Magna plant, Lululemon facility help land Brampton on list of Canada’s best cities to invest
Published September 1, 2023 at 10:05 am
With several big-ticket construction projects underway in Brampton, the city has been named one of Canada’s best locations for companies to invest in.
A recent ranking of Canada’s leading tech markets found Brampton near the top of the heap when it comes to cities and regions that are attracting investors.
Pointing to projects like the $265 million Magna International electric vehicle battery facility, Lululemon Athletica’s Brampton facility, and Toronto Metropolitan University’s new school of medicine, Site Selection Magazine says Brampton had a banner year in 2022.
Brampton saw a record $2 billion in total construction value last year according to the report, up more than 131 per cent since 2018, with some nine million square feet of industrial and office space in the approvals stages.
Toronto-based automotive supplier Magna announced in February that it is expanding its Ontario operations to include a new EV battery enclosure facility in Brampton. The facility will cost some $ 265 million to build and will create approximately 560 new jobs in the city and the surrounding area once the facility is at full production.
Lululemon’s planned 1 million-square-foot facility in Brampton at 5525 Countryside Dr. will be the company’s largest in both Canada and the U.S. and is expected to bring some 1,500 jobs to Brampton.
Other notable projects and companies include the Brampton Innovation District, the upcoming Toronto Metropolitan University’s school of medicine, Mondelez International, and the expansion of the Brampton Cardinal Meats processing facility.
The report also ranked Ontario at No. 1 for the Canadian Competitiveness Award as the country’s most economically competitive province with Alberta coming in second place followed by Nova Scotia.
The rankings were based on corporate facility investment from January 2022 through to June 2023.insauga's Editorial Standards and Policies advertising