Diverse, sophisticated and stable
Stratford is the envy of many communities. Our economic base is diverse: manufacturing, tourism, commercial, financial, agricultural and service industries combine to create a stable, prosperous business environment and resilient local economy. The top two sectors of Stratford’s growing economy are manufacturing and upscale tourism – a unique combination that works well and attracts interest from around the world.
There is a new vision for Stratford involving a diversified economy with greater emphasis on the City as a prime, strategic location for creative companies. Companies in the creative economy use intellectual capital as their primary input in the production and distribution of goods and services. Creativity and innovation are becoming the new economic staples with routine manual labour falling by the wayside. Creative companies that employ new technology and invest in human ingenuity are the most dynamic companies in the world and are more resilient in times of economic crisis. The creation of the University of Waterloo digital media campus and the location of RBC’s new computer centre instantly establish Stratford as a centre for technology and innovation.
Companies such as Dyna-Mig, FIO Canada, Stackpole Ltd., Schaeffler Canada, Aisin Canada and Hayashi Canada have chosen to call Stratford home. These international companies enjoy access to Stratford’s skilled labour force for producing a broad range of sophisticated products including automotive parts, aerospace components, precision bearings and industrial machinery.
Our consistently low local unemployment rate is a reflection of our vibrant and thriving economy. In 2010, the local unemployment rate continued to be less than both the national and provincial unemployment levels. A 5% unemployment rate is considered healthy because it provides industries with an available pool of qualified employees without having a large percentage of the population out of work. Based on the strength of the local manufacturing base and our tourism sector, Stratford is an economic hot spot in Canada.
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