As we look back on the past year, I am happy to share that Halton’s 2022 Economic Review highlights economic growth and recovery within the region. While the COVID-19 pandemic has had an impact on workplace and employment trends in the Canadian economy, 2022 saw increases in construction and development, along with stable growth within our labour market.
This past year also marked an exciting opportunity for Halton. The Region’s Invest Halton team worked closely with Toronto Global client, The Cultivated B., to open their new 130,000 square-foot Canadian manufacturing facility and innovation hub in Burlington. The bioengineering company will develop bioreactors and precision fermentation products for the alternative protein market and create 200 highly skilled jobs.
Halton continues to be a great place to do business. Here are some highlights from 2022:
- Total building permit construction value rose by 24 per cent to $3.0 billion approved for development.
- The amount of non-residential total floor area (TFA) with building permits issued in 2022 reached a 10-year high of nearly 6.4 million square feet. This was largely driven by an increase in building projects in the industrial sector.
- Halton’s annual average unemployment rate was 5.5 per cent in 2022, while the labour force participation rate is 67.4 per cent, up from the rate of 66.9 per cent in 2021.
I’d like to recognize the Halton Small Business Centre which has continued to support Halton’s small businesses to recover and succeed in the changing economy, including launching the “Small Business Recovery Program” in early 2022 and working with entrepreneurs and small business owners on establishing and growing their business in Halton. Here are some Small Business Centre highlights from 2022:
- provided responses and supports to over 6,000 inquiries;
- conducted over 1,000 one-on-one virtual consultations; and
- supported the establishment or expansion of 144 business start-ups across Halton, creating 126 new jobs.
I encourage you to read our 2022 Economic Review (PDF file) to learn more about investing in our regional economy. You can also visit our Invest Halton webpage to access our economic development services and supports for businesses. By maintaining a strong regional economy and helping businesses recover and succeed, we will keep Halton a great place to live, work, raise a family and retire.