Economy
| Industry | People employed |
|---|---|
| Agriculture and other resource-based industries | 820 |
| Manufacturing and construction industries | 12,200 |
| Wholesale and retail trade | 13,995 |
| Finance and real estate | 7,990 |
| Health and education | 9,960 |
| Business services | 16,925 |
| Other services | 9,850 |
According to the town's website as of 2011, Richmond Hill is an affluent community with more than 52% of families reporting incomes of greater than $70,000 and over 31% of households reporting incomes greater than $100,000. The average household income in Richmond Hill is $100,900 which is 34% higher than the Canadian average and 26% higher than the provincial average. Based on the 2006 Census, 42.62% of families in the Town of Richmond Hill earned over $100,000 and over. The employment rate of the town is 66.36% with the most prevalent occupations being in the business, finance and administration and management sectors. The 2006 Census showed that the unemployment rate is very low at 3.77%, compared with the 7.4% unemployment rate across Canada during the time of the Census.
The 1990s and 2000s are a period of strong economic growth for Richmond Hill; In 1999 industrial, commercial and institutional growth was valued at $88.9 million, up from $67.9 million in 1998. The economic growth of 1999 won the town's economic development department three provincial awards from the Economic Developers Council of Ontario. The border between Richmond Hill and Markham is a rapidly growing area for information technology and high-tech industry with over 1,000 such businesses located along their border in 2000.
Most business in Richmond Hill are small businesses, with more than half of all employers in the town having four workers or less. The town is home to the corporate headquarters of Acklands Grainger Inc., Compugen Inc., Compuware, DMC Mining Services, Lexmark, Rogers Communications, Science & Medicine Canada, and Staples Business Depot.
| Employer | York Central Hospital | Apotex | Bulk Barn Foods |
|---|---|---|---|
| Employees | 960 | 800 | 600 |
Read more about this topic: Richmond Hill, Ontario
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)