Economic Development Annual Report

Annual updates on the year’s economic activity, competitive positioning and departmental initiatives.

2024 Economic Development Annual Report

The 2024 Economic Development Annual Report was presented to Council on May 20, 2025 and highlighted local economic growth, recovery and resiliency. 

In 2024, Oakville and the Halton Region were recognized by Site Selection Magazine as one of the best locations to invest in Canada. This is the sixth year in a row for Oakville. Oakville’s new company arrivals, facility expansions, and new job creation have earned the community recognition among Canada’s top 20 locations by the international site selection publication.

Read The 2024 Economic Development Annual Report

Competitive positioning

When compared to 17 surrounding municipalities, Oakville’s commercial market remains highly competitive. 

Number five icon
Top five

in commercial property taxes
Number three icon
Top three

in office development charges
Number five icon
Top five

in industrial development charges
Number ten icon
Top ten

in industrial property taxes

Business activity

In 2024, Oakville welcomed several new companies to the community and celebrated the growth of the existing business base. Investments in facility expansions and innovation resulted in job creation and economic growth. 

New company arrivals

The town welcomed several new companies across various industries, including: 

  • Aplin Martin,
  • Atlas Workwear,
  • Element Materials Technology,
  • eXp Realty,
  • La Vie Executive Health Care,
  • Orange EV Canada,
  • Traveltek Ltd.,
  • Vast-Auto Distribution
  • Vital Bio,
  • Worley, and
  • YESA Inc.

Company expansions and investments

Oakville also saw significant expansions, investments, and announcements from existing businesses, including: 

  • Ford Motor Company of Canada, 
  • KPMG, 
  • Entripy Custom Clothing, 
  • Dana Canada Corporation, and 
  • GL CHEMTEC.

Non-residential permit activity

Commercial permit activity

Commercial development activity increased overall in 2024, with total square-footage higher than in 2023. Construction values were the highest they have been since 2016 and closer to pre-pandemic levels. 

Major contributions included the $49 million development at 1949 Ironoak Way for the Lions Foundation of Canada Dog Guides, and a $7.3 million addition to the Mississauga Oakville Veterinary Emergency Hospital. New commercial development activity accounted for a total of 183,172 square feet of total development.

Industrial permit activity

Industrial development activity decreased significantly from the previous year’s high construction value and square footage. In 2023, the town saw over 1.6 million square feet of new industrial permit activity, with the majority of these developments coming into market in 2024.

In 2024, industrial building permit activity consisted mostly of interior alterations to existing facilities. New industrial development activity accounted for 288,770 square feet of the total development. Total square footage and construction values in 2024 were more aligned with historical levels.

Construction site

Real estate market

Office real estate

In 2023, the office market vacancy rate decreased to 17.5 per cent, the lowest it had been since 2019 (16.5 per cent). In 2024 this number slightly increased to 17.7 per cent. 

4.6 million

square feet of inventory
17.7 per cent

vacancy rate
822,400 square feet

vacant space (direct and sublet)
$18.52 per square foot

weighted average net rental rate

Source: CBRE Marketview Snapshot, Oakville Office Q4 2024.

Industrial real estate

In 2024, several new industrial business parks were developed in the west end of Oakville. These developments brought approximately 1.6 million square feet of new space online. These developments also account for the increase in the Oakville’s industrial vacancy rate, which increased from 3.1 per cent in 2023 to 7.3 per cent in 2024.

20.5 million

square feet of inventory
7.3 per cent

vacancy rate
$380.32 per square foot

average sale price
$17.59 per square foot

weighted average net rental rate

Source: CBRE Marketview Snapshot, Oakville Industrial Q4 2024.

Key 2024 initiatives

Key initiatives undertaken by the department in 2024 include:

Signed Reacher poster held up in front of the Centennial Pool building.

Film Pilot Program

In year two of the Film Pilot Program, the team coordinated over 230 days of filming, with a total of 45 productions being shot in Oakville. The Film Office was pleased to welcome Alan Ritchson in Reacher and Scott Wolf and Molly Parker in Doc. 


The department also hosted a film familiarization tour in the fall, touring 16 location managers across the town’s most popular filming locations, and celebrated Canadian National Film Day by hosting a tour of Centennial Pool for members of Council.


Learn more about filming in Oakville.

People sharing food at a patio table.

Seasonal Commercial Patio Program

The Seasonal Commercial Patio Program became an annual, permanent program in 2024, with Economic Development department leading the administration of the program. 


A total of 55 patio permits were issued throughout the Downtown Oakville, Kerr Village, and Bronte Village Business Improvement Areas (BIAs). Throughout 2024, town staff worked on the development of an online permitting system for the program. 


As of 2025, applicants can now apply and pay for a patio permit online through the town’s website. Learn more about the patio program in Oakville.

Group of people in front of the Geotab building.

Collision Conference familiarization tour

For the second year in a row, the department partnered with the Ministry of Economic Development, Job Creation and Trade, Halton Region, and Burlington Economic Development to host international delegates attending the Collision Conference in Toronto. 


The tour included Oakville-based, industry-leading telematics company Geotab and world-renowned Sheridan College, where we showcased Oakville’s thriving technology sector and positioned the community as a prime location for investment.

Planning for the future

Economic Development Plan 2025-2029

Development of the five-year strategic plan began in September 2023 and continued throughout 2024, with Deloitte as the consultant. In June 2024, the Economic Development Plan 2024-2029: Draft Strategic Directions staff report was endorsed for public consultation by Planning and Development Council. The final five-year plan was brought to Planning and Development Council on May 20, 2025 for adoption. 

Visit our Economic Development Plan page to learn more.

Looking to the future

In 2025, the Economic Development department will continue to support the growth and diversification of the Oakville economy.

For up-to-date news, events, and more, follow us on X and LinkedIn.

Past annual reports

Related plans and reports

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