A A A
Greater Sudbury Continued to See Strong Growth in 2023
For immediate release
Monday, May 13, 2024
Greater Sudbury Continued to See Strong Growth in 2023
Throughout all sectors, Greater Sudbury experienced remarkable growth in 2023.
The residential sector continues to see strong investment in new and renovated multi-unit and single-family dwellings. Throughout 2023, the combined value of permits for new and renovated residential projects was $213.5 million, resulting in 675 units of new housing, the highest annual number in the last five years.
As part of Ontario’s goal of building at least 1.5 million homes by 2031, the Province announced Greater Sudbury’s goal of 3,800 new homes to be built within this timeframe. Greater Sudbury exceeded the assigned 2023 target of 279, achieving 436 housing starts (156 per cent of the target).
“Greater Sudbury is on a remarkable trajectory of growth,” said Greater Sudbury Mayor Paul Lefebvre. “City Council and staff have and continue to work hard to provide the conditions to encourage thoughtful, targeted and sustainable development across all sectors of our community. We are seeing results, like exceeding the province’s housing target, and I am excited for the growth and development on the horizon for our community.”
Development Activity Across all Sectors
In 2023, the City issued building permits for projects in multiple sectors with a combined construction value of $267.1 million. These included:
- Addition to Pioneer Manor
- Construction of a new 40-unit apartment building
- Vale’s new substation and e-House building
- The addition of the new drift as part of Dynamic Earth’s Go Deeper expansion project
PRONTO, the City’s new building permit application online portal, launched in March 2023. Since then, 1,034 fully digital permits have been issued through PRONTO.
Looking forward into 2024, numerous projects are scheduled across all sectors valued at over $180 million, including:
- Project Manitou, which will create 349 units of retirement housing
- The Sudbury Peace Tower project, which will create 38 units of affordable housing
- A new Finlandia building, which will create 32 long-term care beds and 20 senior residence apartments
- Sandman Hotel, which will have 223 suites and two restaurants
Building a Vibrant, Growing Community
As we work toward strengthening Greater Sudbury’s investment readiness and competitive edge, the Employment Land Community Improvement Plan was launched in the fall of 2023 as a new incentive program to drive development. Also in 2023, the Strategic Core Areas Community Improvement Plan was amended to introduce a Tax Increment Equivalent Grant in the City’s strategic corridors, for developments greater than 30 units and a 10-year program for developments greater than 100 units.
Innovation and Business Support
In 2023, the Regional Business Centre’s Starter Company Plus program achieved its highest retention rate to date, with 21 out of 22 committed entrepreneurs successfully completing the three-month training program. Innovation Quarters welcomed its two inaugural cohorts in 2023, supporting a total of 19 companies.
Immigration and Community
In 2023, Greater Sudbury approved 524 applications to apply for permanent residency through the Rural and Northern Immigration Pilot (RNIP) program for our community. This represents 1,024 new residents in our community, including family members. This is a 102 per cent increase in approved applications from 2022 (259 applications) and a 108 per cent increase in new residents from 2022 (492 residents).
Based on the success of the pilot across Canada, Immigration Canada announced in early 2024 that it would be making the RNIP program permanent. They will also be launching a new program in the fall of 2024, while they work on making the program permanent.
Film, Television and Tourism Make Important Contributions to Economic Growth
Greater Sudbury’s film and television sector continues to be an important economic driver for our community. In 2023, 18 productions were filmed in Greater Sudbury with a total economic impact of $16.6 million. The hit series Shoresy, streamed on Crave, filmed seasons two and three in Greater Sudbury in 2023.
Tourism is a significant factor in Greater Sudbury’s economic growth. Although the industry is still recovering from the effects of the COVID-19 pandemic, Sudbury is showing steady growth. Throughout 2023, Greater Sudbury hosted several events, including multiple events for Curling Canada, the Travel Media Association of Canada and the Ontario Association of Architects annual conference.
To learn more about Greater Sudbury’s economic growth, visit https://investsudbury.ca/about-us/economic-bulletin/.
Popular Posts
