Halton’s competitive advantage over the rest of Greater Toronto and the Golden Horseshoe Area grew in 2014 and there’s no reason to think it will play second-fiddle in 2015, Region economic officials say.
Halton’s average unemployment rate for 2014 was 4.4 per cent, the lowest in Ontario while the Region’s labour force participation rate was 73.6 per cent, the strongest in Canada, according to information provided in several reports to Councillors this week.
With the strength of the current labour market, Halton has also had a four per cent decline in residents receiving Employment Insurance (EI) since 2011.
Regional Chair Gary Carr said the reports build on the Region’s economic development vision, which states that by 2021, Halton will be the preferred location for innovative businesses and entrepreneurs, who need highly-skilled talent, quality infrastructure and a positive business environment to help sustain the Region’s economic prosperity.
Halton continues to be among Canada’s fastest growing communities. Over the last decade, the Region’s population has risen more than 35 per cent to more than 530,000 in 2014. Projections indicate Halton’s population will surpass 1 million by 2041.
The continually-energized residential development market has generated roughly $1 billion in construction value per year over the last 10 years, including $979 million in 2014, suggesting more and more people want to live in Halton communities. In fact, Halton was ranked among Canada’s best places to live in 2014 by MoneySense magazine.
Halton’s housing resale market has also been consistently strong for much of the past 10 years with sales increasing 220 per cent since 2004 and resale house prices rising 75 per cent to just over $620,000 on average in 2014.
Some of the key highlights of the reports presented to Regional Council included.
• Overall, Halton’s non-residential construction values have increased 19 per cent on average annually over the last decade.
• Relative to population, Halton experienced the most active development market across the Greater Toronto and Hamilton Area (GTHA) in 2014 at just over $3,000 in total construction value per resident. In fact, Halton accounted for 17 per cent of the GTHA’s $1.1 billion industrial market and seven per cent of the GTHA’s $4.3 billion commercial market.
• Halton’s total building permit construction value of $1.53 billion increased two per cent over 2013 and nearly 14 per cent since 2011.
• With respect to non-residential development, Halton’s industrial building permit construction values rose 68 per cent to $177 million with 914,571 sq.ft. of total (new and expanded) floor area built in 2014.
• Overall commercial construction values totalled $299 million, a slight decrease of 10 per cent over 2013. But commercial office development saw a 186 per cent increase in total floor area built, reaching 603,278 sq.ft.
• Institutional construction values dropped 75 per cent over 2013 in large part due to the fact that the building permits for the new Oakville Hospital were issued in 2013.
• Total built floor area in Halton’s industrial and commercial office market increased 32 and 186 per cent respectively over 2014.
• Average net rents in Halton remained competitive for both the industrial and commercial markets. In 2014, Halton industrial rents averaged $5.61 per sq.ft. compared to a GTA average of $5.18 per sq.ft., while Halton commercial rents averaged $17.10 per sq.ft. compared to a GTA average of $18.04 per sq.ft.
• Halton also maintained competitive tax rates for both industrial and commercial landowners. Industrial tax rates in 2014 were at or below average compared to other municipalities across the GTA while commercial property tax rates in Halton are among the lowest in the GTA.
• Significant progress with respect to strategic plans, planning approvals, and water and wastewater servicing for major employment areas in all four municipalities has ensured Halton remains competitive and is ready for new investment opportunities.
• There was a creation of 94 new start-ups and 130 new jobs through multiple programs and services offered at the Small Business Centre with significant contribution for this coming from the introduction of the new Starter Company program for youth entrepreneurs aged 18-29.
• Increased awareness and promotion of Halton agri-tourism industry through several events including the inaugural Food Tourism Summit, Pumpkin Trail and Harvest Halton, attracted over 400 attendees.
• All told, 24 new family physicians (15 full-time and nine part-time) established practices in Halton in 2014.
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