London's downtown is showing signs of improvement with the addition of more jobs, a lower retail vacancy rate, and an array of music and cultural events.
The rosy picture of the city's core is outlined in the 2017 State of the Downtown Report, which is to be presented to politicians Monday afternoon.
The bi-annual report showed between 2015 to 2017, roughly 2,000 more jobs were added to the core, the retail vacancy rate dropped from 7.9 per cent to 7 per cent, and the assessment value downtown reached $1.75 billion -- an increase of 61 per cent over the last ten years.
Many of the new jobs were the result of technology companies relocating and expanding into the downtown, with over 20 per cent of London's daytime workers stationed in the downtown, the report notes.
Music, entertainment, and cultural events brought more than 3.2-million people to both indoor and outdoor venues in the core, according to the report. Among those events was Country Music Week and the Canadian Country Music Awards, hosted by London in 2016. The week-long festivities had an $8.4-million economic impact.
“Much of the progress in downtown is a result of decades of deliberate and strategic investments, from Council and dozens of stakeholders,” Urban Regeneration Manager Britt O’Hagan said in a statement. “Being able to host the Junos this past week in downtown venues, and seeing the bustling activity on Dundas Place and in the many restaurants and shops, is evidence that our investments are paying off.”
The latest report builds on the 2015 update, creating stronger links to policies and directions outlined in the Downtown Plan, city officials stated.
The downtown made up 0.2 per cent of the city's land area and contributed 5.42 per cent of the total municipal taxes.
"It's encouraging to see London's downtown growing in the right direction - more residents, more businesses and more investment lead to good things for the entire city - not just the downtown,” said Janette MacDonald, CEO and General Manager of Downtown London.
To see the full report click here.