The Region of York recently released its 2014 York Region Employment and Industry Report. You can read it in its entirety here:
Aurora seems to be positioned well with employment growth outpacing population. Here’s a snapshot:
While we netted a total of 5,700 jobs over the past 5 years our neighbors to the north have failed to keep pace.
Despite hiring an Economic Development Officer in 2009 the Town of Newmarket’s fortune increased by a total of 100 jobs.
Yes you read that right, 100.
Economics is all about numbers, so let’s crunch a few.
It has been disclosed the Development Officer position costs the town over $100,000/year. After 5 years this is a $1/2 Million expense. Add in last year’s salary, office expenses, trips and the total spend inflates even more. Let’s conservatively peg this at $3/4 Million.
If we divide this number by the rise in jobs and we see the town has invested $75,000 to return each of those measly 100 jobs.
That’s hardly considered sound economics.
If The Town of Newmarket is serious about reversing its fortunes it’s going to need to find a smarter cookie.