The Bay Area Economic Summit took place at the Royal Botanical Gardens yesterday (June 25) and gave local politicians and businesses a place to discuss the current and future state of the economy in Burlington and Hamilton.
The event featured a keynote speech from Premier Doug Ford, several panels of industry experts speaking on various issues and a discussion between Burlington mayor Marianne Meed Ward and Hamilton mayor Andrea Horwath.
The summit covered a wide range of issues and topics, and here are 10 takeaways to keep note of from this year’s event.
- Ford is looking to push small modular reactors (SMRs). With an increasing demand for green energy in Ontario, the Premier is confident that the addition of four SMRs at the Darlington nuclear site will help to provide the electricity needed. The combined power generated by the small nuclear reactors will be enough to power more than 1.2 million homes in Ontario.
- The Ontario government wants to focus on transit. The expansion to rail and subway lines in Toronto and the Bay Area is one of the largest expansion projects in North America, and the province has attracted more than $43 billion in electric vehicle and battery investments over the last four years. Ford also mentioned that he wants to push the Hamilton LRT project further with more land acquisition and demolition work.
- Businesses are confident in themselves and their growth, but not confident in the Ontario economy post-pandemic. Daniel Tisch, president and CEO of the Ontario Chamber of Commerce, said that only 16 per cent of businesses were confident about the province’s economy in 2023, with labour shortages and inflation being the main culprits. 53 per cent of those businesses, however, were optimistic about their own growth.
- Finding, training and retaining workers is the biggest issue for Bay Area businesses. As demand for new skills evolve and change, employers are struggling to find workers with the skills they need, train them to their specific requirements and keep them on-board.
- The workforce is aging rapidly. Between 2013 and 2023, there has been a 24 per cent increase in labour workers between 55 and 64 years older, and a 45 per cent increase in labour workers over 65 in the Hamilton area. The aging workforce is particularly apparent in trades and related fields, where direct mentorship is key to training younger workers.
- The energy sector is growing quickly. With the increasing number of electric vehicles on the road and higher demands for electricity in the province, more and more workers are needed. Jennifer Smith, executive vice-president at Burlington Hydro, said that the industry is growing nearly 60 per cent faster than the average Canadian market, and that managerial and supervisory staff are needed just as much as trades and engineering workers.
- Businesses are looking at micro-credentials as a way to fast-track employees learning new skills. Micro-credentials are training programs that take less time to complete than diplomas and degrees, and are used to upgrade existing skills. As technology advances rapidly, businesses are using micro-credentials to retrain existing workers rather than replacing them with graduates with the most recent knowledge.
- AI can be used to remove tedium and improve job satisfaction, but needs to be regulated. David Carter, CEO of the Innovation Factory, said that AI can be used as an assistant to help with organization and planning, but that the technology is still frequently incorrect with the information it provides and could be dangerous if used without proper consideration.
- Hybrid work is divisive among employers. Some businesses have adapted quickly after the COVID-19 pandemic and found that hybrid work policies improved worker happiness without impacting productivity, though fully remote work can cause negative impacts. Carter spoke on the importance of face-to-face communication and networking, especially when working with new startups, but also on how hybrid policies are now necessary to stay competitive and attract new workers.
- Hybrid work is divisive among employers. Some businesses have adapted quickly after the COVID-19 pandemic and found that hybrid work policies improved worker happiness without impacting productivity, though fully remote work can cause negative impacts. Carter spoke on the importance of face-to-face communication and networking, especially when working with new startups, but also on how hybrid policies are now necessary to stay competitive and attract new workers.
The Summit is presented by RBC in partnership with the Burlington Chamber of Commerce, the Hamilton Chamber of Commerce, Burlington Economic Development and InvestInHamilton.
