WATERLOO REGION COMMUNITY PROFILE Executive Summary

Transcription

1 WATERLOO REGION 2018 COMMUNITY PROFILE Executive Summary

2 DEMOGRAPHICS POPULATION GROWTH AVERAGE AGE 900, , , , , , , ,000 Regional Population Places to Grow (initial forecast) ,000 0 Places to Grow (new forecast) Waterloo Region Tornto (City) Ontario Canada Source: 2016 Region of Waterloo Planning & Analytics Source: Statistics Canada, 2016 Census Profile Waterloo Region is one of the largest and fastest growing regions in Ontario. It has the tenth largest population in Canada and the fourth largest in Ontario. Between 2011 and 2016, Waterloo Region s growth rate was 5.5 per cent, which exceeded both provincial and national growth rates of 4.6 per cent and 5 per cent respectively. Waterloo Region also attracts a large number of students to study at its postsecondary institutions, resulting in a total population for yearend 2016 of 583,500. The Province s Growth Plan 1 projects that Waterloo Region s population will grow by 185,000 people over the next 15 years. Waterloo Region s population is younger than most municipalities in Canada, because of the large number of students and young families attracted by good employment opportunities and affordable cost of living. 1 Places to Grow; Growth Plan for the Greater Golden Horseshoe (2017) Note: please note that for some charts in this document, the y-axis does not start from 0. 1

3 VISIBLE MINORITIES LANGUAGE Waterloo Region's top 10 single mother tongue languages, 2016 Visible Minority Adapted from 2016 Region of Waterloo Census Bulletin #7 Ethnic Origins, Visible Minorities, and Aboriginal Peoples In 2016, there were 100,025 individuals in Waterloo Region who identified themselves as a visible minority. In total, visible minorities made up 19 per cent of the total population, which means two in ten people in Waterloo Region self-identified as visible minority. RECENT IMMIGRANTS 1 in 8 immigrants living in Waterloo Region moved to Canada between 2011 and 2016 Adapted from 2016 Region of Waterloo Census Bulletin #4 Language Adapted from 2016 Region of Waterloo Census Bulletin #8 Mobility, Migration and Immigration Between 2011 and 2016, Mandarin and Cantonese were the two languages with the largest percentage growth, climbing in ranks amongst Waterloo Region's top mother tongues. 2

4 IMMIGRANT POPULATION Place of birth for total immigrant population in Waterloo Region, ,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 CRIME RATE Total criminal code violations (excluding traffic) per 100,000 people National Average Source: Statistics Canada, CANSIM Table Kitchener-Cambridge-Waterloo Adapted from 2016 Region of Waterloo Census Bulletin #8 Mobility, Migration and Immigration 23.0% 22.0% 21.0% LOW INCOME MEASURE Percent of low income (after-tax) families by selected Region Toronto Ontario In 2016, Europe remained the most common birth place reported by immigrants in Waterloo Region. Compared to past years, the numbers of European immigrants living in the region is declining. However, the numbers of immigrants born in Asia are growing and make up over a third of the total immigrant population, compared to only a quarter in % 19.0% 18.0% 17.0% 16.0% 15.0% 14.0% 15.7% 15.5% 15.2% 15.2% 14.7% London Canada St. Catharines-Niagara Hamilton Kitchener-Cambridge- Waterloo Source: Statistics Canada, CANSIM Table

5 WORKFORCE The region s labour force consisted of 303,400 people in The unemployment rate in the region dropped by almost half a percent in 2017, and has dropped by 4.6 per cent since the height of the recession in Waterloo Region s economy has adapted to Canada s changing economic environment. While manufacturing remains the Region s largest industry in terms of employment, the economy is increasingly diverse. Between 2014 and 2016, Waterloo Region had the fastest growing tech labour pool in Canada, with a 53.6 per cent increase in tech jobs (more than 7,400 tech jobs added). Momentum of Top Tech Talent Labour Pools (Top 5) Waterloo Region Toronto 53.6% 16.1% 303, KITCHENER-WATERLOO-CAMBRIDGE CENSUS METROPOLITAN AREA (CMA) LABOUR FORCE 5.1% 2017 KITCHENER-WATERLOO-CAMBRIDGE CMA UNEMPLOYMENT RATE 70.2% 2017 KITCHENER-WATERLOO-CAMBRIDGE CMA PARTICIPATION RATE Vancouver Edmonton Montreal 13.4% 11.2% 5.0% 0% 20% 40% 60% 80% 100% 17.8% WORKING IN THE MANUFACTURING INDUSTRY IN 2017 Source: CBRE Research, 2017 & Statistics Canada LFS (NOCs), June 2017 Source: 2017 Region of Waterloo Labour Force Report; Statistics Canada, CANSIM Table &

