Peterborough, Ontario - Economy

Economy

No longer the dominant local industry, manufacturing is still one of the key sectors along with food processing, automotive supplies, electronics, aerospace and life sciences/biotechnology. General Electric and Quaker Oats maintain large operations in Peterborough, as well, the city is also a 'bedroom' community for workers commuting to Oshawa and East Toronto. The Peterborough Regional Health Centre is the largest employer, planning to hire 800 more over the next three years, adding to its current employment total of over 2,000. School boards, local government, Trent University and the Ontario Ministry of Natural Resources are other large employers.

Companies like General Electric have had a major impact on the growth of the city. The North American Free Trade Agreement (NAFTA) of the early 1990s saw a major shift in trading patterns for many Canadian companies. Other innovations like just in time delivery and pressure to produce ever cheaper goods impacted some of the large multi-nationals in the 1970s and 1980s. GE operations in Peterborough consists of GE Hitachi Nuclear Energy Canada, GE Hydro and World Air. Despite this, today GE, PepsiCo Quaker, Siemens and numerous smaller manufacturing companies are experiencing significant growth. Minute Maid (Coca-Cola) recently invested $CDN20 million in a new warehouse and product line while auto parts supplier Ventra has doubled in size. United Canadian Malt Ltd. is a manufacturer of a wide variety of extracts of malted barley, and other grains. Manufacturing job creation kept pace with the provincial average from 1991–2001. Lower costs, reliable labour and high quality post-secondary institutions are a competitive advantage for Peterborough. Peterborough was ranked number one location for business in Ontario by Canadian Business magazine in late 2004.

Peterborough is a major shopping destination for the region and is home to three shopping centres; Peterborough Square, located at George and Simcoe Streets, Portage Place at 1154 Chemong Road, and Lansdowne Place at 645 Lansdowne Street West. All have undergone major renovations in recent years. Walmart, Costco and Real Canadian Superstore have large stores in Peterborough, which draw clients from the surrounding area.