north etobicoke lip summit june 28 th 2011 north etobicoke lip summit june 28 th 2011 economic...
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North Etobicoke LIP Summit
June 28th 2011
North Etobicoke LIP Summit
June 28th 2011
Economic Trends, Issues & Directions
Economic Trends, Issues & Directions
Economic Development Committee
Presentation Outline
• Economic Competitiveness Factors• The Good News• Trends & Issues
o Unemploymento Labour Force
• BR&E Highlights• Key Directions
Economic Development Committee
A Vital Economic Cycle requires…
2
Quality Economic Foundations
New firmsAttracted toThe region
New companiesand industries
formed in the region
New people andIdeas drawn to
the regionCompetitive
Clusters
PhysicalInfra-
Structure
BusinessClimate
Quality Of Life
Research & Development
Financial Capital
Human Resources
Capital drawninto the region
Local Goods & Services
Wealth andjobs produced
Innovation, Entrepreneurship, Skills and Knowledge
• Strong Economic Foundations• Competitive Export clusters• Vibrant Local Businesses
Economic Development Committee
Economic Diversity… provides resiliency
Source: Statistics Canada Labour Force Survey and U.S. Bureau of Labor Statistics Current Population Survey
Economic Development Committee
The Good News…Toronto Ranks Well
Internationally• Canada’s Best Sustainable City - Corporate Knights, Feb 2010.
• Most active construction market in North America in term of the number of high-rise construction projects currently underway, www.emporis.com.
• 6th in the world in terms of business cost competitiveness,
KPMG Competitive Alternatives, 2010.
• 7th Major North American City of the Future and 4th in terms of Best Economic Potential, Foreign Policy magazine 2009/10.
• 12th among global financial centres and 3rd in North America,
Z/Yen Group 2010.
• 14th in the Global Cities Index and 9th in the best Human Capital,
A.T. Kearney 2010.
Economic Development Committee
4th Largest City in Canada & U.S.A
Source: Statistics Canada and US Census Bureau, Population Estimates Program
Economic Development Committee
Toronto’s GDP greater than most provinces
City of Toronto
Toronto CMA
Source: Conference Board of Canada
Economic Development Committee
Well Educated, Highly Skilled
Source: Statistics Canada Labour Force Survey
Labour Force By Education Attainment
Economic Development Committee
Cultural Diversity… an Untapped Advantage
Source: Statistics Canada 2006 Census
Economic Development Committee
Employment Growth 2000 – 2009
Canadian and U.S. Urban Regions
Source: U.S. Employment: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics programCanada Employment: Statistics Canada, Labour Force Survey
Economic Development Committee
Source: Statistics Canada, Conference Board of Canada, Five Major Banks
Recession is over, but growth will be uneven
Economic Development Committee
City of TorontoJob Growth 2008-2010
2008 2009 Change 2010 Change Change
'08 - '09 '09 - '10 '08 - 10
Office 612,067 610,868 -1,199 623,323 12,455 11,256
Manuf & Whse 143,091 130,129 -12,962 129,532 -597 -13,559
Institutional 214,358 216,497 2,139 213,492 -3,005 -866
Retail 148,242 142,277 -5,965 140,535 -1,742 -7,707
Service 149,580 150,962 1,382 150,890 -72 1,310
Other 41,968 42,460 492 40,526 -1,934 -1,442
All-Sector Total 1,309,306 1,293,193 -16,113 1,298,298 5,105 -11,008
Full Time 1,023,869 1,008,379 -15,490 1,014,621 6,242 -9,248
Part Time 285,437 284,814 -623 283,677 -1,137 -1,760
Source: Toronto Employment Survey
Economic Development Committee
Unemployment RateMajor Canadian Economic
Regions
Economic Development Committee
City of TorontoUnemployment & Social
Assistance
Economic Development Committee
Unemployment RatesYouth, Recent Immigrants, All
Residents15-24 yrs.Of Age
Total Unemployment Rate
Source: Statistics Canada Labour Force Survey
Economic Development Committee
Reinvestment Stimulated
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,00085 87 89 91 93 95 97 99 01 03 05 07 09
$ M
illio
ns
City of Toronto 905 Municipalities
Sources: Statistics Canada
Economic Development Committee
High Rise Buildings Under Construction
North American Cities
Source : www.emporis.com
Economic Development Committee
The Pace of New Development in Toronto is Unprecedented
Bay Adelaide 25 York Street RBC Centre 15 York Street Corus Building 18 York Street
Brookfield Properties
HOOPP/MenkesCadillac Fairview
CadillacFairview
TEDCO GWL
Cushman & Wakefield, 2010
111Richmond
St. W.
