York Region economy continues upward momentum

 

Economic and Development Review – Mid-Year 2007 highlights Region’s strengths

 

NEWMARKET – The Regional Municipality of York today released its Economic and Development Review – Mid-Year 2007, which provides information on regional development activity as well as economic and demographic trends.  The review helps the Region identify its strengths and plan accordingly for the future.

 

“York Region’s economic outlook for 2007 and early 2008 is very positive,” said York Region Chairman and CEO Bill Fisch.  “The Region continues to be a hub of business investment and housing development in Ontario.”

 

The review is a semi-annual report and analysis of several key economic and demographic indicators for York Region.  Highlights include:

 

• York Region was home to 965,000 people in June 2007, an increase of 31,600 since June 2006
• The Region had the fourth highest number of new residential permits in Canada
• 6,012 new residential building permits were issued in the first half of 2007, an increase of 15.2 per cent from the same period in 2006
• Housing starts have increased by 12 per cent over 2006 levels
• There were 5,903 housing starts and 4,636 homes completed within York Region during the first six months of 2007
• The Region’s total estimated construction value for the first six months of 2007 was $1.76 billion, 19 per cent higher than the total construction value recorded in the first half of 2006
• In the first six months of 2007, York Region’s residential construction was valued at $1.25 billion, a 20.1 per cent increase compared to the first six months of 2006
• Industrial, commercial and institutional construction accounted for 28.8 per cent of the total construction value in York Region in the first half of 2007, a 16 per cent increase
• The unemployment rate was an estimated 5.9 per cent as of June 2007

“The review details York Region’s economic success and aids decision makers to devise strategies for managing growth,” said Town of East Gwillimbury Mayor James Young, Chair of the Region’s Planning and Economic Development Committee.  “We will be looking at housing affordability, employment levels and the Region’s competitiveness as an attractive place for business investment.”

 

Copies of the review will be circulated to the Region’s nine area municipalities, Chambers of Commerce, Boards of Trade, other business groups and key stakeholders.

 

To obtain copies of the Economic and Development Review – Mid-Year 2007, please call York Region’s Planning and Development Services Department at (905) 895-1231, ext. 1550 or toll-free at 1-877-464-9675, or send your request via email to strategicplanning@york.ca

 

For more information on The Regional Municipality of York and our services, or to obtain an online version of the Economic and Development Review – Mid-Year 2007, please visit www.york.ca

 

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