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 4th quarter of 2016:
- Development industry ends on a high note
More than 2,100 building permits were issued during the 4th quarter for projects totaling $596 million in construction value. This represents an 8% increase in building permit construction value over the same period last year. These projects included large-scale distribution centres in Halton Hills’ Premier Gateway business park and office buildings in Oakville, as well as several new residential condominiums. Here are a few examples of the projects getting underway:
- 516,000 square-foot distribution warehouse at 7954 Fifth Line, Halton Hills, Ontario, Canada ($29 million)
- 370,000 square-foot distribution warehouse at 10793 Steeles Avenue, Halton Hills, Ontario, Canada ($15 million)
- 41,000 square-foot flexible office building at 567 Michigan Drive, Oakville, Ontario, Canada ($2.5 million)
2. Labour market boost
Halton’s unemployment rate averaged 4.7% during the 4th quarter – a substantial 2.3 percentage point decline over the previous quarter and significantly below the overall Greater Toronto and Hamilton area (GTHA) average of 6.5% and 6.1% provincial average. Labour market participation in Halton also improved during the quarter to reach 68% of Halton’s working-age population – again notably higher than the GTHA or provincial averages which stood at 64.9% and 64.7%, respectively. Check out additional labour market stats and historical data in the Data Centre.
3. Industrial and office real estate activity builds momentum
The ongoing swell of construction activity across Halton continues to increase industrial and office real estate inventories throughout the region. During the quarter, 7.5% of industrial space was available for lease, and the commercial office market had a vacancy rate of 23.6%. The increased building stock, combined with highly competitive market rents ($6.07/sq. ft. industrial, $17.75/sq. ft. office) are important factors contributing to increased absorption in industrial real estate to 1.4 million sq.ft. and office real estate by nearly 58,000 sq.ft.
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We’re here to help. Contact us (email link) 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.