Newmarket – York Regional Council approved the 2024 to 2027 Economic Development Action Plan, highlighting previous achievements and outlining specific actions to support businesses and talent in York Region over the next four years.

“Economic vitality remains a strategic priority for York Regional Council,” said York Region Chairman and CEO Wayne Emmerson. “Working in collaboration with our nine local cities and towns, senior levels of government and industry partners, we have created thriving conditions for York Region’s 56,000 businesses. Investing in business supports and services is integral to ensuring businesses and employees in York Region continue to thrive and contribute to a vibrant economy.”

The 2024 to 2027 Economic Development Action Plan contains 20 specific actions in the following pillars:

• Business: Strengthen York Region’s business community by delivering business support services, promoting growth, investment and job creation
• Innovation: Foster an environment supporting entrepreneurship and innovation to drive economic advancement
• Talent: Facilitate growth of a skilled workforce meeting evolving needs of businesses
• Marketing and Awareness: Promote York Region as a top location for business, innovation and talent locally and internationally

Several specific action items include:

• Delivering small business services and rural economic development support through the York Small Business Enterprise Centre
• Continuing to strengthen York Region’s Foreign Direct Investment program in collaboration with local cities and towns, facilitating the attraction of international businesses and investments
• Administering relevant funding opportunities to promote innovation in the community like the York Region Innovation Investment Fund and the York Region Entrepreneurship and Innovation Fund
• Working with partners to support talent attraction and retention, including newcomer engagement
• Continuing to enhance the York Link marketing platform to engage with the business community
• Leading the development and management of a regional promotional framework for investment-ready vacant employment lands to support local municipalities with greenfield investment attraction

“Identifying challenges in the business community and taking action to overcome them is the backbone of the 2024 to 2027 Economic Development Action Plan,” said City of Richmond Hill Regional Councillor Joe DiPaola, Chair of the Region’s Planning and Economic Development. “The 2024 to 2027 Action Plan builds on important work already underway to complement our partners’ efforts and drive economic prosperity together.”

Successes from the previous 2020 to 2023 Economic Development Action Plan include:

• Delivered collaborative business advisory services to strategic sectors region-wide and small businesses in the N6 municipalities, facilitating the creation of over 5,000 new jobs
• Provided funding and collaborated on funding projects to bolster York Region’s business growth and supports like ventureLAB’s Hardware Catalyst Initiative and the Entrepreneurship and Innovation Fund
• Established a Business Recovery Support Partnership with key stakeholders to support businesses through the pandemic response and recovery
• Completed the first York Region Agriculture and Agri-Food Sector Strategy

York Region businesses provide over 616,000 jobs in a variety of industries, including Agriculture and Agri-Food, AutoTech and Auto Parts, Building and Construction, Financial and Professional Services,  Information Communications Technology among others and continues to grow. A focus on Regional Council priorities like fulsome transit availability and affordable housing options will contribute to attracting and maintaining a skilled workforce in York Region.

For more information on economic development in York Region and available resources to grow a business, visit YorkLink.ca

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to more than 1.2 million residents and 56,000 businesses with more than 616,000 employees. More information about the Region’s key service areas is available at york.ca/regionalservices