Real Estate Case - Economic Overview. Business & Marketing Coursework

Economic Analysis Overview
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Economic Analysis Overview
Labor Force and Employment Trend
Toronto is characterized by one of the most varied economies in North America and is appraised as the main economic drive of the country. The city of Toronto provides residence to half of Ontario’s working population and enterprises, industries in Toronto account for almost 50% of the province’s GDP (TWIG, 2019). According to the 2016 Census, Davenport’s labor force comprised of 65 % of the population in comparison to Toronto’s 59 %. The 2019 Toronto Employment Survey reported that there was a total of 1,569,800 jobs in Toronto which represented an increase of 3.1 % in Jobs from 2018. Furthermore the survey indicated that office employment, which continues to be the biggest sector in Toronto also increased by 3.2 %. Toronto also saw a growth in businesses in various categories with the institutional category experiencing the biggest of 6.6 % (Toronto employment survey, 2019). The chart below indicates a comparison between the growth of employment in various categories in 2018-2019 and the 5 year average.
Source: Toronto employment survey, 2019
The neighborhood within which the development has been proposed has an unemployment rate of 7.1 % (City of Toronto, 2018). The proposed grocery store will attract employees thus reducing the unemployment rate. Additionally, since a lot of people live within the neighborhood in which they work, the proposed residential units will provide shelter for these workers.
Industries
The leading industry in Toronto is office employment. This sector comprise of 753,420 jobs (Toronto Employment Survey, 2019). Jobs within this category include business and technical service such as consultancy and computer services. The sites neighborhood also comprises of a number of businesses within this category such as the RBC Royal Bank. The presence of such businesses within the sites proximity indicates that there will be demand for both residential units as well as a shopping area for the employees working in this industry as it seems to attract majority of the population.
Another industry that has experienced robust growth is the Institutions sector, which has a total of 272,670 jobs, a number which increased by 6.6 % from the previous year (Toronto Employment Survey, 2019). The site for the proposed development is located next to Dufferin Queen Animal Hospital. This industry possesses a lot of potential to continue growing and thus attracting more workers.
Retail trends in Toronto also indicate a lot of potential. The Retail sector comprised of a total of 154,130 jobs in 2019 (Toronto ...