Mississauga's Economic Update - Presentation to Budget Committee Bonnie Brown, Director, Economic Development - eSCRIBE
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
4.3 Mississauga’s Economic Update November 23, 2020 Presentation to Budget Committee Bonnie Brown, Director, Economic Development thefutureisunlimited.ca
4.3
TOPICS COVERED
Mississauga’s Economy Going Into COVID-19
Strong Economic Growth
Economic Diversity
Importance of Small Business
Local Impacts of COVID-19
Overall Impact
Hard Hit Sectors
Growth Sectors
Paths to Recovery
Redesigning Business Retention, Expansion & Attraction
Building Economic Resilience
Investing in Innovation & Entrepreneurship
Conclusion
4.3
MISSISSAUGA’S ECONOMY
GOING INTO COVID-19
Strong Economic Growth MISSISSAUGA’S ECONOMY GOING INTO COVID-19
4.3
Economic Output Growth
OVER THE PAST 2 YEARS
Employment outgrew population Ontario 4.4%
Growth in economic output was
almost double provincial output Mississauga 7.6%
growth
0% 1% 2% 3% 4% 5% 6% 7% 8%
Population Growth Employment Growth
Ontario 3.4% Ontario 4.6% 5%
UNEMPLOYMENT
Mississauga 0.9% Mississauga 4.0% Lowest ever for
the past decade!
0% 1% 2% 3% 4% 0% 1% 2% 3% 4% 5%
thefutureisunlimited.ca
Economic Diversity MISSISSAUGA’S ECONOMY GOING INTO COVID-19
4.3
A diverse base of advanced industries drives our strong economic
performance
#1 $58.5 B $7.9%
Mississauga has a higher Economic output in With only 5.3% of Ontario’s
diversity of advanced industries Mississauga, 2019 population, Mississauga
than any of Canada’s ten largest generates 7.9% of provincial
cities output
thefutureisunlimited.ca
Importance of Small Businesses MISSISSAUGA’S ECONOMY GOING INTO COVID-19
4.3
Our small business
94,000+ 99%
sector continues to
play a vital role 225,000 51%
Businesses Employment
Business Counts by Size
Business Size Business Count Share of Total
Without Employees ( 0 ) 63,408 67.3%
Small ( 1-99 ) 29,846 31.7%
Medium ( 100-499 ) 805 0.9%
Large ( 500+ ) 146 0.2%
thefutureisunlimited.ca
4.3
LOCAL IMPACTS
OF COVID-19
Overall Impact in Mississauga LOCAL IMPACTS OF COVID-19
4.3
Peak Impact Recovery
# of Jobs Lost ##ofofDrop
JobsInLost
Active
in Mississauga - 66,000 Businesses
in Mississauga --14,300
5,300
78%
14.8% 3.2% By October, an estimated
78% of jobs lost had been
recovered
April October
Relative to February, 2020
thefutureisunlimited.ca
4.3
LOCAL IMPACTS
OF COVID-19
HARD HIT SECTORSBusinesses Most Vulnerable to COVID-19 Restrictions LOCAL IMPACTS OF COVID-19
4.3
2,175 10% 25,900 6%
Businesses Employees
Industries Impacted Employment in Food & Accommodation Relative to Pre-COVID-19 Levels, Ontario
120% Pre-COVID-19 Level Stage 2 Stage 3 Modified
Food & Drink Stage 2
Establishments 100%
80%
83.6% 82.3%
60%
63.0% 66.0%
Event Based Facilities 40%
50.7%
(Cinemas, Spectator and 20%
Performance Venues) & 0%
Fitness Facilities FEB-20 MAR-20 APR-20 MAY-20 JUN-20 JUL-20 AUG-20 SEP-20 OCT-20
thefutureisunlimited.caAerospace & Aviation Sector LOCAL IMPACTS OF COVID-19
4.3
336 1.8%
Recovery will be
lengthy for this 30,770 6.9%
Businesses sector Employees
Aircraft Movements at Pearson What We Have Heard
April August
• Return to pre-COVID-19 levels for global air passenger traffic not
International International expected until 2024
90% Below 84% Below
• In July, Greater Toronto Airport Authority (GTAA) reduced work
