Data Insights – 2016 Halton Region Economic Review

2016 Economic Review_Page_01Just released! The 2016 Halton Region Economic Review provides a comprehensive overview of Halton’s economy and real estate development during the past year, along with highlighting Halton-related business news, employment servicing progress and Halton’s competitiveness within the Greater Golden Horseshoe Area.

Highlights:

DEVELOPMENT ACTIVITY

  • Halton’s total building permit construction value in 2016 was a record-setting $2.14 billion, an increase of 19% over 2015
  • Non-residential construction value made up nearly 40% of total values at $832 million, an increase of 21% over 2015
  • Commercial and institutional construction values increased 33% and 42% respectively to $369 million and $399 million
  • Relative to its 2016 population, Halton experienced the second most active development market in the GTA in 2016 at $3,907 in total construction value per resident, a 9% increase over 2015

We have been looking for a long time to find the right site in Southern Ontario that had rail and road access to the GTA. We are very excited about this project and its location and we are looking forward to attracting new business to Acton.” – Vice President of Futura Properties Ltd

LABOUR FORCE

  • Halton’s average unemployment rate for 2016 was 5.5%, lower than the Provincial rate of 6.6% and the Canadian rate of 7.0 per cent.
  • Halton’s labour force participation rate was 67.1%, higher than the GTA average of 66.6% and well above the Provincial and National averages

REAL ESTATE MARKET

  • Average net rents in Halton remained competitive for both the industrial and commercial markets.
  • In 2016, Halton average industrial rents increased from $5.44 to $6.07 per sq. ft. which is in line with the GTA average.
  • Halton’s average commercial rent in 2016 was $17.75 per sq. ft. which is in line with the GTA average of $17.53 per sq. ft.
  • Halton’s housing resale market was also among the strongest in Canada in 2016 with the number of housing sales increasing 85% over the past five years.

BUSINESS & JOBS NEWS

  • Nearly 600 businesses responded to the 2016 Halton Business Conditions Survey. Results of the survey reinforce that Halton is an attractive location for business. Over 90% of respondents are optimistic about the future and expect economic conditions in Halton to remain stable or to improve.
  • Over 4,000 net new jobs created in the region in 2016.
  • Technology distributor Westcon-Comstor relocated its Canadian headquarters from Montreal to a new 47,500 sq.ft. facility in Oakville creating 55 new jobs.
  • Ippolito Fruit and Produce Ltd. announced an expansion and upgrade of its processing facility in Burlington to support demand across Canada and the United States, including the creation of 82 new positions.
  • Precision Record Inc. announced plans to open North America’s second largest vinyl pressing plant in Burlington in early 2017. At full capacity, the new plant could employ 200 people.
  • Province of Ontario announced plans to create a new university-led postsecondary campus in Milton focused on science, technology, engineering, arts and mathematics (STEAM).

For more details on why companies choose Halton to relocate, establish or expand a business, visit www.halton.ca/whyhalton.

WE’RE HERE TO HELP!  

Contact us for assistance in expanding your business in Halton Region, or for additional information on the Halton economy.  Explore our Resource Library to view a variety of reports, publications and videos.  For more detailed statistics and historical trends, visit our Data Centre.

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This entry was posted in Announcement, Data Insights, Economic Development, Halton building permits, Halton commercial real estate, Halton economic performance, Halton industrial real estate, Halton labour market, Uncategorized and tagged , , , , , , , , , . Bookmark the permalink.

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