'Important roadmap': Newmarket releases new economic development strategy

The 2021-2024 strategy focuses on attraction and marketing, building an entrepreneurial ecosystem, and community ‘vibe-rancy’

Newmarkettoday.ca
May 6, 2021

Newmarket council has approved the town’s third economic development strategy, which will guide important economic development initiatives until 2024. The 2021-2024 economic development strategy considers the current economic climate, the post-COVID business environment, and the longer-term strategic direction for the local economy.

“Thank you to our Newmarket economic development advisory committee and our many partners in the local business community for helping us to shape the new economic development strategy. This important roadmap will guide us in attracting new businesses and residents as we continue to grow as a thriving and vibrant community,” says Newmarket Mayor John Taylor. “A strong local economy enables Newmarket to continue its tradition of being a place we are all very proud to call home.”

Significant consultation and engagement with the Newmarket economic development advisory dommittee, the local business community, and the development industry took place before and during the COVID-19 pandemic. Key areas of focus include enhanced business and talent attraction, community vibrancy, and fostering the entrepreneurial spirit.

The 2021-2024 economic development strategy focuses on three specific strategies; attraction and marketing, building an entrepreneurial ecosystem, and community ‘vibe-rancy’. Each pillar has a number of key initiatives with corresponding timelines, including:

• Building on and expanding the existing economic development marketing program;
• Supporting entrepreneurs and investigating an entrepreneurial hub;
• Implementing council’s strategic priorities around the seasonal pedestrianization of Main Street and development of the south of Davis Drive area;
• Continuing robust partnerships with organizations such as the Newmarket Chamber of Commerce and expansion of the 2020 “Choose Local” campaign into a year-round small business support program;
• The updated economic development strategy celebrates Newmarket’s strong local economy leading into the COVID-19 pandemic as evidenced by unprecedented 2019 job growth, a strong manufacturing sector, and various successes from the 2016-2020 strategy. This includes the attraction of Celestica’s Canadian manufacturing headquarters, the launch of Newmarket’s own Internet Service Provider (ENVI), and the development and implementation of a successful marketing campaign to continue to grow, develop and add vibrancy to Newmarket’s urban centres. Guided by the new 2021-2024 strategy, Newmarket will continue to pursue initiatives that reflect the town’s growing reputation as a leading innovative, collaborative, and urban community.