The 2021-2024 Economic Development Strategy focuses on the current economic climate, what a post-COVID-19 business environment may look like and the longer-term strategic direction for the local economy.
The latest strategy focuses on Business Attraction and Marketing, Building an Entrepreneurial Eco-system and Community Vibe-rancy. The strategy builds on the success of the previous plans and leverages Newmarket's unique approach to business built on collaboration, innovative thinking and community support.
Each pillar within the strategy has a number of key initiatives with corresponding timelines. Some of the key initiatives include;
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 the South of Davis Drive area
Continuing robust partnerships with organizations such as the Newmarket Chamber of Commerce, expansion of the 2020 "Choose Local" campaign into a year-round small business support program and more.
The 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 Economic Development Strategy. This includes the attraction of Celestica manufacturing, 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.
In 2010, Newmarket adopted its first economic development strategy, focused on driving economic development in the community through key sectors, including health care, knowledge and advanced manufacturing.
In 2016, the Economic Development Strategy. was updated by the Newmarket Economic Development Advisory Committee (NEDAC) to reflect changing economic circumstances and emerging new trends and priorities. With a focus on Innovation, Collaboration and Urbanization this positions Newmarket for a new era of growth and prosperity.