TD Deputy Chief Economist delivers Oshawa economic update

TD Bank Group Vice President and Deputy Chief Economist Derek Burleton recently delivered his annual economic forecast to business professionals and community leaders from across the G.T.A. at the City of Oshawa’s Economic Outlook Event.

This was the 19th annual Economic Outlook Breakfast presented by the City’s Economic Development Services Branch with TD Bank Group and the Greater Oshawa Chamber of Commerce.

During his address, Deputy Chief Economist Burleton highlighted key aspects of the global, national, and Ontario economies. Mr. Burleton also provided a local perspective on Oshawa’s economic landscape, noting the city’s strong labour market, economic diversity and record construction growth.

Oshawa Mayor Dan Carter provided additional local highlights, including OPG’s recent announcement that it will establish a new corporate headquarters in Oshawa, bringing more than 2,000 highly skilled corporate staff to the city along with prosperity and opportunity that will serve the entire Durham Region.

Mayor Carter also noted the amazing transformation in Oshawa’s diverse population and economy, highlighting that the City experienced its strongest year of building activity on record with over $900 million in building permits issued in 2022. He talked of Oshawa’s 4.1% unemployment rate that falls well below the national rate, and of significant commercial and industrial investment that is bringing thousands of jobs to the city.

Mayor Carter emphasized that new employment opportunities will continue to meet the needs of Oshawa residents as one of the fastest growing communities in Canada and one of the fastest growing tech centres in the country with 30,000 students learning at Oshawa’s three world class post-secondary institutions.

Councillor Tito-Dante Marimpietri, Chair of the Economic and Development Services Committee, closed the event by speaking to the City of Oshawa’s strong economic growth, anchored by thousands of new employment opportunities and more blue chip companies selecting the city for investment and expansion.

 He highlighted the unique opportunities of Northwood Business Park as the City’s new prime employment development opportunity with 202 hectares (500 acres) of developable land designated for employment and commercial uses. He noted that the Business Park is located in proximity to Oshawa’s post-secondary institutions and an integrated transportation network that includes the Oshawa Executive Airport and Highways 401 and 407 East.

Up-to-date information on development, statistics, news and more is available at www.oshawa.ca/business. For more information on Economic Development Services, visit www.oshawa.ca/business or follow @InvestOshawa on Twitter.

For more information on local business events, visit the Greater Oshawa Chamber of Commerce website. Research reports by TD Bank Group Economics are available at www.td.com/economics.

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:

“In spite of global and national pressures, we expect Oshawa’s economy to continue to grow thanks to our diverse economy, diverse population and talent pool,” said Oshawa Mayor Dan Carter. “With record-breaking building activity, strong tech and talent growth and thousands of new high quality jobs on our horizon, we have much to look forward to in the great City of Oshawa.”

“Oshawa’s diverse economy has proven itself to be strong and resilient. As a metropolitan centre, we are open for business and well positioned for future growth,” said Councillor Tito-Dante Marimpietri, Chair of the Economic and Development Services Committee. “Prestige employments lands including Northwood Business Park are continuing to attract blue-chip companies to our city that are discovering the unique opportunities Oshawa has to offer as a critical gateway to the most populous area of Canada and as one of Toronto’s most dynamic neighbours.”

“Significant investment is happening in our city. As a key market within the GTA, companies are continuing to realize the value that Oshawa provides – proximity to major markets, world-class research facilities and a pipeline of talent,” said Councillor Bob Chapman, Vice-Chair of the Economic and Development Services Committee.

“Providing simplified access to critical information so our members can make better business decisions is core to our work at the Chamber,” said Jason King, CEO of the Greater Oshawa Chamber of Commerce. “Attendees will leave this event with a better understanding of the economic landscape and the tools and strategies needed to navigate the economic recovery in the coming year."