The London Economic Development Corporation says while the loss of Kellogg's cast a shadow over the city, the job losses were balanced with gains in other areas this year.
Officials say it is too early to tell how many total jobs were lost versus how many were created in the region, but the economy is on the rebound.
"We had a number of positive announcements with General Dynamics Land Systems and Northrop Grummond coming to London with a partnership with Diamond Aircraft, that helped offset some of the losses," says President and CEO of the LEDC Kapil Lakhotia, who notes the tech industry is booming. "There are well over 500 open I.T. positions in London and we're working with a number of companies that will create additional employment in our creative sector."
Lakhotia says while the unemployment rate numbers are important, other indicators like building construction values and investment levels show London is in the midst of an economic rebound.
Statistics Canada says London's unemployment rate in November of 2014 was at 6.9%, compared to 6.6% during the same month last year.