Abstract
The study is about the economic development of the city of Mississauga, which is located in Canada and was established in 1974. The city has experienced rapid population swell and economic growth as revealed in the study, a feature that makes it among the primary economic drivers in the region. However, some of the attributes that contribute to the success prospects experienced in the area include the multicultural aspects and substantial investment in innovation and commercialization. The city is ranked sixth in terms of economic development in the area and has been contributing to the growth of the country's GDP over time. The study starts by citing the regional state of economic development in the area, highlighting the competence issues and finally narrows down to indicate the different attributes that help the city to achieve its significant growth. However, despite the various success attributes of the city as cited in the paper, it is imperative to understand as well that there exist diverse challenges that limit the growth of the area. Some of the issues discussed include the challenge of increased traffic congestion, a decrease in employment opportunities in the manufacturing sector and the fierce competition experienced in the international scale. However, with the different challenges and opportunities around the city, it is significant to note that various stakeholders sought to help in enhancing the economic development of the city through setting up effective strategies to help boost the economy.
Introduction
The current global economy is characterized by service and knowledge based activities which are key drivers of the economy and assist in shaping and defining new economic trends in the area. Different cities around the world are becoming major hubs of global business activities that involve production and innovation strategies, a feature that enhances economic development (Crombie, 2011). Different cities in Canada are competing on prospects that technological advancement and entrepreneurial innovation play a crucial role towards attracting national and global investors into the regions to boost economic development of the respective cities. The modern cities in the global setting have gone beyond the usual approaches which used to capitalize on municipalities as key attractors of investors into a town to enhance economic development. Some of the traditional strategies invested include land, having good buildings in the cities and possessing an educated workforce although in the recent past, it is worth appreciating that there are emerging tactics. Cities have surpassed the traditional approaches, and some of the strategies used include the following; establishment of economic prosperity, and different cities across the world have sought to invest in various plans to help enhance the skills of the city's workforce. Moreover, through harmonizing the goals of both medium sized and large sized business, the cities can improve productivity and innovation in the regions. Cultural diversity plays a critical role in the move and creation of an amazing urban life that attracts more people to the cities (Taabazuing et al., 2015).
The City of Mississauga is renowned for its economic development prospects in Canada since its establishment in 1974 and stands out to be characterized by significant economic growth and cultural diversity. The city is ranked sixth in the country with regard to the economic growth of Canada as far as contribution towards the country's gross domestic product is concerned. Moreover, the city hosts the largest financial cluster in the country despite the fact that it is regarded to have a significant contribution to the development of the Greater Toronto Area (GTA). Regarding industrialization, the city is involved in the production of both automotive and aerospace and has a great contribution to information and communications technologies (ICT) in the country. Furthermore, the ICT is regarded to contribute to the significance growth experienced in the GTA region as it is ranked as the 3rd largest in terms of industrialization in the area (Arku, 2014). The move will give the city a competitive advantage in economic development so as to effectively compete with both national and international cities.
Prospects for long-term growth
It is imperative to note that the primary goal of any economy is to enhance the quality of life of the populace and the general community living in a given region, an objective achieved through sustained economic growth. Apparently, different cities in the recent past have sought new approaches towards achieving economic growth so as to improve not only their national economy but also the global economic development. New strategies that capitalize on skill development encouraging innovative entrepreneurship, technology transfer and optimum productivity are put in place to enhance economic development (Taabazuing et al., 2015).
The city plans to do an evaluation of its economy, the different assets and infrastructure and its general business environment and how all these initiatives can be enhanced so as to develop a competitive advantage.
The city plans to identify and assess the trend in both local and global economies and the different strategies used to enhance growth in the same direction.
The city has to engage various stakeholders in its strategic plan of development that come from the surrounding community and business.
Analysis of the various opportunities to Mississauga as far as economic development is concerned
Development of an effective strategy through which the city can jumpstart the economic development plans in the area
General overview
Apparently, a change in the global economy has a significant influence on the economic evolution of any city, and according to research studies, it is evident that cities with high skilled individuals and high level of innovation often experience rapid growth (Arku, 2014).
Aspects of economic growth
Multiculturalism and Diversity
Multiculturalism and diversity as a concept encourage the development of a rich social fabric that mainly contributes to rapid economic development as a result of the metropolitan impact. Diversity leads to the integration of different stakeholders with a varied ability that makes the city planners to capitalize on the current opportunities to enhance economic development. Research has in the past indicated that a society with diverse community shares different norms and values, a feature that helps improve business performance. Moreover, such cities with diverse community attract tourists and investors who help in advancing the economic growth of the region. However, the fact that Mississauga region has experienced a constant flow of immigrants into the area since World War II is beneficial to the economic development of the area. The city is considered to be the most diverse across the globe with most of the people being innovative and creative, a feature that impacts well to the economic development.
Talent
Studies assert that the ability of cities to attract talented workers has a significance influence on achieving long-term success. Mississauga is one such city characterized by high level of human capital, a competitive advantage that makes it realize sustainable growth in the long-term. Different cities around the world are therefore devising strategies with which to attract talented individuals to their areas so as to jump start their economic growths. The strategy target to attract international talents as it is considered to give businesses a competitive advantage in the market.
