Newmarket Economic Development
Based on the latest York Region employment survey. Job creation in Aurora has outperformed Newmarket.
Aurora saw an 8% growth in jobs from 2017-18 with Newmarket posting a 3% increase. From 2008-2018 Aurora saw an average annual employment growth of 7%. Newmarket lagged with a 0.7% increase over the same period. Since 1998 the number of jobs in Newmarket has grown by over 11,100. urora has seen 8,000 new jobs since 2008.
East Gwillimbury, starting with a much smaller economic base than Newmarket, saw a 4.3% growth in jobs in 2017-18. This amounted to 233 new jobs. Newmarket's employment growth lagged as a percentage (3%) but generated 1,245 new jobs.
York Region as a whole is an economic powerhouse. The latest review states:
“At 2.4%, employment growth in York Region outpaced national and provincial employed labour force growth between mid-year 2017 and mid-year 2018, of 1.1% and 2% respectively. Over the past five years York Region has grown at an average annual rate of 2.6%, outperforming average growth rates in the national (1%), provincial (1.2%) and GTA (1.6%) economies.”
The real estate sector was the fastest growing sector with an average annual increase of 7.4%, increasing by 10,850 jobs. The educational sector doubled the number of jobs, adding over 19,700 jobs at an average annual increase of 7.3%. Finance and insurance and healthcare and social services added 11,000 and 17,000 new jobs respectively.
* With infomation from Gordon Prentice.