October 31, 2005

Economic and population growth continues

NEWMARKET – York Regional Council last week received the Economic and Development Review – Mid-Year 2005 and approved its distribution to stakeholders, including area municipalities, Chambers of Commerce and Boards of Trade, libraries and the public via the Region’s Web site at www.york.ca
“By continuously monitoring economic trends, the Region gauges the competitiveness of our economy while evaluating and responding to changes,” said Regional Chair and CEO Bill Fisch. “This mid-year review also highlights and showcases the Region’s strengths as a destination to live, work and play.”
The Review is a semi-annual document that reports and analyzes several key economic and demographic indicators for York Region.  Highlights include:
• As of June 30th, York Region was home to 903,600 people, an increase of 14,000 people since December 31, 2004.  York Region continued to grow at a rapid, though slightly more moderate pace through the first half of 2005 than recent years.  The increase over the past 12 months is 30,700 persons.
• There were 4,585 building permits issued for new residential units in York Region during the first half of 2005.
• York Region is producing an increasingly diverse mix of housing, including apartments, townhouses, row housing and detached housing.
• The Region’s total estimated construction value for the first six months of 2005 was $1.22 billion.
• In the first six months of 2005, York Region’s residential construction was valued at $852.1 million.
• Due to the increased demand for industrial floor space and institutional uses, the value of ICI construction increased from $328 million in mid-year 2004 to $371 million in mid-year 2005.
• The unemployment rate, as of June 2005, was estimated to be 6.5 per cent in York Region.
“This summary of York Region’s economy enables us to accurately evaluate economic trends across the Region,” said Markham Regional Councillor Frank Scarpitti, Chair of the Region’s Planning and Economic Development Committee.  “It can be used as a basis for making decisions, devising strategies and attracting new businesses to the Region.”
For more information on The Regional Municipality of York, the services we offer and links to our nine area municipalities, please visit our Web site at www.york.ca 
Contact:   Tim Paleczny, Corporate Communications Services, York Region
(905) 830-4444 or (416) 297-9696, ext. 1238  tim.paleczny@york.ca
For urgent media queries before and after regular business hours (Monday to Friday, 8:30 a.m. to 4:30 p.m.,) or on weekends and holidays, please page us at: (905) 830-3302.

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