The emergence of knowledge-based economy
In the recent past, it is worth appreciating that the global economy is rapidly transforming to become knowledge based, a feature that significantly impacts well to its development. Some of the features that characterize the move include aspects of intelligence, knowledge and creativity, which play a crucial role in the development. Different cities considered to be knowledge based must embrace aspects of diverse economic activities, high level of human capital, and varied demographic compositions. However, the change is appreciated due to its impact on enhancing productivity among other benefits to the cities. Mississauga has therefore capitalized on the issue due to its high investment in different plans to expand its industrialization process and partnership with other business parties.
Innovation and commercialization
Another aspect to appreciate is that cities with high innovation level increase their ability to attract valuable business investment to their regions. Therefore, creativity and innovation is considered fundamental to the growth of various cities and through talent and investing in human capital; cities will be in a position to commercialize their diverse innovative strategies. Some of the facets that characterize the urban economies include aspects like high risks takers, dynamism, and digitalization of the different business operations to enhance efficiency. Therefore, to achieve innovation framework, the various cities in Canada require having adequate resources, educators, and administrators to manage the process. The concerned stakeholders in the process work in harmony to innovate and commercialize the various emerging opportunities or ideas worth investing (Arku, 2014).
Regional economic performance
The city of Mississauga inhabits a population of about five million populaces and is involved in critical social and economic activities carried out in the country. It is imperative to appreciate the fact that different regional considerations have a direct impact on the city's economic performance. The region of Toronto has various cultural assets and benefits that contribute towards the economic development of the area. The new immigrants into the region enhance productivity by replacing the aging workforce experienced in the area as indicated by research studies. Manufacturing output and increased employment in the area has contributed to the enhancement of the economic development of the region. Emerging of the knowledge-based sectors such as financial services, ICT and media play a role in the formulation of the regional economy significantly. However, to advance development rate in the region, it is worth appreciating the need for more investment in both research and development, especially in the human capital to progress innovation and commercialization (Crombie, 2011).
Attributes of Mississauga's Economy
The different characteristics discussed in the paper will help understand the current position of the city based on the demographic features, industrial investments, and trend as far as economic development is concerned. However, although the population continues to increase in the area, land is a limiting factor, and to foster in economic development, it is worth noting that there is the need for optimal land and resource use.
Community diversity
Apparently, Mississauga city is among the various cities in Canada characterized by diverse ethnicity. According to the demographic statistics of the region, half the people residing in the city are not Canadians. As mentioned earlier, the diversity impacts positively on the economic development of the region, a feature that is contributed by the demand for diverse cultural amenities in the area. Moreover, the city is renowned for attracting skilled workforce globally, which gives the city a competitive advantage gained by the virtue of multicultural aspect (Canadian Economic, 2015).
Aging population
An aging population characterizes Mississauga city and sources indicate that by 2031, 40% of people in the area will be over 55 years, which an alarming signal to the government to do something (Minister Goodyear, 2015). Some of the challenges experienced as a result include difficulty in delivery of different social services and labor force replacement issues. However, to solve the dispute, the city expects to address the challenge through encouraging immigration programs that will attract more people with adequate skills to help run the various economic activities.
Technology driven economy
It is important to appreciate that the economy of Mississauga is driven by technology, which plays as an essential competence in its advanced manufacturing, significant contribution in ICT among the other sectors of the economy. Therefore, the consistent innovation in the city indicates a possibility of future growth and commercialization of different business operations on an international scale.
Small business and entrepreneurs
Apparently, it is worth noting that most forms of employment in the area lie in the manufacturing, trade and transportation sectors, and there is significant growth experienced in the education and health sectors as well. The above list of industries plays a significant role in influencing the growth of the city's economic growth and to a great extent; the small enterprise business also drives the economy of Mississauga. Therefore, the success of the respective business operations has a strong implication on the economic development of the region (McCarthy et al., 2013).
Advanced manufacturing
The city is renowned for its investment in the advanced manufacturing sector; an aspect that gives it competitive advantages over the other cities and towns in Canada, making create jobs to a significant number of people in the region. The city is at stake to benefit from emerging opportunities brought by substantial investment in the manufacturing sector and other emerging business in the area.
Conclusion
Mississauga, like other global cities, has sought to use new strategies of economic development, leaving the traditional approach so as to experience rapid economic development. The city has tried to invest in different strategies through which it can attract skilled workforce into its region and capitalize on the business enterprises to enhance economic development. Furthermore, it is evident from the study that Mississauga has experienced consistent economic growth since its establishment, and using the new strategies set in place, it will eventually realize long-term economic growth.
References
Arku, G. (2014). Competition and Cooperation in Economic Development: Examining the Perceptions of Practitioners in Ontario, Canada. Journal of Urban Affairs, 36(1), 99-118.
Canadian Economic Development Directory. (2014). Site Selection (pp. 55-58). Conway Data, Inc.
Crombie, B. (2011). Branding Cities and Clusters for Economic Development. ISM Journal of International Business, 1(3), 1–20.
McCarthy, D. D., Whitelaw, G., King, C., King, C., Viswanathan, L., Cowan, D., & Anderson, S. (2013). Collaborative Geomatics and the Mississaugas of the New Credit First Nation: Triaging Requests for Planning Development Consultation. International Journal of Technology, Knowledge & Society, 9(2), 1.
Minister Goodyear, (2015). Minister Goodyear and MP Lizon Announce Important Investment for Mississauga's Polish Community. Market wire Canada.
Taabazuing, M., Arku, G., & Mkandawire, P. (2015). Economic development approaches in a changing global economy: what do practitioners think? (2015). Urban Research & Practice Special Issue, 8(2), 145–164.
