Economic and development review highlights Region's strengths

York Region recently released its Economic and Development Review - Mid-Year 2007, and it provided information on regional development activity, as well as economic and demographic trends.

The review helps identify strengths and allow for appropriate planning for the future, the Region reported.

"York Region's economic outlook for 2007 and early 2008 is very positive," said York Chairman Bill Fisch. "The Region continues to be a hub of business investment and housing development in Ontario."

The review is a semiannual report and analysis of several key economic and demographic indicators for the Region.

Highlights include: • York Region was home to 965,000 people in June 2007, an increase of 31,600 since June 2006. • The Region had the fourth highest number of new residential permits in Canada. • There were 6,012 new residential building permits issued in the first half of 2007, an increase of 15.2 per cent from 2006. • Housing starts have increased by 12 per cent over 2006 levels. • There were 5,903 housing starts and 4,636 homes completed within York Region during the first six months of 2007. • The Region's total estimated construction value for the first six months of 2007 was $1.76 billion, 19 per cent higher than the total construction value recorded in the first half of 2006. • In the first six months of 2007, York's residential construction was valued at $1.25 billion, a 20.1 per cent increase compared to the first six months of 2006. • Industrial, commercial and institutional construction accounted for 28.8 per cent of the total construction value in York Region in the first half of 2007, a 16 per cent increase. • The unemployment rate was an estimated 5.9 per cent as of June 2007.

"The review details York Region's economic success and aids decision makers to devise strategies for managing growth," said East Gwillimbury Mayor James Young, chair of the planning and economic development committee of Regional council. "We will be looking at housing affordability, employment levels and the Region's competitiveness as an attractive place for business investment."

Copies of the review will be circulated to the Region's nine area municipalities, Chambers of Commerce, Boards of Trade, other business groups and key stakeholders.

To obtain copies, call York Region's Planning and Development Services Department at (905) 895- 1231, ext. 1550 or toll-free at 1-877-464-9675, or send a request via e-mail to strategicplanning@york.ca