Title: Choose Windsor Essex A Brief Overview of the Windsor Essex Economy
1Choose Windsor EssexA Brief Overview of the
Windsor Essex Economy
2WindsorEssex Assets
- Despite current economic conditions, the
fundamentals for economic development in Windsor
Essex are strong. - Matt Fischer, Ec.D. CEO, WEDC
3Importance of Foreign Investment
- Foreign Investment is important to the Canadian
economy and especially to WindsorEssex. - Foreign investors own 25 of Canadian corporate
assets and generate 33 of total Canadian
corporate revenues. - 9 of the regions 11 largest manufacturers (gt 500
employees) are foreign-owned subsidiaries. - Huge contribution to our standard of living.
4Canadas Unique Challenges
- We are a very small market - only 1/10th the US.
- If California were a separate country it would
bump Canada from the G7. - Reg Dorrett - Former Consul General for Canada in
Los Angeles, CA - Its difficult to get on investors radar screen.
- Its not that companies have misconceptions
about Canada - in many cases they have no
conception at all. - Bernard Lord - Former Premier New Brunswick
5Canadas Unique ChallengesOvercoming our Image
The American Way
Canada Eh?
6Canadas Unique ChallengesOvercoming our Image
The American Way
Canada Eh?
BAYWATCH Most Watched TV Program in the World
The BEACHCOMBERS Canadas Most Successful
TV Program (19 yrs on CBC)
7Lets Review our Assets
Windsor Essex is at the Heart of the Richest
Consumer Market in the World
More than ½ the North American population lives
within an 8 hour drive
8Lets Review our Assets
At the heart of the richest consumer market in
the world
We are next door to 10th Largest Market in
US Metro Detroit with 4.5 million people
9Lets Review our Assets
1.2 billion in trade crosses the US-Canada
border daily. 40 (480 million) of that crosses
through Windsor-Detroit. Half of that is (234
million per day) is auto related.
At the heart of the richest consumer market in
the world
Next Door to 10th Largest US Metro Area Detroit
4.5 million people
10Lets Review our Assets
Total U.S. trade with Ontario was US407 billion
in 2004 of which 28 or US113.3 billion crossed
the Detroit-Windsor border. Thats roughly US13
million / hour.
At the heart of the richest consumer market in
the world
Next Door to 10th Largest US Metro Area Detroit
4.5 million people
Located at the intersection of HWY 401 (Ontarios
economic backbone) and the US Interstate Highway
Network.
11Recent Investments
- Significant Investments in the last 2 years
- 400 million - Casino Windsor
- 610 million - Chryslers Windsor Assembly Plant
- 100 million - Chryslers Automotive RD Centre
- 93 million - Valiant Machine Tool Inc. RD
Centre - 110 million - Engineering Innovation Centre
University of Windsor - 40 million - Medical School University of
Windsor - St. Clair College assumed operations of St.
Clair Centre for the Arts (formerly the Cleary
Centre)
12Emerging Centre for RD
- Top 20 Research Communities in Canada
source Research Infosource - WindsorEssex Rank
- 9th overall for corporate spending on RD
- 16th overall for university-based research
13Lets Review our Assets
- The Financial Times Europes leading business
publication thinks weve got a good product.
Their magazine fDI named us - Best Small City for Investment in North
America 2007/2008
14Employment by IndustryWindsor CMA 2006 Census
Total Employment 165,100 Manufacturing 26.5
15Location Quotient AnalysisWindsor CMA 2006
Census
Two Pillars of the Local Economy
Reference Line
16Net Change in EmploymentWindsor CMA 2002 to
2006 (Adjusted)
4,500 Net Increase in Employment
17In addition to manufacturing
- We have a wide range of field crops and livestock
operations - We also have more greenhouses than anywhere in
North America 1,400 acres - Southern Essex County has more acres of
greenhouses than the entire US - 350 million in sales annually 70 exported
- 14 rapidly growing wineries
- 2 world-class distilleries (Hiram Walkers and
Diageo)
18Pulse of the Region 2008Survey of Economic
Confidence
- Conducted by Dr. Craig Fleisher, Odette School of
Business - Jan. 08 sample size 160 - 61 report 2007 sales same/higher than 2006
- 66 report 2007 profits same/higher than 2006
- 54 expect employment levels to remain stable in
2008 - 16 plan to expand their work force
19Historical GrowthTotal Employment Windsor CMA
1987-2007 (000s)
20Recent EventsLabour Force Employment - Windsor
CMA 2000-2007
21Unemployment RateAnnual Averages - Windsor CMA
2000-2007
22Unionization
- 43,700 workers (2006) were employed in
manufacturing - 47 (20,500) were members of a union
- 13,760 of these were employed by Chrysler, Ford,
GM and Nemak - Remove these 4 companies from the equation, and
Windsor has a 23.6 unionization rate in
manufacturing.
