Q3 REPORT

Q3 REPORT Halton Region’s Business Development Division July - September 2008 B US I N E S S D E VE L O P ME N T Halton Industrial & Commercial Real Estate Forum a Great Success On Thursday October 23, the Business Development Division of Halton Region, and the Economic Development offices of Burlington, Halton Hills, Milton and Oakville hosted a forum for over 150 top industrial and commercial real estate developers, agents and government officials at the Burlington Convention Centre. The Forum examined how the Region continues to lay the foundation for business growth. The theme of the event was “Building On Opportunities”. Halton has a large part of the Greater Toronto Area’s last remaining areas of undeveloped employment lands and quality redevelopment sites in major growth centres. Regional Chair Gary Carr opened the Forum and urged the participants to continue to be supportive of business investment in Halton. During the Forum, experts shared that, despite a slowing economy in the United States, the municipalities in Halton Region are experiencing a high level of business growth and the Region is taking the right steps to see that this growth continues. Highlights from the day included: • Ms. Sheila Botting, Senior Managing Director Canada Valuation, Advisory & Property Tax Services, Capital Markets Group at Cushman & Wakefield LePage Inc. provided an outlook for the Industrial Commercial Real Estate Market. She indicated that in both the office and industrial markets, historic vacancy rates are still very low compared to most markets in the United States. The Greater Toronto Area including Halton is not overbuilt. It is the third largest industrial market in North America after Los Angeles and Chicago and the fifth largest North American office market. • Mr. Eric Almasy, from DeGroote School of Business at McMaster University outlined the growing professional services business sectors in Halton and the increase in a younger labour force since the last Census. • Mr. David Colley, President of the Society of Industrial and Office Realtors and Vice President at Colliers, provided examples of regioncont’d... In This Issue Halton Industrial & Commercial Real Estate Forum a Great Success New Investment Highlights Market Overview Housing Market Overview Sector Spotlight: Sheridan Institute of Technology and Advanced Learning Q3 REPORT cont’d... wide projects currently under construction. These projects will add over 1.5 million square feet of office and industrial buildings in 2008 and 2009. • Mr. Michael Fenn, Chief Executive Officer, Metrolinx, outlined the Provincial Transportation Initiatives for Halton including improved GO Transit services and an improved east-west transit plan for Dundas Street through Halton. • Ms. Jacqueline Weston of Halton Region provided details on the Region’s commitment to work with employment lands owners and prospective businesses to keep a steady supply of serviced employment land available, including projects to service existing areas in Oakville and Burlington and new areas of employment lands in Milton and Halton Hills. • Jeff Lehman, Principal at Metropolitan Knowledge International moderated the day’s discussion and shared his extensive insight and experience related to the “Places To Grow” Provincial growth estimates. To learn more about economic development in Halton, visit to www.halton.ca/business. BU S I NESS D EV ELOPMENT Evertz Technologies Presented with Emmy® for Technology Achievements The Burlington-based manufacturer of digital broadcast and film products was presented with an Emmy® for long-term contributions that have significantly affected the state of television technology and engineering. The award known as The Philo T. Farnsworth Corporate Achievement Award recognized Evertz as an industry leader in the design, manufacture and marketing of video and audio infrastructure equipment for production, post-production, broadcast and internet protocol television. The Burlington company’s technologies are used by content creators, broadcasters, specialty channels and television service providers. The award acknowledged Evertz’s monitoring and fibre optics equipment - connecting equipment that enables television facilities to move a variety of TV signals. Evertz Technologies Inc. employs 700 at its Burlington corporate headquarters, and 100 more around the world. Source: Burlington Post, August 29, 2008 New Investment Highlights Leasing Underway for Burlington’s Emery-Alton Corporate Centre The Emery-Alton Corporate Centre is now leasing up to 200,000 square feet of prestige industrial space and up to 130,000 square feet of Class-A office space. The business park will include four industrial buildings and one five-storey office building. The proposed project will be environmentally responsible and will be built to LEED® Silver Certification. The development is located at the