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Peel’s Economic Pulse

 Part 3: Region of Peel

Economic Performance - Peel's Business Sector

Analysis

Business establishments

  • The number of businesses continued to increase in 2010.
  • As at December 2010, there were 88,066 business establishments in Peel, an increase of 525 businesses or by 0.6 per cent.
  • The number of business establishments in Peel has shown sustained growth throughout the recession and into 2010, primarily on the strength of the service sector.
  • In 2010, the total number of businesses in the service sector increased by another 558 businesses or by 0.8 per cent to account for the growth in total business establishments in Peel during the year.
  • Seven of the 15 service sub-sectors registered a higher number of business establishments led by:
    • Real estate and leasing: up 9.8 per cent;
    • Healthcare and social assistance: up 7.4 per cent; and
    • Finance and Insurance: up 1.1 per cent.
  • However, the impact of these strong sectoral business growth on the overall change in the number of service sector business establishments was dwarfed by a reduction in the number of businesses in other sub sectors such as management of companies and enterprises (-5.7 per cent), other services (-2.5 per cent) and educational services (-2.4 per cent).
  • The number of business establishments in the goods producing sector fell by 33 businesses or by 0.2 per cent in 2010 to be a drag on the growth in total business establishments in 2010.
  • This decline resulted solely from a reduction in the number of businesses in Peel’s manufacturing sector.
  • The number of manufacturing businesses in Peel fell by 220 businesses or by 4.8 per cent in 2010 to reach 4,359 businesses.
  • The number of business establishments in Peel’s manufacturing sector has shown sustained annual declines since 2006.
  • Over the period, the proportion of total businesses in Peel accounted for by manufacturing businesses fell 1.3 percentage points from 6.2 per cent in 2006 to 4.9 per cent in 2010.
  • The decline in the proportion of manufacturing businesses in Peel’s business sector influenced a similar downward trend in the proportion of total businesses accounted for by the goods producing sector from 18.4 per cent in 2006 to reach 16.5 per cent in 2010.
  • Between 2009 and 2010, and with the decline in the number of businesses in the goods producing sector, the shift continued.
  • The proportion of businesses in the goods producing sector fell by 0.2 percentage points from 16.7 per cent in 2009 to 16.5 per cent in 2010, while the proportion of businesses in the service sector increased from 83.3 per cent to 83.5 per cent over the respective periods.

PEEL'S STRATEGIC ADVANTAGES HELPED TO SUPPORT CONTINUED GROWTH IN SOME KEY INDICATORS IN 2010

PEEL'S BUSINESS SECTOR CONTINUED TO GROW IN 2010

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