23Unionization
- How does this compare?
- Windsors unionization rate is actually LOWER
than the provincial average
24WEDC Progress Report
- In our first year
- Completed 120 day plan
- Completed re-organization and staffing
- Converted accounting system
- Converted computer network
- Premises search - upgraded office facilities
- Introduced HR process (Job Descriptions/Appraisals
) - Prepared Strategic Plan and Marketing Plan
- Successfully staged the Challenges of Change
Summit - Recruited Sector Committees
- Extensive outreach program - public/political
awareness - 84 public speaking engagements
- Entered a unique partnership with the Woodslee
Credit Union - Opened gt100 Project Files
- Launched MTDM Diversification Initiative
- Launched Auto RD initiative
- Launched BRE program
25WEDC Challenge
- Our major employment sectors are under assault
- Manufacturing (LQ 1.55) accounts for nearly ¼ of
our workforce. It is staggering due to the
restructuring of Chrysler, Ford and GM,
exacerbated by a volatile C. - Job losses since 2001 estimated at more than
10,000. - Tourism (LQ 1.55) is facing a triple threat of
the high C, border issues and competition from
three new casinos in Detroit. - Business is reportedly down by as much as 60.
26WEDC Challenge
- Two-Fold Challenge
- Broaden the economic base of WindsorEssex
- Retain as much of our existing manufacturing
capacity as possible. - Solution
- We need to move up the value chain by
stimulating knowledge-based businesses drawing on
our core strengths in metal working and
automotive parts production.
27Economic Development in 21st Century
- Hot Industries David Birch
- Elephants shedding jobs.
- Mice creating half of all net new jobs.
- Gazelles creating the other half of all net new
jobs. (3 of firms)
- Of every 100 new jobs
- 55 will be created by expanding businesses.
- 44 will be newly formed small businesses.
- 1 will be the result of a corporate relocation.
28Economic Development in 21st Century
- Our programs are founded on the three pillars of
economic development. - Business Attraction
- Business Retention and Expansion
- Entrepreneurship Innovation
- With special attention paid to export-oriented
businesses (Basic Industries)
29Business Attraction
- Move up the Value Chain
- Strategic Initiatives
- Target RD, Design and Engineering.
- Drawing on our existing RD Infrastructure and
SRED Credits - Attract IT Companies, Call Centers and Back
Office Operations - Capitalize on our available labour and low cost
real estate. - Attract High Value-Added Manufacturing in
Diverse Sectors - Windsor workers know how to design and
manufacture great products
30Innovation Entrepreneurship
- Create New Innovative Firms
- Strategic Initiatives
- Commercialize Innovation.
- Create an Incubator and Angel Network to provide
financial and management support to researchers
and entrepreneurs. - Create a Technology Transfer Office
- Support the Creation of New Small Businesses.
- New small businesses generate half of all net new
jobs. - Expand the services of the Small Business Centre.
31Business Retention Expansion
- Support our Existing Base
- Strategic Initiatives
- Diversify the MTDM sector.
- 163 firms employing gt6,000 93 rely on auto
business - Expand Agri-Business Tourism.
- Greenhouses Wineries
- Corporate Aftercare to Support the Expansion of
the Regions Existing Businesses Attract
Follow-on Investment by established
Multi-Nationals - Heart of our Economic Development Program
32www.choosewindsoressex.com