!)
The following three measures highlight Halton’s economy during the 3rd quarter of 2016:
- Close to $600M in development
Nearly 1,900 building permits were issued during the 3rd quarter for projects totaling $569 million in construction value. This represents a 69% increase in building permit construction value over the same period last year. These projects included large office buildings and new commercial warehouses along Halton’s 401 and QEW transportation corridors as well as several new residential condominiums. Here are a few examples of the projects getting underway:
- 139,000 square-foot office building at 360 Oakville Place Drive, Oakville, Ontario Canada ($27.6 million)
- 640,000 square-foot commercial warehouse at 11400 Steeles Avenue East, Halton Hills, Ontario, Canada ($36 million)
- 2 residential condominium towers and 8-story hotel at 2042 Lakeshore Road, Burlington, Ontario, Canada ($110 million)
- Strong labour market
Halton’s unemployment rate averaged 7% during the 3rd quarter. While this does represent an increase over the previous quarter and the same quarter last year, it is typical for the shifts and movements of a fast-growth, evolving economy such as Halton. Overall, 2/3 of Halton’s working population was participating in the labour force – slightly higher than the national or provincial averages. Check out additional labour market stats and historical data in the Data Centre.
- Industrial and office real estate available at competitive prices
The surge of development activity that Halton has experienced over the past several years has boosted both industrial and office real estate inventories throughout the region. During the quarter, 7.3% of industrial space was available for lease, and the commercial office market had a vacancy rate of 23.2%. These slightly elevated rates, combined with highly competitive market rents ($6.07/sq. ft. industrial, $17.79/sq. ft. office), are expected to continue and will fuel high absorption levels in Halton well into 2017. Stay on top of Halton’s industrial and commercial real estate information by signing up to receive email updates to your inbox.
We’re here to help. Contact us for assistance in expanding your business in Halton Region, or for additional information on the Halton economy. For more detailed statistics, visit halton.ca/datacenter.