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London’s economic development agencies are reporting job and employment growth in the city, just as the Conference Board of Canada says employment and economic performance are stagnant.
The city’s major economic officials have submitted their annual reports to city hall, offering a snapshot of the diversity of the work being done here to support industry.
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The glowing reports, however, contrast with economic data. Statistics Canada September job figures, the most current, say the region has lost 7,300 positions since June.
London’s jobless rate is 6.5 per cent, and has been at or above six per cent since January.
Economists have cited a cutback in hiring due to slowing economic conditions, blamed largely on high interest rates.
In its spring report, the Conference Board of Canada said London’s gross domestic product – the value of goods made here – shrank this year to 1.1 per cent from 3.2 per cent in 2023.
Between 2025 and 2028, however, London’s economy is expected to grow at an annual pace of 2.5 per cent.
“I think both of these can be true,” deputy mayor Shawn Lewis said of the agencies’ reports and federal economic data. “I think there’s great work being done here. I think the manufacturing and agri-food processing numbers are very positive.”
The employment figures are skewed by London’s steady population growth, he added, so even if positions are filled, unemployment statistics can remain unchanged because more people are looking for jobs.
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“We’re growing jobs, but we’re also growing population as fast or faster than the market,” added Lewis, who chairs city council’s strategic priorities and policy committee, which will receive the economic report on Tuesday.
ndebono@postmedia.com
THE REPORTS
LONDON ECONOMIC DEVELOPMENT CORP.
(Works to attract and retain business and industry)
2024:
- $228 million worth of expansions and attractions
- 800 jobs added
- Worked with 450 companies on expansion, retention, attraction and workforce development.
- Showed 115 sites for possible investment.
- Held eight job fairs
Since inception in 2000:
- 27,000 jobs created
- $3.5 billion in new investment
- $26 million in annual tax revenue for the city
FILM LONDON
- Attracted three feature films shot in London
- Production accounted for 1,500 hotel room nights
- Created more than 250 jobs
THE SECTORS
Agri-Food
- 7,000 employees
- 90 companies
Manufacturing
- 34,300 employed
- 500 companies
Health Care
- 25,000 employed
- 100 companies
Digital Media and Tech
- 16,100 employed
- 400 companies
LONDON SMALL BUSINESS CENTRE
Works with small business start-ups and entrepreneurs offering coaching, skills training, access to professional services.
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By the numbers
- 228 new businesses launched
- 416 new jobs created
- 170 training sessions
- 2,929 training sessions attendees
- 931 consultations
Clients
- 60 per cent women
- 27 per cent newcomers
- 20 per cent over 50
- 17 per cent under 30
- 10 per cent unemployed
Sectors
- 23 per cent food-related
- 10 per cent retail
- 8 per cent construction
- 7 per cent technical and professional services
- 5 per cent wellness
- 5 per cent artisanal
TECHALLIANCE
Works to grow and support technology businesses in London
By the numbers
- 3,900 “connections” made for entrepreneurs, tech businesses
- 1,900 hours advising businesses
- 61 events hosted
- 3,100 jobs posted, promoted, created for tech workers
- $100 million in capital raised by companies working with TechAlliance
- 48 new startups, exits, mergers or acquisitions in the tech sector
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