November 11, 2002

York Regionís economy remains strong in first half of 2002

NEWMARKET Ė York Regionís population and employment growth remained strong during the first six months of this year, according to the Regional Municipality of Yorkís Economic & Development Review Mid-Year 2002, which was released at the Regionís Planning and Economic Development Committee last week.

"York Regionís economy during the first six months of this year was in keeping with the Canadian economy overall, which outperformed all other G7 nations in growth," said Regional Chair and CEO Bill Fisch.

The Review is a semi-annual document that provides statistics and an analysis of key economic and demographic indicators in the Region. "This information is used as a basis for making decisions, devising strategies and attracting new business to the Region," said Markham Regional Councillor Frank Scarpitti, Chair of the Regionís Planning and Economic Development Committee. "The Region also uses the report to provide vital data to employers in York Region, as well as businesses considering locating in York Region."

While business confidence is up in 2002, non-residential construction was not as strong compared with a year earlier. This is not unique to York Region, however. Industrial and commercial construction values were down across Canada in the first half of 2002.

Highlights of the mid-year review include:

Compared to the first six months of 2001, commercial construction valued at $76 million

decreased by 62%, and industrial construction valued at $66 million decreased by 63%.

This is due to geopolitical events and sluggishness in the US and major world economies,

which has lead many businesses to adopt a "wait and see" attitude towards new real estate construction.

Following adoption by Regional Council on November 21st, the Economic & Development Review Mid-Year 2002 will be circulated to York Region area municipalities, Chambers of Commerce, Boards of Trade, other business groups and libraries. It will also be available on the Regionís Web site at www.region.york.on.ca

 

Contact: Wendy Lewis, Corporate Communications Services, York Region


The Regional Municipality of York is committed to providing cost-effective, quality services that respond to the needs of our rapidly growing communities.  York Region is comprised of the following nine area municipalities:  Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan and Whitchurch-Stouffville.  For more information, visit our Web site at:  www.region.york.on.ca

Contact: Patrick Casey, Senior Media Relations Specialist, York Region

 
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