Domestic Domestic force by 27 per cent, cutting 500 jobs
77% Below 65% Below
Year over Year
thefutureisunlimited.caImpact Upon Self Employed LOCAL IMPACTS OF COVID-19
4.3
Self-Employed Share of Economic Activity in Mississauga
Recovery for self employed individuals has lagged
behind the rest of the economy
16%
Recovery of Employees vs Self Employed Workers, Ontario*
Employees Self Employed
Employment Hours Worked
0.0%
-5.0% -2.1% -2.0%
-10.0% -8.8%
-15.0%
-20.0% -18.1%
*Year over Year. Hours
at main job
thefutureisunlimited.caConsumer & Business Insolvencies LOCAL IMPACTS OF COVID-19
4.3
Year Mississauga Ontario Year Mississauga Ontario
2018 1,335 28,879 2018 51 683
2019 1,528 33,273 2019 34 695
2020 1,314 25,766 2020 49 579
*As of September of each year
35000 800
30000 700 Ontario
Ontario 600
25000
500
20000
400
15000
300
10000
200
5000 Mississauga 100 Mississauga
0 0
2018 2019 2020 2018 2019 2020
thefutureisunlimited.ca4.3
LOCAL IMPACTS
OF COVID-19
GROWTH SECTORSUneven Impact of COVID-19 LOCAL IMPACTS OF COVID-19
4.3
Least Impacted Industries in Ontario
The challenges faced by tourism, travel Finance
Manufacturing
and hospitality related sectors do not & Insurance
reflect the experiences of all industries
Professional
Services
Employment Recovery Relative to Pre-COVID-19 Level*
3.0% 2.5%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
-5.0%
-6.0%
-7.0% -5.9%
Least Impacted Other
*Relative to February, 2020
thefutureisunlimited.caLife Sciences LOCAL IMPACTS OF COVID-19
4.3
Opportunities are emerging to support Canada’s public health response to COVID-19
1,600 +
Added Jobs
2020 Business Investments
Baylis Medical Microbix Roche
Baylis won contract to build 10,000 Ontario government invested $1.4M $500M investment to establish a
ventilators in Mississauga to supply to expand manufacturing capacity of Global Pharma Technical (PT)
Canada COVID-19 testing products created by Operations site in Mississauga that
Microbix will create 500 jobs
thefutureisunlimited.caLogistics LOCAL IMPACTS OF COVID-19
4.3
E-Commerce growth is leading to increased demand for logistics services, particularly
smart logistics solutions to successfully complete last mile delivery to consumers 1,450 +
Added Jobs
2020 Business Investments Mississauga Companies Featured in Canada’s
Fastest Growing Company Rankings
• Wizmo: 20 Employees
Goodfood Market Printful
200,000+ sq. ft. of space $2.8M invested for • Go Logistics: 834 Employees
employing 1,300 people on-demand fulfillment centre,
creating 50 jobs • Fleet Optics: 396 Employees
thefutureisunlimited.caDigital Technologies LOCAL IMPACTS OF COVID-19
4.3
Demand for innovation and adoption of digital technologies has accelerated under
COVID-19. Along with e-commerce growth, many businesses have pivoted to remote 800 +
working and are indicating this change will persist beyond the pandemic Added Jobs
2020 Business Investments Digital Technology Workforce Stats, Ontario
• % of workforce teleworking or working
remotely pre-COVID-19: 8.8%
Infosys Optiv Security • % of workforce teleworking or working
IT consulting and software Cybersecurity solutions remotely during May, 2020: 26.8%
service provider creating provider creating 200+ jobs
350 jobs • % of workforce expected to continue
teleworking or working remotely after
