Halton Region Economic Development 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 the quarterly report in your inbox!
Highlights from Halton’s economy during the first quarter of 2017 include:
Record-breaking construction activity continues into 2017
Following record-breaking construction activity in 2016, building permit construction values in Halton exceeded $1 billion during the first quarter – a level not typically reached in the region until the year end. This represents a 142% increase in building permit construction value over the same period last year. Although a few substantial industrial and office building projects, along with a new operations building at the Oakville GO Station ($42 million) were initiated, permits were primarily issued for major residential developments which has boosted Halton’s overall value. Residential construction totaled $855 million during the first quarter of 2017, representing a 185% year-over-year increase.
Here are a few examples of the residential projects currently underway:
Halton’s unemployment rate averaged 4.4% during the first quarter of 2017 – a 0.3 percentage point decline over the previous quarter and a 0.1 pp decline compared to the same period last year. Halton’s unemployment rate remains significantly below the overall Greater Toronto and Hamilton area (GTHA) average of 6.3% and the provincial average of 6.2%. Meanwhile, Halton’s labour market participation rate has increased 3.4 pp year-over-year to reach 69.6% of the working-age population. This is notably higher than the GTHA or provincial averages which stood at 64.9% and 64.3%, respectively. Visit the Data Centre for additional labour market statistics and historical data.
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.