Economic benefits of construction in York Region
NEWMARKET –Construction in York Region plays a vital role in the economic well-being of the Greater Toronto Area, and Ontario as a whole. Outlined below are the economic benefits of planned growth in the Regional Municipality of York.
• York Region contributes $31 billion to Canada’s economy
• Construction in York Region contributes $6.75 billion a year in Gross Domestic Product
• The construction industry in York Region creates 40,000 direct and indirect full-time one-year jobs and a total of $2.1 billion in wages
• York Region generates $1.7 billion of construction-related provincial and federal taxes annually
• The construction of a single home creates the equivalent of 3.3 jobs for a full year
• The Region collects approximately $130 million a year in Development Charges
• $20 million a year is collected by the Region in new taxes from construction development
The Regional Municipality of York is facing significant delays in obtaining the necessary approvals to keep our priority infrastructure projects on track to meet planned Regional growth forecasts. The projects are instrumental as we move forward to implement our growth, which has been carefully planned since 1994 through the Region’s Official Plan and Infrastructure process.
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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