6 HIGHLY SKILLED WORKFORCE Education attainment by age cohort for Waterloo Region, 2016 EDUCATION AND MAJOR FIELD OF STUDIES 100% 90% 80% 70% 60% 50% 37% 34% 26% 28% 29% 26% 23% 22% 8% Graduates living in Kitchener- Cambridge-Waterloo CMA were more likely to have studied a Science, Technology, Engineering, and Mathematics (STEM) subject than anywhere else in Canada, tied with Calgary 40% 30% 20% 5% 6% 23% 24% 7% 27% 30% Adapted from 2016 Region of Waterloo Census Bulletin #9 Employment and Education 10% 0% 9% 9% 11% 17% 25 to 34 years 35 to 44 years 45 to 54 years 55 to 64 years No certificate High school diploma Trades certificate or diploma College University Adapted from 2016 Region of Waterloo Census Bulletin #9 Employment and Education Waterloo Region residents aged 25 to 64 had a college or university qualification In 2016, over half of Waterloo Region residents aged 25 to 64 had a college or university qualification. Approximately half of these individuals had college qualifications and the other half had university qualifications. Overall, young adults (aged 25 to 34) were more likely to have a university education than any other age group. Adapted from 2016 Region of Waterloo Census Bulletin #9 Employment and Education 5

7 EDUCATION The University of Waterloo was established in 1957 and is home to over 35,000 students. It is a pioneer in cooperative learning and currently has the world s largest co-op program with over 19,800 co-op students, and over 6,700 employer partners. It has been ranked the most innovative university in Canada for 25 straight years, as well as Top Comprehensive Research University in Canada for eight consecutive years by Research Infosource. It is one of only 14 schools in the world to be ranked five stars for research, teaching, employability, facilities and innovation by QS World University Ranking. Wilfrid Laurier University was established in 1911 and is home to 19,000 undergraduate and graduate students, of which 16,000 are located in Waterloo. Over 900 companies have partnered with the Laurier co-op program. Of the companies that have employed Laurier students, 97 per cent evaluated them as excellent, very good, or good. Laurier was ranked tenth overall in rankings conducted annually by Maclean s magazine in Laurier earned the number one ranking in student satisfaction for its outstanding student-community engagement. Conestoga College was established in 1967 and served approximately 15,500 full time students in Following graduation, 65 per cent of students remain in the Region and contribute approximately $2.3 billion annually to the local economy. In 2016, 86.9 per cent of students found employment within six months and 90.8 per cent had satisfactory approval from their employer. 6

8 RESILIENT ECONOMY Kitchener-Cambridge-Waterloo 2017 NUMBER OF BUSINESSES BY EMPLOYMENT RANGE IN WATERLOO REGION 8,502 Number of businesses 3,285 2,290 1, Kitchener-Cambridge-Waterloo had a GDP per capita of $51,536 in 2017, higher than both the Ontario and Canadian averages. GDP growth: Real GDP in Waterloo Region climbed from $25.80 billion in 2015 to $27.01 billion in 2017, exceeding Canada's national growth rate. GDP Levels, Millions of 2007 Dollars REGION'S GDP GROWTH AND LEVELS $31, % $30,000 $29,000 $28,000 $27,000 $26,000 1 to 4 5 to 9 10 to to to % 2.0% 1.5% $25,000 $24, % f 2019f 2020f 2021f 2022f GDP Growth Rate GDP (millions of 2007 CAD $) GDP Growth Rate Source: Statistics Canada Canadian Business Counts December 2017 & Conference Board of Canada, Metropolitan Outlook Winter