134Peter St.
WaterparkPlace III
15 Bay St.
333King St. E.
120Bremner
Blvd.
BaysideToronto
BayAdelaideCentre -
East Tower
WoodbineLive
OxfordProperties
AlliedProperties
REIT
OxfordProperties
First GulfCorporation
GWLWaterfront
TorontoBrookfieldProperties
The Cordish
Company
Economic Development Committee
Business Retention & Expansion Division
Focus of the Business Retention & Expansion (BR&E) Unit is to:
•Retain existing businesses, jobs and the tax base – focus on office and industrial
•Assist with growth and expansion of existing firms and location of new firms – increasing the tax base and creating and saving jobs
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Economic Development Committee
BR&E Services – “Can-Do” Customer Service
• Corporate Care/Problem Resolution
• “Business Connect”
• Gold Star for Business
• Imagination, Manufacturing, Innovation & Technology Program (IMIT)
• Special Projects
Economic Development Committee
IMIT Program
• Approved by Council in 2008
• Provides a 10-year property tax rebate on the newly created assessed value
• Must be in a targeted sector- higher value/knowledge based employment
• Must meet Toronto Green Standard and Employment Requirement
Economic Development Committee
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IMIT Program Highlights
• 18 applications in progress
• 4.7 M sq. ft. in total space
• $900M total investment value
• 10,000 jobs
• Manufacturing, Food & Beverage, Data Centre-IT, Film Studio, Corporate Office HQ, and Tourism
Economic Development Committee
Rexdale Employment District
Economic Development Committee
Woodbine Live!
• Detailed engineering drawings are set to be completed in July
• Pre-servicing approval by October and contract awards for GO improvements (shovel in the ground!)
• Building permits by spring 2012 for Phase 1A (Live Venue, Hotel and 500,000 sq. ft of retail/entertainment)
• Employment Centre operational late 2012
• Opening Phase 1A Oct. 2013
Economic Development Committee
Investment/Retention Highlights
Economic Development Committee
Molson Coors
• Critical Timeline
• 6 new fermentation tanks
• $24M
Economic Development Committee
Cool Rexdale
Economic Development Committee
Lassonde utilized the Energy Co-Op Program,
identified $240,000 in savings and has been
recognized as a leading facility within their
organization’s portfolio.
KIK Custom ProductsKIK has utilized the Eco-
Efficiency Program, hosted a Lean and Green Training
Session that identified $60,000 in savings, and has
become a member of the Sustainable Manufacturing
Consortium.
Lassonde BeveragesSpec Furniture
Spec has utilized the Eco-Efficiency Program, diverted
75% of their waste saving over $15,000 and has joined
the Sustainable Manufacturing Consortium.
Company Highlights
Economic Development Committee
Cinespace
"Etobicoke is an emerging film and television hub," said Mirkopoulos, who believes the development pressure in downtown Toronto will continue to push the film industry west of the city. June 2011http://www.insidetoronto.com/news/local/article/1032966--kandahar-replicated-at-etobicoke-film-studio
Economic Development Committee
Strategic Priorities: 2011 and Beyond
•Support entrepreneurship, small & mid-sized businesses
•Engage Toronto’s diverse communities
•Nurture a dynamic and diverse cultural sector
•Stimulate economic revitalization in neighbourhoods
•Facilitate exports and development of new markets
•Support labour force development
Economic Development Committee
Keys to Success Collaboration, Synergies &
Partnerships
Comments & Questions ?John AlderdiceSenior Business Development Officer [email protected]
Comments & Questions ?John AlderdiceSenior Business Development Officer [email protected]