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Second and Third Quarter of 2022 See Economic Growth in Greater Sudbury
The City of Greater Sudbury continues to implement the Economic Recovery Strategic Plan and focus on key actions by supporting Greater Sudbury’s workforce, attractions and downtown.
“I am encouraged by the ongoing growth and potential in our community,” said Greater Sudbury Mayor Paul Lefebvre. “Strong partnerships, innovative programs and the tireless work of our local businesses ensure the economic outlook for Greater Sudbury remains strong. I have been very clear I will promote, attract and innovate to grow our community, and I am ready and excited to tackle this work head on.”
In the second and third quarters of 2022, permits for major projects across all sectors were issued with a total construction value of $64 million dollars, indicating positive economic growth and continued confidence in Greater Sudbury’s future. Development and expansion in the cultural, hospitality and mining sectors, as well as in the healthcare and research industries, continue to shape and grow the future of our community.
Projects such as the construction of the Exploration Shaft Hoist House at Vale, the intensification of several existing buildings to create new residential units, and the construction of Cambrian College’s Battery Electric Vehicle Lab will help increase employment opportunities and build a stronger community.
The residential sector continues to see strong investment in multi-unit and new single-family dwellings, which will help address housing needs in the community. Housing data and construction values show strength in the residential construction industry with the creation of new housing development and continued interest in intensification of existing housing stock. With the increase in development charges, a significant number of applications were submitted in the second quarter before the July 1 deadline. The City received 644 applications valued at $104.3 million in the second quarter of 2022, compared to 608 in the second quarter of 2021.
“We continue to work closely with local businesses, entrepreneurs and key stakeholders to embrace opportunities that positively impact economic growth and housing availability in our community,” said City of Greater Sudbury Chief Administrative Officer Ed Archer.
In April 2022, City staff outlined the next steps of the Nodes and Corridors Strategy, which will help revitalize and better connect Greater Sudbury’s downtown, town centres, strategic core areas and corridors. The study will continue throughout 2022 and return to City Council in early 2023 with recommendations on new Official Plan land use designations along the corridors.
In September 2022, Council adopted the new Strategic Core Areas Community Improvement Plan (CIP) to replace the existing Downtown Sudbury and Town Centre CIPs. Highlights of the new CIP include the introduction of a Commercial Vacancy Assistance Program for permanent leasehold improvements, a Business Improvement Area Tenant Attraction Program in the form of an interest-free loan program and a Superstack Tax Equivalent Grant Program. The new programs are now in effect. The CIP also includes an expansion of the Façade Improvement Program.
Other successes in the second and third quarters of 2022 include the grand opening of the Downtown Business Incubator, known as the Innovation Quarters/Quartier de l’innovation (IQ), a partnership between the City of Greater Sudbury, NORCAT and the Greater Sudbury Chamber of Commerce, under the coordination of the Regional Business Centre. The goal of the incubator is to create a hub of economic activity in Greater Sudbury through resources and services that support innovative early-stage, high-growth potential business startups across a range of sectors and industries.
Greater Sudbury continues to welcome newcomers to our community, with 100 individuals approved through the Rural and Northern Immigration Pilot Program (RNIP) in the second quarter. This program continues to place Greater Sudbury on the map internationally to attract talent and address key labour shortages. The demand continues to be strong, with new applications coming in on a near-daily basis. In total, 243 candidates have been recommended since the program’s inception, representing 501 new residents for our community with spouses and family members included.
Other sectors such as arts and culture continue to recover, with 12 productions filmed in the community during the second and third quarters with a total economic impact of $13.6 million in local spending. The film and television industry attracts talented and creative people to Greater Sudbury, resulting in jobs that help them stay in the north.
To learn more about Greater Sudbury’s economic growth in 2022, visit https://investsudbury.ca/about-us/economic-bulletin. Related information will be shared and reported quarterly.