- The long-term expansion of Peel’s business sector continued in 2019.
- Total business establishments in Peel surpassed 180,000 for the first time.
- As ongoing shifts towards the service sector and a larger share of businesses without employees continued.
- The shift towards services is an international trend and occurs as an economy becomes more advanced.
There were 182,477 business establishments in Peel Region in June 2019, compared with 172,999 in June 2018.
The number of business establishments in the service sector increased (7.4 per cent) at a faster pace than businesses in the goods producing sector (2.9 per cent) to extend the long-term sectoral shift towards services.
In June 2019, there were 159,773 classified2 and 22,704 unclassified3 business establishments in Peel Region.
For the first time since being added as a sub-sector in 2015, the number of unclassified businesses in Peel Region fell year-over-year (-3.0 per cent) in June 2019.
Classified Business Eestablishments by Sector
In December 2018, there were 20,029 business establishments in the goods-producing sector in Peel and 135,656 business establishments in services.
There were more businesses in both sub-sectors relative to June 2018.
The growth in businesses in the service sector continued to outpace growth in the goods producing sector, extending the long-term shift towards services.
In June 2019, the service sector accounted for 87.2 per cent of total businesses in Peel, while the goods producing accounted for 12.8 per cent.
Business Establishments With/Without Employees
Over the past decade, the number of business establishments in Peel “without employees” increased (125.4 per cent) at a faster pace than those “with” employees (68.2 per cent).
In June 2019, businesses in Peel Region without employees accounted for 68 per cent of total businesses.
Businesses that employ fewer workers have influenced a change in building forms to less expansive buildings, requiring lower land consumption.
1 While business establishment data is presented annually, counts are not time series as there are ongoing methodological changes which may negate true comparisons from year to year.
2 Classified businesses are those that that are assigned a NAICS code and are classified under the goods producing or service sector.
3 Unclassified business establishments are those which do not fit into any of the North American Industry Classification System (NAICS) and are therefore not yet assigned NAICS code.