Richmond Hill, Ontario Overview Impressive population growth and surges in real estate demand have created a thriving ...
Richmond Hill, Ontario Overview
Impressive population growth and surges in real estate demand have created a thriving economy in Richmond Hill, Ontario. Nearly 200,000 people call this town home, the majority of whom participate in the labour force. More than half of Richmond Hill residents claim an annual household income of more than C$70,000, and affluent neighbourhoods make up most of the town's residential communities.
The early 1990s saw a revitalization of Richmond Hill that stimulated the economy and drove population growth. Although the town suffered job losses during the most recent recession, its residents felt the sting less intensely than most other towns in Ontario thanks to a robust local business community.
Richmond Hill, Ontario Job Opportunities
More than 50 percent of all businesses in Richmond Hill employ four or fewer workers, making this town a small business-dominated municipality. However, major employers in the town include large conglomerates like Acklands Grainger, BMW Canada, Lexmark, and Staples. Service-oriented companies outnumber goods-producing enterprises by a considerable margin.
Richmond Hill is considered one of the largest employment centres in the York Region of Ontario. The retail sector employs a large number of workers in the area, and industries like maintenance and administration also have high job demands. Skilled professionals, such as accountants, lawyers, and health care workers can also find readily available employment opportunities.
Richmond Hill, Ontario Employment Trends
With an unemployment rate of just 5.4 percent, according to Statistics Canada, Richmond Hill, Ontario enjoys a higher rate of employment participation than the rest of the province. Several large businesses have their headquarters in this town, and small businesses flourish, as well, including mom-and-pop retail outlets as well as skilled labour companies.
The real estate market in Richmond Hill remains strong despite the recent recession. Housing booms combined with increases in commercial construction ensure plenty of jobs in real estate, contracting, and other related fields.