2008 BRAMPTON ANNUAL ECONOMIC REPORT BRAMPTON RE VI EW Brampton’s Resilient Economy Weath ering the Storm ... and Ready to Bloom. STANDING STRONG in a Turbulent and Uncertain Global Economy 2008 BRAMPTON ANNUAL ECONOMIC REPORT TABLE OF CONTENTS MOVING A HIGHER LEVEL DOWNTOWN & TOURISM IN FORWARD OF SERVICE QUEEN STREET BRAMPTON Brampton’s EDO is Unique to Brampton, the CORRIDOR There is a reason we moving onward and EDO offers investors A vibrant and historic call ourselves the “Flower upward, launching a access to our Concierge urban core that is City.” We welcome you to number of exciting new Program. You need more, reshaping itself as the come and see why. initiatives in 2009. and Brampton delivers with City’s hub for culture a strong focus on providing and business. an exceptional customer service experience. A RESILIENT LEADERSHIP ECONOMIC BUSINESS ECONOMY Behind every great city HIGHLIGHTS ATTRACTION Offers insight into today’s is strong leadership. 2008 You’re in good company unprecedented economic Economic development in Brampton. Meet some committees comprised The proof is in the climate and explores how numbers. Brampton’s of the newest companies Brampton’s business of both business who chose Brampton to representatives and strong economy is community is strategically highly resilient. grow their businesses. positioned for future growth. elected officials help Brampton develop and implement innovative growth strategies. INTERNATIONAL BUSINESS A diverse population with connections to everywhere. Brampton’s multicultural makeup strategically positions the community as a strong international economic player – just ask one of Brampton’s Business Ambassadors. BUSINESS RETENTION Brampton-based businesses add to the pride of the City as they reach new heights, growing both locally and internationally. SMALL BRAMPTON’S FILMING IN BRAMPTON’S BUSINESS INDUSTRIAL BRAMPTON FARMERS’ BUSINESS Lights, camera, action! MARKET ENTERPRISE With no permits, no fees, A century-old tradition PARKS no hassle, locations CENTRE With room to expand every weekend during the We build foundations for aplenty and the best summer. The market is among internationally crews in Canada, it’s no great businesses. both a celebrated event recognized companies in wonder why Brampton Celebrating ten successful and a successful local any one of Brampton’s is a choice location for years, SBEC provides economic generator. 12 highly accessible film productions. entrepreneurs with the employment areas, the tools they need to succeed. best business location is clear. Here. Brampton. 4 A Resil ient Economy by Don Eastwood, Director, Economic Development The year 2008 will be remembered as the year when “it all came apart.” In the past year, the financial crisis that began in the United States spread around the globe, impacting every economic sector and industry to varying degrees. The current global recession is due to a combination of factors that have come together to create uncertainty about when market and economic conditions will return to normal. Leading economists and business observers agree that this recession is unprecedented, presenting not only challenges but also opportunities for companies to embrace innovation, re-evaluate new markets and transform their operational practices in order to position themselves for the economy of the future. The City of Brampton is not immune to these global economic pressures, and during 2008 experienced sharp declines in some of the most important economic engines for the City’s previous growth: residential and commercial construction declined sharply, and manufacturing was heavily impacted by worsening global trade. Despite obvious challenges, the best municipalities, like leading companies, do more than survive in a downturn. They position themselves to thrive during its subsequent upturn, guided by clear strategic objectives, responsive governance and prudent financial management. Brampton remains a secure, predictable and geographically well-positioned location for business investment. Over the past year, in spite of downward pressure on the City’s revenue base and impacts on the labour force, the City has demonstrated its ability to seek out and capitalize on new opportunities for growth that will be the basis for future prosperity. Brampton has initiated a review of its corporate and economic strategic plans, and City Council has renewed its commitment to attracting new business and encouraging downtown revitalization. Brampton’s property taxes and business costs remain competitive with every jurisdiction in the Greater Toronto Area while maintaining its Triple-A credit rating. The City of Brampton has invested heavily in modern transportation infrastructure. In comparison to other Canadian