2024 Future of Manufacturing Report Charts a Path for Canadian Manufacturers

VAUGHAN, ON, Dec. 12, 2024 /CNW/ - The Vaughan Chamber of Commerce, in partnership with the Regional Municipality of York's Economic Strategy Division, has released the Future of Manufacturing, 2024 report. This publication delivers actionable strategies to help Canadian manufacturers overcome challenges and enhance resilience, productivity, and global competitiveness.

The report follows the October 16, 2024, Future of Manufacturing Summit, which convened industry leaders to explore the sector's evolving landscape. The summit addressed key challenges, including declining productivity, an aging workforce, and investment gaps, while highlighting opportunities in automation, digitization, and workforce development.

"Canadian manufacturers are facing a period of significant transformation," said Abdus. Samad, Vice President of Government Affairs and Strategic Initiatives at the Vaughan Chamber of Commerce. "The summit provided an invaluable platform for sharing best practices and identifying areas for strategic investment."

"York Region is home to Ontario's third largest manufacturing industry cluster, and fifth largest in Canada, with over 2,600 local manufacturers and estimated 85,000 jobs in a range of key sectors," said Jonathan Wheatle, Director of Economic Strategy at the Regional Municipality of York. "We are pleased to partner with the Vaughan Chamber of Commerce to produce the Future of Manufacturing Summit output report as part of our mandate to support manufacturers across York Region in collaboration with local municipalities, industry associations and other economic development partners."

Key Takeaways from the Report:

• Driving Innovation: Invest in R&D to close productivity gaps and maintain global
  competitiveness.
• Future-Ready Workforce: Tackle skills shortages with education partnerships and 
  robust upskilling initiatives.
• Embrace Digitization: Leverage AI, IoT, and 5G to improve efficiency and streamline
  operations.
• Supply Chain Resilience: Strengthen local supply chains to reduce reliance on
  international markets and mitigate disruptions.
• Regulatory Modernization: Streamline regulations to support the adoption of
  advanced technologies and foster business growth.
• Cybersecurity Measures: Protect against growing cyber threats with robust
  safeguards for data and operations.

The full report is available at: https://vaughanchamber.ca/wp-content/uploads/Future-of-Manufacturing-Report.pdf 

About the Vaughan Chamber of Commerce

The Vaughan Chamber of Commerce proudly represents over 1,000 businesses across key sectors, including manufacturing, transportation, healthcare, and professional services. As a strong advocate, the Chamber drives economic growth through policy development and empowers businesses to thrive in Vaughan.

SOURCE Vaughan Chamber of Commerce

Michela Iorio, Policy and Research Coordinator, [email protected]