News Release: November 15, 2019
Peel’s economic outlook remains favourable with low unemployment and increase in population
BRAMPTON, ON. (Nov. 14, 2019) – The Region of Peel has released its 2019 Economic Growth Bulletin demonstrating that Peel’s economy remains healthy. Key highlights include:
- Peel continues to grow as the region attracts new residents and businesses.
- The population reached 1.49 million in Q3 2019, which is 0.7% more than the last year.
- Quarterly average labour force has increased 1.8% in Q3 2019.
- Quarterly average employed labour force increased by 2.7% in Q3 2019.
Higher employment and lower unemployment rates will lower the demand for some Regional services.
The robust growth within the Region continues within broad macroeconomic changes of the year:
- Slowing Canadian and Provincial GDP growth
- Low inflation and interest rates
- Low unemployment
- Household debt remains elevated
- Federal and Provincial fiscal deficits to remain in the medium term
The Region has a number of strategies in place to ensure Peel is equipped to adapt to the changing economic landscape: a Long-Term Financial Planning Strategy, a Housing Master Plan, Growth Management Strategy, and Climate Change Master Plan. In 2019, the Region commissioned the Mowat Centre to conduct a socio-economic study to better understand how the changing nature of employment will impact municipal fiscal sustainability. The results of this study have been shared with the Association of Municipalities Ontario (AMO), the Federation of Canadian Municipalities (FCM) and the Provincial government. Peel’s forward-looking approach positions the Region to adapt to the changing economy.
The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for more than 1.5 million people and 175,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel's services touch the lives of residents every day. Recognized as a leader in management and service delivery, the Region of Peel is the only government organization at any level to receive Excellence Canada's Platinum Award for Excellence, Innovation and Wellness®. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter at @regionofpeel.
Media ContactsBethany Lee
Manager, Strategic Client Communications
Region of Peel
905-791-7800, ext. 8556