Economy of Waterloo and Kitchener


Waterloo and Kitchener are cities in the Ontario, Canada. These two cities are adjacent to each other and sometimes collectively known as “Kitchener-Waterloo” but they have separate city governments. Waterloo economy is based on the knowledge and service share. Economy relies on financial institutions, Manufacturing and technology sector along with universities in the area. The three big think tanks are based in the area, which are ‘institute of theoretical physics’, ‘institute of quantum computing’ and ‘international governance innovation’. There are number of technology companies in the area as well as insurance companies in the area. (Conteh, 2013)
The three largest employee of the area are Manulife financial, university of waterloo as well as sun life financial. The population of waterloo is 198,780 with 80% of the population is based on white. The median household income in $67,150 along with average value of dwelling is $324,837. The education level in the area is high and nearly 22000 students in the area came from university of waterloo and Wilfred University in the area. Waterloo have lowest unemployment rate in the area at 6.6% and total workforce in the area exceed by 63000. ( City of Waterloo, 2013)
Kitchener have population of 219,153 and largest municipality in Grand River watershed. The economy of Kitchener is based manufacturing and industrial factor of the city. Recently city has reduced its reliance on manufacturing and there is unemployment in the area. Four big business parks in the area are Grand River west business park, Huron Business Park, Bridgeport Business Park as well as corporate business park. The economy has diversified over the years from manufacturing cluster and now digital media as well as health clusters are emerging in the city. 

Assignment On Economy of Waterloo and Kitchener By ABC Date: Waterloo and Kitchener are cities in the Ontario, Canada. These two cities are adjacent to each other and sometimes collectively known as “Kitchener-Waterloo” but they have separate city governments. Waterloo economy is based on the knowledge and service share. Economy relies on financial institutions, Manufacturing and technology sector along with universities in the area. The three big think tanks are based in the area, which are ‘institute of theoretical physics’, ‘institute of quantum computing’ and ‘international governance innovation’. There are number of technology companies in the area as well as insurance companies in the area. CITATION Cha13 \l 1033 (Conteh, 2013)The three largest employee of the area are Manulife financial, university of waterloo as well as sun life financial. The population of waterloo is 198,780 with 80% of the population is based on white. The median household income in $67,150 along with average value of dwelling is $324,837. The education level in the area is high and nearly 22000 students in the area came from university of waterloo and Wilfred University in the area. Waterloo have lowest unemployment rate in the area at 6.6% and total workforce in the area exceed by 63000. CITATION Cit13 \l 1033 ( City of Waterloo, 2013)Kitchener have population of 219,153 and largest municipality in Grand River watershed. The economy of Kitchener is based manufacturing and industrial factor of the city. Recently city has reduced its reliance on manufacturing and there is unemployment in the area. Four big business parks in the area are Grand River west business park, Huron Business Park, Bridgeport Business Park as well as corporate business park. The economy has diversified over the years from manufacturing cluster and now digital media as well as health clusters are emerging in the city. There is mix ethnicities live area, which is 30% Canadian, 25% Germans, and 22% are English. The unemployment rate in Kitchener is 6.7% with manufacturing sector contributes 28% to the economy of the city. CITATION Wat12 \l 1033 (Waterloo Region Record, 2012)Kitchener-water collectively GDP is more than $ 27 billion and population is 559,000. The two cities collectively consider as more innovative and companies in the area have plenty of high-skilled and stable workforce. The area has more than 1000 technology companies in the area and has lowest Research and development tax in the area. Patents granted in the area are four times when to national average of the Canada. The net export in the region is more than $ 11 billion as well as GDP havesurpassed $27 billion. The major strength of the area is information technology, automotive, aerospace as well as financial services. One of the major strength of the area is from Waterloo University, which has contributed $1.5 billion to economy as provide high quality research for the business. A recent survey has shown 72% of the business recruit and rely on UW graduates. The labor force of the area is 776 thousand,out of which 725 are employed and make unemployment rate of 6.6 %. The average value of the dwelling in region is $325,000 with population estimated at 13, 26 thousand. CITATION Ont14 \l 1033 (Ontario Chamber of Commerce, 2014)When compare to other town of the area Kitchener waterloo have high employment rate after Toronto and almost double employment opportunities when compare with Kingston or London. The employment growth is also high in the area when compare to other two of the Ontario and employment growth rate in the area is 1.4%. The growth is higher when compare with towns in the area as Kingston have growth rate of zero. The unemployment rate in the area is similar to other states, which stand at 6.6%, and population of the area is 1326, which is highest in the Ontario after Toronto. The highest migration rate in the area that is 9500 second highest after the Ontario. The value of the dwelling is average of $ 322000, which is below the average of the Ontario. The economic region is collectively known as innovation and technology hub and major contributor to GDP of the Canada.Typical cost for basic items is normal contrasted with other real urban communities. The wrongdoing is somewhat high, yet at the same time not very awful. The climate can be cool in the winter and sticky in the late spring, fall and spring can change from wet and frosty to mellow.The job opportunities in the area are high and in 2014, region added 12000 jobs to the economy and its unemployment rate falls to 6.6% in 2014. CITATION Eri13 \l 1033 (Rumble, 2013)Kitchener-waterloo economy outlook is expected to accomplishing an all the more persuading pace of development in 2014, and it is anticipated that it will make an alternate stride in that bearing in 2015 that would put it on the common development rankings. The outlook of the region is based on increase export from the region and expected increased by 7.3% over the coming years. Region is expected to export electric consumer goods, as well as industrial equipment with expected growth of 15% in coming years. The region rely on the manufacturing and transportation sector and expected to be grow at rate of 7.5% in coming years. The regional outlook predicts 1.3% creations of the new jobs as well as it is expected the prices of the dwelling in the area is expected to increase. The region is expected to show strong economic growth.Stronger sends out, higher family spending, and lively movement in the lodging area have re-empowered the common economy since the spring of 2014, after genuine GDP development hinder to a post-retreat low of 1.3% in 2013. Ontario's fares are simply the start of a capable fare drove push that in 2015 will help the speediest development in five years for the area. We figure genuine GDP to become by 3.1% in 2015, which would be the best among the areas and increasing speed from 2.3% in 2014. Bibliography BIBLIOGRAPHY City of Waterloo. (2013). City of Waterloo | Economic Development. Retrieved 01 27, 2015, from http://www.wearewaterloo.ca/: http://www.wearewaterloo.ca/en/index.asp Conteh, C. (2013). Policy Governance in Multi-level Systems: Economic Development and Policy Implementation in Canada. McGill-Queen's Press. Ontario Chamber of Commerce. (2014). REGIONAL ECONOMIC OUTLOOK 2014. Retrieved 01 27, 2015, from http://www.occ.ca/: http://www.occ.ca/Publications/2014-Regional-Economic-Outlooks/REO2014_Kitchener-Waterloo-Barrie_OCC.pdf Rumble, E. (2013). A tale of two cities. Retrieved 01 27, 2015, from http://www.canadiangeographic.ca/: http://www.canadiangeographic.ca/magazine/dec13/kitchener-waterloo.asp Waterloo Region Record. (2012). Waterloo Region will lead the country in economic growth. Retrieved 01 27, 2015, from http://www.therecord.com/: http://www.therecord.com/news-story/2606990-waterloo-region-will-lead-the-country-in-economic-growth-conference-b/

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