Economic Data
The Waterloo Region's economy is diverse, growing, and increasingly export and globally oriented.
Source: Statistics Canada Labour Force Survey
Unless otherwise indicated, all other statistics are sourced from Statistics Canada, 2006
Economic Growth
For the second consecutive year (2008), the Waterloo Region registered the highest reading among Canadian metropolitan areas in the CIBC World Markets' Metropolitan Economic Activity Index. Based on nine key macroeconomic variables and drivers of economic growth, the Index is designed to capture the rate of change in the level of economic activity in Canada's largest 25 cities. The latest CIBC Report noted that the Waterloo Region ranked very high in most of the nine individual categories, enabling it to maintain its leading position. Key factors in the Region were strong population and employment growth with overall job gains of 4.6% over the past year (more than triple the national average), and a strong housing market. A strong housing market was also another factor mentioned.
Export-Orientation
- From 2000 to 2005, the Waterloo Region's product exports grew 43.8% to $12 billion
(6% of Ontario's total exports) - Transportation Equipment Industries account for the bulk of the area’s exports amounting to $6.3 billion in product, accounting for 52.8% of all exports. Computer and Electronic Product Industries followed with exporting over $1.4 billion in product exports, accounting for 12.0% of all exports. Twelve industries exported more than $100 million each.
- The relative importance of exports as a generator of Gross Domestic Product has risen dramatically over the past decade, as output per employee is higher in sectors that export.
- $50,000 Product Exports Per Employee Compared to $31,000 for Ontario (2004)
- Major export markets include the United States, the UK, China, Germany and Japan. Major sources of foreign investment included the U.S, Germany, the UK, France, Japan, and the Netherlands.
Manufacturing Presence
Total Manufacturing Employment| Ontario | Waterloo Region | |||
|---|---|---|---|---|
| Year | Average Employment | Year/Year Change | Average Employment | Year/Year Change |
| 1998 | 980,610 | - | 54,300 | - |
| 1999 | 1,035,100 | +5.6% | 60,800 | +12.0% |
| 2000 | 1,074,600 | +3.8% | 68,900 | +11.8% |
| 2001 | 1,067,700 | -0.6% | 63,500 | -7.8% |
| 2002 | 1,093,900 | +2.5% | 61,500 | -3.1% |
| 2003 | 1,093,300 | -0.1% | 62,500 | +1.6% |
| 2004 | 1,099,800 | +0.5% | 62,900 | +0.6% |
| 2005 | 1,064,000 | -3.3% | 62,600 | -0.5% |
| 2006 | 1,007,200 | -5.3% | 62,000 | -1.0% |
| 2007 | 950,000 | -5.6% | 58,600 | -5.5% |
| Net Change 2007/1998 | -3.1% | +7.9% | ||
| Net Change 2007/2001 | -11.0% | -7.7% |
Source: Statistics Canada Labour Force Survey
Economic and Demographic Benchmarks
- Population - 507,000* (Canada’s 10th largest, and Ontario’s 4th largest urban population)
- Population growth (2001-2006) - 8.9%
- Workforce - 272,530
- Net labour force inflow (2001-2006) - 23,010
- Immigrants comprise 22% of the population. Countries of immigrant origin are shifting from the UK, Portugal, Germany and Poland to India, China, Pakistan and Romania
- 3rd youngest median age of major Canadian urban areas (2006 StatsCan)
- Unemployment rate - 5.5%
- GDP - $21.5 Billion
Unless otherwise indicated, all other statistics are sourced from Statistics Canada, 2006
“The model for Canada’s economic future: Waterloo Region”
“… it has relied on a century of change and innovation to produce one of Canada’s strongest economies. It’s a knowledge capital with a thriving entrepreneurial culture. It’s our future. If Canada is to prosper beyond the current commodities boom, we must learn from Waterloo’s success, or risk becoming a global economic backwater.”
Globe and Mail, Report on Business, April 25, 2006
“… it has relied on a century of change and innovation to produce one of Canada’s strongest economies. It’s a knowledge capital with a thriving entrepreneurial culture. It’s our future. If Canada is to prosper beyond the current commodities boom, we must learn from Waterloo’s success, or risk becoming a global economic backwater.”
Globe and Mail, Report on Business, April 25, 2006