southwest corner of the Appleby Line interchange of Highway 407. The project is one of the first proposed in Burlington’s Alton employment district. Source: Burlington Economic Development Corporation & DTZ Barnicke Construction Nearly Complete on Sustainable Industrial Building Construction of Green-Port Environmental Managers Ltd.’s new 18,000 square foot building is almost complete. This Georgetown plant will recycle used hydro transformers. In an effort to be environmentally sustainable, they have incorporated several “green” features in the building, including: collecting rain water for use in landscaping watering; filtering all storm water on the site and putting it back into the property’s wetlands; sunlight harvesting with triple glazed windows to reduce heating costs; and high efficiency heating and cooling units. These are just a few of the measures they have incorporated into the building to reduce their carbon foot print. Source: Town of Halton Hills Economic Development 22 Q3 REPORT New Industrial Construction Underway in Halton Hills Gateway Business Park Higgins Development Partners have started grading work on their property in the Halton Hills 401-407 Gateway Business Park. The development will include two industrial buildings at 97,847 square feet and 225,769 square feet. Both buildings will be available for lease with occupancy in late 2009 or early 2010. Higgins has also recently completed an industrial condominium development in the Gateway Business Park. The project is over 50% sold. Source: Town of Halton Hills Economic Development BUS INES S DEVEL OPMENT and head office facility in Milton. The new facility will allow Coxcom to increase its warehouse and project staging capability, maintain service levels due to the strategic geographical location in Milton, and provide additional space for forecasted growth over the next several years. Coxcom is currently managing large digital signage installation projects in the petroleum, “big-box” retail, hospitality, and health services sectors, as well as many small local projects in a wide variety of venues. Groenveld (CPL Systems), the new market leader in Canada for Automatic Greasing Systems, has chosen Milton for its head office location. In 2003, Groeneveld acquired CPL Systems which currently has a nationwide network of CPL Dealers and service locations. The Groeneveld Group does business globally, offering an expedient, high-quality range of products for road transport, off-road and industrial applications. Semco Systems Limited has moved into a location within the High Point Business Park. Semco Systems is in the business of designing, engineering, manufacturing and installing high-quality bulk chemical handling equipment systems for a wide variety of industrial, municipal and commercial clients. Mercury Marine will be leasing 110,000 square feet with offices and warehouse in the Escarpment Business Park. Mercury Marine is the world’s leading manufacturer of recreational marine propulsion engines. A $2.3 billion division of Brunswick Corporation, Mercury and its 6,200 employees worldwide provide engines, boats, services and parts for recreational, commercial and government marine applications. Source: Town of Milton Economic Development Office HOOPP Moves Forward with Next Phase of Development in Milton The Hospitals of Ontario Pension Plan (HOOPP) is making a major addition to its existing industrial development in Milton’s Escarpment Business Community. Two new facilities – a 403,397 square foot facility with option to expand to 580,000 square feet and an 110,766 square foot multi-tenant facility – are planned across from the existing three-facility development on Escarpment Way. Construction of the two new buildings is expected to be completed by spring/summer 2009. Source: Town of Milton Economic Development Office Milton Welcomes Four New Companies Within the third quarter of 2008, Milton has attracted Coxcom Inc., Groenveld (CPL Systems), Semco Systems Limited, and Mercury Marine. These companies make considerable use of engineering, design, and innovation that require the human capital Milton can provide. Coxcom Incorporated, celebrating its 10th anniversary in 2008, purchased a new integrated warehouse PCA Services Launches Innovative Automated Dispensing System Canada’s first point-of-care medication dispensing and management system was launched at Sunnybrook Health Sciences Centre. The PharmaTrust Dispensary, developed by Oakville-based PCA Services Inc., will operate within Sunnybrook’s pharmacy for a three-month evaluation. The PharmaTrust Dispensary can stock up to 220 types of prescription drugs, which are picked by its sophisticated robotic system, after the pharmacist processes the pre3 Q3 REPORT scription. The system uses advanced RFID technology and bar code scanning systems to identify, label and deliver the medication prescribed. This is designed