Council approves economic plan update to build on town’s advantages and strengths

Five-year strategy boosts Oakville as a business destination of choice

The town’s Economic Development department, Invest Oakville, will increase support for businesses to grow the economy, improve investment readiness, and attract new investments and jobs over the next five years.

These strategic directions, laid out in the Oakville Economic Development Plan 2025 to 2029, were unanimously approved by Council at the Planning and Development Council meeting on Tuesday, May 20, 2025. 

Developed in partnership with Deloitte, the plan shows Oakville ranked as No. 1 in both technology and talent when compared to municipalities in the Greater Toronto-Hamilton Area (GTHA), according to analysis by Deloitte’s The Creative Index.

The 2025 to 2029 plan is designed to include tools, programs and services that foster a diverse and resilient local economy, while having the flexibility to respond to changing global economic conditions. The goals of each strategic direction include:

• Support and grow the local economy – that Oakville fosters growth and a supportive business environment where both entrepreneurs and large corporations can thrive;
• Improve investment readiness – that investing in Oakville is a seamless process that supports diversified employment growth in the town’s key sectors: health and life sciences; advanced manufacturing; professional services; and film, information and communication technology (ICT), and digital media;
• Attract new investment and jobs – that Oakville is seen as a talent hub and the go-to location in Ontario for innovative companies in the town’s key sectors. 

Over the course of the next five years, the updated economic development plan has identified short-, mid-, and long-term action items, such as:

• Developing and implementing a business retention and expansion program;
• Working with interconnected organizations to support small businesses;
• Exploring potential foreign direct investment (FDI) activities and strategic partnerships;
• Implementing a customer relationship management (CRM) system;
• Developing and implementing an investment attraction marketing plan; and
• Developing a plan to strategically support vacant employment lands. 

To read the full list of implementation action items and learn more about the plan, view the staff report, supporting documents and the 2024 economic development annual report.

Quotes

“Council and I are determined to keep Oakville one of the best places to invest. Our economy drives our livability, and our livability attracts our economic growth in a virtuous circle.” 
– Mayor Rob Burton

“This plan is a proactive roadmap to strengthen Oakville’s competitive edge. By focusing on investment readiness, business support, and strategic partnerships, we are positioning Oakville as a premier destination for forward-thinking companies and top-tier talent across our key economic sectors.” 
– Rebekah Diec Stormes, Director of Economic Development, Town of Oakville

Background

• In August 2023, the Town of Oakville retained Deloitte LLP’s Economic Advisory Team to assist in updating the economic development plan.
• During the public engagement process, community and business leaders shared their vision of what the future of the town’s economy could be, including an active and innovative economy with employment growth in high-skilled jobs, industry-leading companies and local businesses that are valued, and a Town Hall where businesses and government work together to create an environment that supports economic growth.