Vaughan Construction Growth Exceeds $1 Billion

 

"The City's continued growth helps to create jobs and maintain our excellent standard of living," said Mayor Maurizio Bevilacqua. "Our success attracts new residents, businesses and investment, and positions Vaughan to have one of the strongest local economies in Canada.  It is a major accomplishment to break the billion dollar mark in construction activity eight out of the last 10 years."

 

A total of 6,312 building permits were issued in 2010. Residential construction accounted for $877.3 million or 63 per cent of all construction activity last year. In the business sector, $314.4 million was invested in new commercial-industrial properties, representing a 79 per cent increase over the previous year.

Institutional construction increased to $210.6 million in 2010, from $78.9 million in 2009. This increase represents a major investment in rapid transit infrastructure which included $140 million for the construction of the Highway 407 Subway Station, one of six stations being built along the 8.6 kilometre extension of the Spadina Subway.

 

"We are pursuing an economic strategy that is focused on creating the optimum conditions for responsible economic growth, welcoming and encouraging investments that will make a meaningful contribution to our quality of life and standard of living," said City Manager Clayton Harris.