Media Release

 
October 20, 2011

York Region economy continues to make gains

Economic and Development Review – Mid-Year 2011 highlights Region’s strengths
NEWMARKET – The Regional Municipality of York today released its Economic and Development Review – Mid-Year 2011, which provides information on regional development activity as well as economic and demographic trends. The review assesses the competitiveness of York Region’s economy and helps the Region identify its strengths and plan accordingly for the future.
 
“York Region’s economic activity is very strong,” said York Region Chairman and CEO Bill Fisch. “Our housing development and our industrial, commercial and institutional construction continue to make York Region a leading growth centre 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 1,073,200 people in June 2011, an increase of 11,200 in the first half of 2011
• New residential building permits were up four per cent compared to the first half of 2010
• With 3,574 permits, York Region ranked fifth in Canada for the number of residential permits issued in the first half of 2011
• Total construction was $1.6 billion by mid-year 2011, an increase of 11 per cent from mid-year 2010
• Industrial, commercial and institutional construction accounted for $595 million by mid-year 2011, an increase of 1.4 per cent from mid-year 2010
• By mid-year 2011, York Region had 3,962 housing starts, an increase of 27.2 per cent from mid-year 2010, and 3,605 housing completions, an increase of 6.8 per cent
• Average resale price of a single detached home increased by 11.1 per cent from $574,598 to $638,158
• Unemployment in York Region fell from 8.5 per cent this time last year to 7.6 per cent
• York Region’s unemployment rate was lower than the Provincial average of 7.9 per cent and the GTA average of 8.6 per cent
 
“The Mid-Year Review provides business decision-makers with information they can use to invest in new opportunities in the Region,” said Town of Newmarket Regional Councillor John Taylor, Chair of the Region’s Planning and Economic Development Committee. “York Region’s economic strengths make it 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 and other interested parties.
 
To obtain copies of the Economic and Development Review – Mid-Year 2011, please call York Region’s Planning and Development Services Department toll-free at 1-877-464-9675, ext. 1563, or send your request via email to strategicplanning@york.ca
 

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Media Contact: Tim Paleczny, Corporate Communications, York Region
 905-830-4444 or 1-877-464-9675, ext. 1238 • Cell: 905-251-6413 • tim.paleczny@york.ca
 

 
 
Founded in 1971, The Regional Municipality of York is made up of nine municipalities
and provides services to more than one million residents, 29,000 businesses and 495,000 employees.

 For more information visit us at www.york.ca Follow us on : York Region   @YorkRegionGovt  
 
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