Burlington, Ont.— May 24, 2018 Burlington Economic Development Corporation (BEDC) Releases 2017 Annual Report Highlighting the Burlington Economy and Economic Successes of 2017.
Burlington Economic Development Corporation’s 2017 Annual Report celebrates another year of economic prosperity for Burlington. The 2017 Annual Report celebrates local success and highlights talent, land readiness and intensification and, business growth and entrepreneurship.
Burlington was once again ranked as the Best Mid-Sized City in Canada by MoneySense Magazine for the fifth year in a row and in the Top 10 for Business-Friendly Environment by the Financial Times 2017/18 American fDi Cities of the Future. These accolades demonstrate why Burlington is the ideal place for local established companies to grow and new companies to be attracted to the City. BEDC worked with established Finnish based robotics company, Orfer, to soft land in Burlington while they start the process of opening their first international headquarters. Paul Stucki, Vice Chairman of the Board and Owner of Orfer, is excited about the new Burlington headquarters, saying “We look forward to building on our existing operations and expanding globally, starting in the Canadian market,” he said, “Burlington is the right location for us and the support of BEDC has been incredibly valuable”.
New talent is complementing employment growth in Burlington with the addition of 1,345 new jobs and over 100 new companies in 2017. This growth is paired with a substantial decline in office vacancy rates which dropped from 22.5% in Q1 2016 to 12.2% in Q4 2017 and a prosperous Development Pipeline that identifies 1.1 million sq. ft. of potential ICI (industrial, commercial, and institutional) development supporting up to 4,000 future jobs in Burlington. These economic indicators highlight Burlington’s economic prosperity and the growth BEDC hopes to continue into 2018. BEDC is dedicated to continuing to work collaboratively with partners to lead, influence and/or facilitate Burlington’s transformation to a vibrant and economically thriving city.
In 2016, BEDC focused a substantial amount of their resources on an innovation and entrepreneurship strategy citing that 40% of new jobs come from companies less than five years old. In June of 2017, BEDC opened TechPlace, a one stop destination for new and growing technology companies. This space provides access to space, programming, mentorship, networking, and resources fundamental to growing a business in today’s technology-driven marketplace. Anchored by Haltech, Halton’s Regional Innovation Centre, and leading angel investor network, Angel One, TechPlace is quickly becoming a hub for entrepreneurial energy. TechPlace’s LaunchPad program has brought in six early-stage technology companies to Burlington from Dubai, Markham, Mississauga, Hamilton, and Oakville. Since opening, TechPlace has welcomed over 4,000 visitors and hosted over 80 innovation and technology-focused events.
Moving forward, BEDC is keen to build on 2017 successes through the implementation of the 2018-2022 Strategic Plan. Burlington is well-positioned for future growth and prosperity. According to BEDC’s Manager of Economic Development, Anita Cassidy, “Burlington is well-positioned for growth with over one million square feet of ICI development in the pipeline and the new official plan Grow Bold positioning Burlington for economic growth.”
To read the full report, click the link here.