File image

Oshawa GDP to grow 4.4% this year, halve next

Oshawa gross domestic product (GDP) is projected to rise by 4.4 per cent this year, with 2023 GDP growth forecast at 2.2 per cent, by the Conference Board of Canada.

In keeping with current year growth projections, 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, said a city statement.

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

Carter concern over Bill 23’s ‘unintended consequences’

These statistics were revealed at a meeting of more than 200 real estate and development professionals from across the Greater Toronto Area (GTA), who took part in the City of Oshawa’s 17th Annual Realtor & Developer Breakfast on November 30. It was held 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.

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.

“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 GTA 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.”

You May Want To Read

Several trucks placed out of service for safety defects

There was an outage… and Oshawa Power could not know

Durham wins Technation Ingenious Award

Ontario pact with another education workers union

Oshawa’s Toys for Tickets raises $1,300 in toys

Share with:

Leave a Reply