to eliminate the potential for dispensing errors. Headquartered in Oakville, PCA Services Inc. is an innovator of hardware and software for the dispensing and ongoing management of patient drug therapy and the developer of the PharmaTrust Dispensary. The company has evolved from a virtual organization to one with a 16,000 square foot facility in Oakville and 40 employees. Source: CNW, June 25, 2008 BU S I NESS D EV ELOPMENT Occupancy is scheduled for fall 2009. Leasing is already underway; please visit www.liunacentre.com for more information. Source: Colliers International Techniweld Finds Home in Oakville Construction is nearly complete on Techniweld’s new 40,000 square foot office/warehouse facility on Winston Park Drive. Techniweld Products Corporation has moved its operations from Mississauga to Oakville. They currently have 16 employees. Techniweld is a leading wholesaler of recognized brand names for the welding industry sold exclusively through welding distributors. Source: Urbacon Limited Oakville’s Newest Office Development Under Construction-LIUNA Centre at Oakville Construction is well underway on Oakville’s newest office development at the QEW highway and Ford Drive. The 152,000 square foot, 7-storey LIUNA Centre at 1315 North Service Road East features QEW frontage, with convenient access to highways 403 and 407. The building will offer ample parking with 634 on-site parking spaces including 56 underground, bicycle storage, shower facilities for occupants and much more. Developed by LPF Realty Inc., Provincial Funding for Halton Infrastructure The provincial government recently announced that it is investing an additional $1.1 billion in municipal infrastructure to improve roads and bridges, expand public transit and building other municipal projects. Halton Region has been allocated $22,077,181. The four municipalities that form Halton Region have been allocated the following funding: Burlington, $7,380,241; Halton Hills, $2,481,806; Milton: $2,421,207; and Oakville, $7,434,016. The increase in infrastructure funding comes as a result of the government passing the Investing in Ontario Act, 2008. The Act allows the Provincial government to use a portion of any unanticipated year-end budget surplus to address priority public the LIUNA Centre will be Oakville’s first certified LEED® Silver office tower with energy efficient lighting controls and technologies. The building is adjacent to Wedgewood Creek creating a natural park setting with plans to preserve the natural beauty of the site. The site also proposes a twostorey state-of-the-art convention centre. 4 Q3 REPORT needs as well as reduce the province’s accumulated deficit. The funding is shared among all Ontario municipalities, primarily on a per capita basis based on their 2006 census population. BUS INES S DEVEL OPMENT Rapid Transit and Improved Rail Service Planned for Halton Expanded rapid transit and major advancements in GO rail service are among the proposed projects that will benefit Halton in The Big Move: Transforming Transportation in the Greater Toronto and Hamilton Area. The 25-year, $50 billion plan, released as a draft by Metrolinx include faster, more frequent GO rail service on the Lakeshore line, new rapid transit connecting Halton to the Toronto subway system along Dundas Street, new rapid transit along Trafalgar Road, two-way, all-day regional rail service between Georgetown and Union Station, two-way, all-day regional rail service between Milton and downtown Toronto, and a new transitway connecting the Oakville GO Station, Mississauga City Centre and Pearson Airport, via Highway 403. Halton Region invited the public to discuss “The Big Move” transportation proposals at an Open House/ Public Meeting in October. The Business Development Centre co-ordinates the program locally, and delivers it with the help of volunteer business advisors from the community. Successful applicants receive funding in the spring to help with business start-up costs, and additional monies in the fall upon successful completion of their Summer Company experience. Halton Companies Named in PROFIT’S HOT 50 List PROFIT magazine has recognized two Halton companies in their list of Canada’s emerging growth companies for 2008. Burlington’s Cam Solutions (ranked #39) provides software integration for manufacturers. Manufacturers such as GM and KOSS Aerospace use its software to see their productivity levels in real time. Cam Solutions experienced a 210% growth in revenues from 2005. Oakville’s N2 Ingredients Inc. (ranked #43) is a natural and organic ingredient distributor. Its natural and certified organic ingredients include oils, sweeteners, starches, flavours and spices. They experienced a 158% growth in revenues from 2005. The PROFIT HOT 50 ranks the top 50 young businesses in Canada by 2-year revenue growth. Source: Profit magazine, September 2008 Halton Recognizes Young