pandemic: 15.8%
thefutureisunlimited.caIndustrial + Commercial Building Permit Values LOCAL IMPACTS OF COVID-19
4.3
Industrial + Commercial Building Permit Values, Mississauga (‘000’s)
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
2020 2019
$100,000
$50,000
$0
January February March April May June July August September
thefutureisunlimited.ca4.3 PATHS TO RECOVERY
4.3
PATHS TO RECOVERY
REDESIGNING BUSINESS RETENTION,
EXPANSION & ATTRACTIONBusiness Attraction: Digital Marketing PATHS TO RECOVERY
4.3
thefutureisunlimited.caBusiness Retention & Expansion PATHS TO RECOVERY
4.3
EDO has focused efforts on strengthening our services and relationships with
established businesses and key economic stakeholders
Workforce Development Initiatives B2B Platform
Connecting local businesses to local talent and training Virtual platform to facilitate business-to-business
programs networking, collaboration and sharing of best practices
thefutureisunlimited.caInvestment Metrics PATHS TO RECOVERY
4.3
2020 YEAR TO DATE
PERFORMANCE TARGETS
EDO business investment Total Tax Assessment $2,163,037 $1,250,000
services are close to or have Total Direct Job (Min) 3,127 1,200
already exceeded performance Deals Closed 8 10
targets for 2020
4-YEAR TOTAL
• Over the past four years, EDO TAX ASSESSMENT DIRECT JOBS (MIN)
has secured investments 2017 Results $2,792,033 2,192
supporting almost $9 million in
annual tax revenue for the City 2018 Results $1,591,339 2,589
and almost 11,000 jobs 2019 Results $2,419,245 2,856
2020 Results (YTD) $2,163,037 3,127
4-Year Total $8,965,654 10,764
thefutureisunlimited.ca4.3
PATHS TO RECOVERY
BUILDING ECONOMIC
RESILIENCESupporting Small Business PATHS TO RECOVERY
4.3
The City is delivering or partnering to deliver a number of
programs that support the small business community
ShopHERE #MississaugaMade
Mississauga
Starter Company Pays to Stay
PLUS Program
Digital Main Ritual One
Street
Webinars Food Venture
& Advisory Services Program
thefutureisunlimited.caBusiness Information & Advocacy PATHS TO RECOVERY
4.3
15,000+ 305+
COVID-19 WEBSITE TRAFFIC ONE-ON-ONE BUSINESS
VISITORS CONSULTATIONS
300+ 41 WEBINARS
HAVE BEEN HOSTED
BUSINESS
OR SUPPORTED AND
SUPPORT & RECOVERY HAVE ATTRACTED
GUIDELINES OVER
3,200
ATTENDEES
as of November 6, 2020
thefutureisunlimited.ca4.3
PATHS TO RECOVERY “There will be more need than ever for adaptation,
innovation, scaling up of solutions and breaking
BUILDING TOMORROW’S ECONOMY
down of old ways… now is not the time to take the
foot off the gas. It’s the time to put it on.”
Blake Hutcheson, President OMERS
MaRS Post-Viral Pivot Report, 2020
INVESTING IN INNOVATION &
ENTREPRENEURSHIPInvesting in Innovation PATHS TO RECOVERY
4.3
Innovation Hub Innovation District
Central hub to promote, connect and develop Establish a vibrant world-class innovation district that
innovation activity in Mississauga will drive economic growth and innovation
thefutureisunlimited.ca4.3 CONCLUSION
Conclusion CONCLUSION
4.3
Mississauga’s strong economic Our hard hit sectors will Strategic investments in our
fundamentals have helped us require continued support small businesses and
weather and respond to the and advocacy during the innovation ecosystem will be
pandemic pandemic critical to long term recovery
thefutureisunlimited.ca4.3 THANK YOU
You can also read
