City of Oshawa shares record-breaking year of construction activity and economic growth

More than 200 real estate and development professionals from across the G.T.A. took part in the City of Oshawa’s 17th Annual Realtor & Developer Breakfast on November 30, in partnership with Panattoni Development Company Canada. Offered in a new hybrid format for 2022, participants gained the latest insights from an expert panel on commercial, industrial and residential trends affecting local markets.

Attendees were presented with an economic overview of Oshawa’s ambitious growth in recent years that is anchored by thousands of new employment opportunities along with many new companies that have joined the community. The Conference Board of Canada projects Oshawa GDP will grow by 4.4% in 2022, with 2023 GDP growth forecasted at 2.2%.

With resilience amidst a global pandemic, the City has reported 2022 year-to-date building permit activity exceeding any year in Oshawa’s recorded history. Oshawa’s previous annual building permit record of $614 million in 2017 was recently shattered with $877 million in building permit values in 2022; double the pace of 2021.

Oshawa’s population growth has closely followed the city’s record-breaking construction activity. With Census Metropolitan Area population growth 2.3% in 2021 and approximately 10% population growth from 2016-2021, Oshawa remains one of the fastest growing communities in Canada.

The 17th Annual Realtor and Developer Breakfast event highlighted a number major industrial, commercial and residential developments taking place and planned across the city, including:

• Updates on the addition of light-duty pickup production and a third shift at GM Canada’s Truck Assembly Plant, which has created more than 2,600 jobs as part of GM’s more than $2 billion in investments to transform its manufacturing operations in Ontario, including Oshawa.
• The Lakeshore East GO Train extension, with an estimated economic value of $1.1 billion in transit-oriented, walkable urban development. The expansion is estimated to generate 21,000 permanent new jobs.
• The Federal Government announcement of approximately $14 million for an export expansion project at the Oshawa Port. As the recipient, the Hamilton-Oshawa Port Authority is contributing $16 million, representing a total investment of nearly $30 million. With this investment, new infrastructure will modernize operations in the port’s main area and position it for growth.
• Industrial tenants continue to fill Panattoni Development Company's state-of-the-art facilities where major employers such as Aosom Canada Inc. and GEODIS are hiring right now.
• Overviews of the Kedron Part II Planning Area and the Columbus Part II draft plan.
• Northwood Business Park, which presents the City’s next prime employment development opportunity. Approximately 500 acres of developable land designated for employment and commercial uses will attract further investment in proximity to our post-secondary institutions and the Oshawa Executive Airport. A newly launched virtual tour of Northwood Business Park was also shared with event attendees.

Up-to-date information on development, statistics, news and more is available at Oshawa.ca/investoshawa.

For more information on Northwood Business Park and the Virtual Tour, visit Oshawa.ca/northwoodbusinesspark.

For more information on Economic Development Services, visit Oshawa.ca/business or follow @InvestOshawa on Twitter.

For City of Oshawa updates, visit Oshawa.ca/NewsCentre to follow us on social media, subscribe to news and alerts, and have your say on Connect Oshawa.

Quotes:

“Oshawa is a gateway to the most populous area of Canada and one of the greatest concentrations of economic activity in North America,” said Oshawa Mayor Dan Carter. “Companies across the G.T.A. are discovering the unique opportunities that Oshawa provides – the proximity to major North American markets, world-class research facilities and a pipeline of talent approaching 30,000 post-secondary students.”

“Our Industry Summit offers direct and open insight on the great momentum of our community and the many exciting economic job creating development opportunities that have been realized with so many more on the horizon which place Oshawa ahead of the curve and restore its presence as an economic powerhouse,” said Councillor Tito-Dante Marimpietri, Chair of the Economic and Development Services Committee. “Oshawa continues to establish itself as a balanced dynamic and metropolitan centre for job creating investment, recognized as one of the most attractive economic hubs within the G.T.A., one that new residents and companies are gravitating to more than ever.”