Today, the City of Mississauga’s new Economic Development Strategy was presented to General Committee. The five-year strategy (2020-2025) builds on the success of the previous 10-year economic development strategy and highlights three core economic development priorities to secure balanced growth: supporting globally-minded business, developing distinctive places and delivering durable infrastructure.
The Strategy’s vision commits to the next phase of growth that will see the City strengthen its role in the Greater Toronto economy, inspire businesses to innovate and build a resilient talent pool that can adapt to change. The Strategy will focus on four sectors: advanced manufacturing, smart logistics, life sciences and higher value business services.
“Mississauga is in the enviable position we are today because of our ability to attract new business while creating a supportive environment for our 98,000+ business community to scale-up and thrive. Since we launched our last strategy, the City has seen an increase of over 24,000 businesses and an addition of 26,000 jobs. These numbers are impressive and are the reason our local economy is strong and outpacing Ontario in terms of job growth and economic output, generating approximately $55 billion a year,” said Mayor Bonnie Crombie. “I’m confident our new strategy will build on the gains we’ve made while ensuring Mississauga remains ahead of the curve. We will continue to focus on growing key sectors while attracting highly-skilled, diverse talent from around the world. This plan will help Mississauga usher in a new era of economic growth and prosperity in a highly innovative, interconnected and competitive global economy.”
To assist in the development of the strategy, Mississauga’s Economic Development Office retained a team of consultants from Hatch. The consultants provided extensive research that included environmental scans and benchmarking, comprehensive local economic profiling and identification of factors affecting Mississauga’s economic trajectory now and into the future.
“We take pride in being able to deliver meaningful programs to the business community and adapt to the future needs of our local economy. The new Strategy reflects our ambitions around a more inclusive and sustainable economic development agenda,” said Bonnie Brown, Director of Economic Development. “In the spirit of partnership and collaboration, the Strategy was developed with input from business and education stakeholders, city departments and the wider community. As we implement the strategy, we will continue to work with our partners and investors to secure investment, deliver change and animate action.”
The Strategy will go to Council for final approval on Wednesday, December 11.
For more information on the Economic Development Strategy (2020-2025), please visit yoursay.mississauga.ca/EDStrategy.