9 BUILDING ACTIVITY Percentage of units constructed in the Built Up Area (BUA) ( ) HIGH MEDIAN HOUSEHOLD INCOME Median household before-tax income for Waterloo Region, % Waterloo Region $77,530 60% 50% Ontario $74,287 40% Canada $70,336 30% 20% 10% $66,000 $68,000 $70,000 $72,000 $74,000 $76,000 $78,000 $80,000 Adapted from 2016 Region of Waterloo Census Bulletin #5 Income LOWER HOUSING COSTS Average Real Estate Prices, 2017 Q4 0% 2006* Percent of Units in Built up area 2015 P2G Target (40%) ROP Target (45%) Source: 2017 Region of Waterloo Building Activity Report Through the "Growth Plan for the Greater Golden Horseshoe, 2011" (Growth Plan), the Province of Ontario established a regional residential intensification target of 40 per cent by Through the Regional Official Plan, the Region of Waterloo established a more ambitious target of 45 per cent to help support ION rapid transit. The region's rate of intensification has surpassed the Growth Plan and Regional Official Plan target every year since Nominal Canadian Dollars $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- Two-Storeys Bungalows Condominiums Aggregate Source: Royal LePage National House Price Composite Q4,

10 Advanced Manufacturing: The Region's manufacturing sector is the fourth largest in Canada. We have a number of leading research manufacturing institutions, including: Centre for Smart Manufacturing Centre for Advanced Materials Joining (CAMJ) Manufacturing Innovation Network (MIN) Centre for Intelligent Antenna and Radio Systems WATERLOO REGION KEY SECTORS Information Technology: The Toronto-Waterloo Corridor boasts the second highest density of startups in the world. Headquarters of some of the world's most renowned tech companies are here, including: Aerospace: Waterloo Region is home to diverse aerospace talent, with 9 colleges and universities within commuting distance offering a combined 23 aerospace-related programs. Renowned companies in the local aerospace sector include: 9

11 Automotive: Waterloo Region is home to more than 70 globally recognized companies focused on advancements in the automotive and autotech sector, including: WATERLOO REGION KEY SECTORS Business and Financial Services: Waterloo Region is home to more than 15 internationally recognized business and financial services companies, including Ernst & Young, Deloitte, and Manulife. Several renowned financial technology (FinTech) incubators located in the Region including: Food Processing: Waterloo Region's economy is supported by 1,400 farms and more than 130 regional food manufacturers. The food processing industry is reinforced by more than 150 research institutions and innovation hubs, including Conestoga College's Institute of Food Processing Technology and the Ontario Agriculture College. 10

12 TOP TEN PRIVATE EMPLOYERS IN WATERLOO REGION IN 2016 Company Service Employment Range Toyota Motor Manufacturing Canada Inc. Auto Manufacturer 2,500+ Sun Life Financial Finance and Insurance 2,500+ Manulife Financial Finance and Insurance 2,500+ Honeywell Aerospace Hardware for Space Industry 1,000 2,499 Home Hardware Head Office Head Offices and Distribution Centre 1,000 2,499 Loblaw Companies Limited Warehouse and Distribution Centre 1,000 2,499 BlackBerry Telecommunication and Wireless Equipment 1,000 2,499 Challenger Motor Freight Transport Trucking 1,000 2,499 Rockwell Automation Inc. Electric Controls Communication and Rogers Communications Media Open Text Corp. Software Solutions TOP TEN PUBLIC EMPLOYERS IN WATERLOO REGION IN 2016 Company Service Employment Range University of Waterloo Waterloo Region District School Board Conestoga College Education-Post Secondary 5,000+ Education-Primary and Secondary 5,000+ Education-Post Secondary 2,500-4,999 Grand River Hospital Health Services 2,500-4,999 Region of Waterloo Municipal Public Service 2,500-4,999 Waterloo Catholic District Education-Primary and School Board Secondary 2,500-4,999 City of Kitchener Municipal Public Service 1,000-2,500 Cambridge Memorial Hospital Health Services 1,000-2,500 Education-Post Wilfrid Laurier University Secondary 1,000-2,500 St. Mary's General Hospital Health Services 1,000 2,500 Source: 2016 Region of Waterloo Workplace Count & Area Municipalities Source: 2016 Region of Waterloo Workplace Count & Area Municipalities 11