communities, Brampton remains in a strong competitive position due in large part to our diverse and resilient economic base. Not reliant on the fortunes of only one particular sector or industry, Brampton’s economy is comprised of more than 8,100 companies in a wide range of manufacturing, business services, transportation, retail, trade, education and human service sectors. Diversity means stability, and small size implies agility. Over 75 per cent of Brampton companies have between 1 and 10 employees while the balance of the employment base is comprised of large corporate and public institutions. Brampton remains a secure, predictable and geographically well-positioned location for business investment. Brampton continues to offer investors the following strategic advantages: • Next door to Canada’s largest international airport • Located in the Greater Toronto Area (GTA) with room to expand • State-of-the-art goods movement infrastructure • Third most diverse city in Canada • Major companies already located in Brampton • Committed to modern physical infrastructure • Young, multicultural, skilled and growing labour force • Low risk and predictable cost environment • Strong government support Brampton’s “Open for Business” attitude is present at every level, within every department. The City of Brampton is continuously striving to partner with existing businesses and those investors considering Brampton as a new place to call home, making business in Brampton a positive experience. While 2008 was a challenging year, and the timing for economic recovery is uncertain, Brampton’s ability to maintain its position as a leader in attracting future growth stands assured. BRAMPTON REVIEW 5 6 Business Development and Marketing Advisory Team The Business Development and Marketing Advisory Team is comprised of L to R: Wayne Waters (Waters and MacDonald Associates), Terry McIntyre prominent Brampton business representatives and elected officials. Its (Brampton Board of Trade), Mayor Susan Fennell, Myron Ticlo (Myron Ticlo mandate to provide guidance and direction on a number of economic and Associates), Regional Councillor Elaine Moore (Chair), David Thomas development initiatives includes: competitiveness information; policy and (Robertson Consulting Inc.), Karen Campbell (Brampton Downtown programs; economic development advertising; service/commercial office Development Corporation). Absent from the picture: Regional Councillor Grant Gibson (Vice Chair), Tony De Pascal (Royal Bank), Janet Biggart sector attraction; manufacturing retention and expansion; sister city (Kerbel Group), Maria Britto (Re-Max North Park), Robert Smith (Brampton protocol and trade missions; visitor attractions; and film liaison. Engineering), Frank Cerisano (Sheridan Institute) ON TH E LEADING EDGE. Back Row, L to R: Regional Councillor John Sanderson (Vice Chair), Councillor Downtown and Queen Street Corridor Advisory Committee Bob Callahan, Regional Councillor Elaine Moore, Sham Jamal (Morguard Investments Limited), Karen Campbell (Brampton Downtown Development Corporation), Bob Hooshley (Brampton Board of Trade) The Downtown and Queen Street Corridor Advisory Committee, with Front Row, L to R: Marnie Richards (Brampton Arts Council), Regional representation from both high profile business professionals and elected Councillor Grant Gibson (Chair), Mayor Susan Fennell. Absent from the officials, is mandated to create a prosperous and diverse local economy. picture: Regional Councillor Gael Miles, Councillor Sandra Hames It accomplishes this by encouraging and promoting a balance of retail, office and intensified residential spaces in Brampton’s Downtown and Queen Street Corridor, as well as attracting service-sector corporate office tenants/owners in an effort to provide more employment and increased investment. A WORK FORCE One of the reasons so many companies choose Brampton is because of our special workforce. TO BE RECKONED Ours is a young, skilled and diverse population keen to fuel prosperity for our city and your business. WITH. brampton.ca ECON OMIC HIGHLIGHTS 2008 Economic Indicators BRAMPTON INDICATORS YTD DEC 2008 YTD DEC 2007 VARIANCE (08/07) YTD DEC 2006 YTD DEC 2005 Total New Employment 1* 1,689 7,710 -78.1% 2,459 1,738 Total New Business 1 292 423 -31.0% 299 241 Unemployment Rate % (Toronto CMA) 2 6.6 6.1 8.2% 6.7% 6.3% Total Construction Value 3 $942,154,554 $2,361,244,254 -60.1% $1,480,704,166 $1,235,359,094 Residential Construction Value 3 $477,885,168 $1,750,204,581 -72.7% $1,031,820,186 $556,029,406 Industrial Construction Value 3 $127,815,721 $202,312,765 -36.8% $159,368,874 $302,685,614 Commercial Construction Value 3 $148,350,567 $161,627,227 -8.2% $103,458,109 $84,898,511 Institutional Construction Value 3 $185,288,867 $216,965,070