‘Significant expansions’ among highlights in Oakville’s annual economic development report

When compared to 17 surrounding municipalities, Oakville’s commercial market remains highly competitive, ranking within the top five in cost comparisons for taxes and development charges.

The highlight is just one just one of several the town is boasting about in its 2023 Economic Development Annual Report released on Tuesday (June 25).

The report features details of Oakville economic activity and highlights the local economic growth, recovery, and resiliency.

For Mayor Rob Burton, it shows the town is continuing to maintain its competitive edge.

“Oakville’s ongoing growth in economic investments, new company arrivals, and business expansions keeps our town an attractive market for investment and businesses of all sizes and sectors,” said Burton. “The town continues to focus on keeping Oakville a top choice for new investment, responding to the needs of local businesses, and supporting our commercial districts.

“The only direction for our town’s economy is onward and upward.”

Some other key highlights from the report include:

• The town welcomed several new companies across various industries, including Buchanan Rubber, Collins Sales, Ingenuity Development Inc., ProServeIT Corporation, Snuggle Bugz
• Oakville also saw significant expansions, investments, and announcements from existing businesses, including Ford, Dana Canada Corporation, Olymel, BioScript Pharmacy Solutions and PCL Construction
• Industrial development permit activity increased significantly in 2023, seeing over two million square feet of development and $175M in construction value approved.
• In 2023, the town consulted with the community on the development of the patio program and launched the permanent, annual program in 2024
• The town supported 100 new clients throughout the year as part of the Digital Main Street program, helping local businesses adopt online technologies
• For the fifth year in a row, Oakville was named one of the best locations to invest in Canada by Site Selection Magazine

Oakville begun working on a new economic plan for 2024-2029 last year, consulting with the business community and other key stakeholders.

The interim report about this plan was presented in Town Council on Monday (June 24). A final plan is anticipated by the end of this year.

Residents can review the full 2023 Economic Development Annual Report here.