13 TRANSPORTATION RAIL ACCESS TO TORONTO Source: Metrolinx, Train Map The region is served by two passenger rail services, GO and VIA Rail. The Ontario government is committed to expanding GO services to Toronto, which will help to connect local companies to a larger talent pool within the Toronto-Waterloo Region Corridor. The Province of Ontario has received proposals for a rail tunnel project under highway 401 and 409 that will support faster allday passenger service in the future. RAPID TRANSIT ION is the Region of Waterloo s rapid transit system and is made up of light rail transit and bus rapid transit. ION light rail consists of a 19-kilometre route from the north Waterloo to south Kitchener, with 19 stops in between. ION is part of the Region of Waterloo s plan to manage congestion and reduce urban expansion on valuable farmland. In partnership with the Federal and Provincial government, ION construction is complete and is preparing to take its first passengers in

14 THE KING-VICTORIA TRANSIT HUB & TORONTO-WATERLOO CORRIDOR REGION OF WATERLOO INTERNATIONAL AIRPORT Source: TheCorridor.ca On June 14, 2016, the Province of Ontario announced that they are committing $43 million to build a transit hub in downtown Kitchener. The transit hub will provide a centralized transit facility with seamless connections between walking, cycling, Grand River Transit (GRT), inter-city busses, GO Transit and VIA Rail. This project complements the ongoing revitalization of the Central Transit Corridor (CTC) and the Region s connection to the Toronto-Waterloo Region Innovation Corridor (thecorridor.ca). The Region of Waterloo International Airport (YKF) is located 10 minutes north of Highway 401, and is approximately 85 kilometers from Toronto. With over 1,000 acres of land, YKF is home to over 250 charter aircraft, 25 businesses, over 300 employees, and generates approximately $90.1 million in economic impact to the local economy (2016). Daily scheduled air service is provided by WestJet, offering daily non-stop service to Calgary year-round with connections to other great destinations. Sunwing Airlines offers weekly direct service to Punta Cana, Dominican Republic from December through March. FlyGTA Airlines also offers several flights a day to Toronto Island Airport. 13

15 COST COMPETITIVENESS TOTAL TAX AND CONTRIBUTION RATE Small-medium Companies in G7 Countries Canada United Kingdom United States Japan Italy Germany Prfit TTCR Labour TTCR Other taxes TTCR Canada had an average total tax and contribution rate of 20.9 per cent, including a 3.8 per cent profit tax rate, 12.9 per cent labour tax rate, and 4.2 per cent other tax rate. This ranks Canada as the second lowest total tax regime amongst OECD countries and the lowest amongst G7 countries for small-medium enterprises. France 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% COST OF RESEARCH AND DEVELOPMENT INDEX Tax & Contribution Rate Source: Paying Taxes 2018: PwC & the World Bank Group Mexico Canada Netherlands 74.0 France 77.6 Canada and Ontario offer a variety of incentives to reduce the cost and risk associated with conducting Research and Development (R&D). Canada has some of the lowest costs for R&D amongst the OECD. Australia Italy Germany Japan United Kingdom 88.1 United States Baseline Source: KPMG, Competitive Alternatives

16 MARKET REACH PERCENT OF FOREIGN CUSTOMERS 57% EXIT VALUE 1 GROWTH INDEX (13/14 VS. 14/15) % 42% % 30% 20% 8% 12% 22% 17% 23% Source: Startup Genome Project 2017 OUTPUT GROWTH INDEX (10-12 VS ) Source: Startup Genome Project Waterloo Region s strategic location in the heart of southwestern Ontario is another reason for its thriving economy. Access to key global markets, which results from proximity to the United States, Toronto s financial district, and four international airports, provides the Region s economy with a high percentage of foreign customers compared to similar cities. Reaching global markets is vital for innovation, as it allows companies and economies to access an array of ideas, knowledge, talent and capital. Source: Startup Genome Project 2017 While Toronto-Waterloo corridor is yet to reach the heights of Silicon Valley, the startup ecosystem is one of the fastest growing. Measured in terms of total exit value, growth from to was 5.5 per cent, and output growth from to was 4.5 per cent, which were among the highest growth rates of all tech ecosystems. 1 Exit value refers to the proceeds received if an asset or business were sold. 15

17 WATERLOO REGION 2018 Community Profile Executive Summary June 1, 2018 Contact Information John Hill Supervisor, Economic Development Telephone: Ext