Town releases Economic Development Annual Report

Oakville maintains competitive edge and focus on resiliency

The Town of Oakville has released its 2023 Economic Development Annual Report featuring details of the town’s economic activity, highlighting local economic growth, recovery, and resiliency. 

Oakville remains focused on attracting new investment, responding to the needs of local businesses, and supporting the town’s commercial districts. Some 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.
• When compared to 17 surrounding municipalities, Oakville’s commercial market remains highly competitive, ranking within the top five in the cost comparison for taxes and development charges. 
• 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.

For more details, review the 2023 Economic Development Annual Report (pdf) or visit the Invest Oakville website. You can also follow the Invest Oakville account on LinkedIn and X (twitter.com). 

In 2023, the town began working on a new five-year Economic Development Plan for 2024-2029 in consultation with the business community and other key stakeholders. Staff brought forward an interim report about this plan on June 24, 2024, and a final plan is anticipated by the end of 2024.  

Quote

“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. 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.”

– Mayor Rob Burton