The Town of Oakville's Economic Development Department recently presented its 2010 Annual Report, outlining the status of Oakville's economical performance of last year. There was both good and not so good news for Oakville in this report, with the overall conclusion that things are going in the right direction.
The main reason for optimism is the fact that Oakville gained 358 knowledge-based jobs, with the majority operating in one of Oakville's four targeted growth sectors of life sciences, advanced manufacturing, professional financial services, and digital media and animation. The 358 jobs were brought by 14 new businesses opening in this Town.
The negative side of the report stated that Oakville lost 850 jobs, mostly in the manufacturing sector, mainly due to 4 large Oakville facilities closing. These included Omron Dualtec Automotive, GlaxoSmithKline, Hatch Engineering, Advanced Metal Stamping Corporation, and Wolseley Canada Inc. These companies either consolidated their operations in other plants, or simply shut down operations.
Future developments discussed in the report provided more reasons for optimism. Canadian Tire Financial Services will set up at their Great Lakes Business Park location and will employ approximately 360 people. Javelin technology, which currently employs 50 people, will be moving to a larger location this year. PharmaTrust is also expanding to a new 25,000 sq/ft facility and will provide employment opportunities.
Among 25 GTA communities, Oakville ranks 12th lowest in commercial land values.
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