Entrepreneurs This summer Halton Region Business Development welcomed nine students who chose to start and run their own business with the help of the Ontario Government’s Summer Company program. The Summer Company youth entrepreneurship experience provides hands-on business training and mentoring – and cash awards – to help students start and run their own summer business. This year’s Summer Company entrepreneurs included: I Get It Tutoring; In Home Fine Dine; Dynamic Aquatics; Kustom Technologies; The Real Estate Assistant; Oakville Music Lessons; Yanicke's Tutoring Business; Green Blue Landscaping; and Condor Studios. Halton’s Business Development Centre Hosts Networking Event On August 13, Halton Region’s Business Development Centre hosted Business After Five, a business networking event in cooperation with the Chambers of Commerce from Burlington, Halton Hills, Milton and Oakville. Business After Five is a networking opportunity for Halton’s Chambers of Commerce members to make business contacts and meet new Chamber members, as well as an opportunity to learn about Halton’s Business Development Centre and the event’s sponsors, RBC Royal Bank and Bell. This year’s event was a great success with over 300 business owners in attendance. The Business Development Centre is looking forward to hosting their third joint Chambers of Commerce Business After Five event next year. 5 Q3 REPORT Market Overview Top Non-Residential, Non-Retail Developments, Q3 2008* Name of Development Fengate Capital Management Evertz Microsystems Hoopp Realty Inc. AMB Ontario Nomco Inc. Hoopp Realty Inc. Telford Properties Lamenza Investments Corp. TransCanada Energy Ltd. Valbruna Canada Ltd. Hoopp Realty Inc. Elliot Turbomachinery Canada Inc. All-Mar Developments Location Oakville Burlington Milton Milton Milton Milton Burlington Halton Hills Milton Milton Burlington Oakville Building Type New Multi-Storey Office Multi-Storey Office and Warehouse New Industrial Industrial Alteration New Industrial Industrial Alteration New Industrial New Electrical Substation Addition of Industrial Warehouse Addition of Industrial Warehouse and Office Industrial Expansion New Industrial Area (sq ft) 152,245 36,270 403,390 n/a 110,760 n/a 61,640 12,875 31,755 109,995 9,330 17,007 Construction Value ($) $29,000,000 $25,000,000 $15,000,000 $11,000,000 $6,000,000 $4,500,000 $3,700,000 $2,100,000 $1,600,000 $1,300,000 $1,200,000 $1,106,000 BU S I NESS D EV ELOPMENT * Listing of all non-residential, non-retail developments in excess of $1 milllion in construction value. Source: Local municipal building departments. Construction Value ($ thousand) of New Developments, Q3 2007 vs Q3 2008* Type of Construction Q3 2007 Residential Industrial Commercial Institutional Other Total Value 64,980.3 28,312.3 13,031.5 28,278.7 10,733.7 Q3 2008 61,234.5 34,612.4 39,259.0 1,129.0 5,836.3 Q3 2007 97,327.9 7,125.7 51,787.7 13,094.0 993.0 Q3 2008 132,803.4 4,195.1 56,724.1 21,718.7 1,587.6 217,028.9 Q3 2007 67,500.5 3,783.4 19,816.7 490.0 3,783.4 95,373.9 Q3 2008 84,742.1 5,751.5 11,898.7 0.0 5,751.5 108,143.8 Q3 2007 16,996.2 5,425.0 1,089.0 20.0 673.0 24,203.2 Q3 2008 6,089.8 5,997.3 2,640.0 9,745.6 2,027.5 26,500.3 Q3 2007 246,804.8 44,646.4 85,724.9 41,882.7 16,183.1 435,241.8 Q3 2008 284,869.9 50,556.3 110,521.6 32,593.3 15,203.0 493,744.2 Burlington Oakville Milton Halton Hills** Halton 145,336.4 142,071.2 170,328.3 * Figures may not add due to rounding ** Excluding agricultural permits Source: Local municipal building departments. 6 For the third straight quarter of 2008, construction activity throughout Halton remained robust. Nearly $94 million was spent on new developments or expansions in the third quarter, up over 13% from the same period in 2007. Much of the rise in construction values was attributable to developments in the south of Halton, where nearly $135 million was invested in industrial, office and commercial projects during the third quarter. In Milton, Hoopp Realty led investments with nearly 625,000 square feet of new or expanded industrial space being developed at an estimated combined construction value of $22.3 million. Q3 REPORT Halton Economic Indicators Economic Indicator Total Population Employment 3 4 4 1 2 BUS INES S DEVEL OPMENT Q3 2007 453,700 469 238,827 7.6% 5.7% 37,437 25 7 Q3 2008 467,200 483 246,854 7.6% 5.4% 37,065 26 $493,744,157 $50,556,346 $110,521,637 $32,593,337 $284,869,856 5.99% 5.10% $113,100 166,722 952 $456,758 % Change 3.0% 3.0% 3.4% 0% 5.3% 1.0% 4% 13.4% 13.2% 28.9% 22.2% 15.4% n/a 17.1% 2.3% 3.0% 6.7% 9.9% Population Density (per sq km) Unemployment Rate (Toronto CMA) Number of Businesses 5 6 Unemployment Rate (Hamilton CMA) Business Bankruptcies Total Construction Value $435,241,837 Industrial Commercial Institutional Residential $44,646,385 $85,724,916 $41,882,700 $246,804,785 n/a 6.15% $110,600 161,884 892 $415,666 Industrial Availability Rate (2nd Qtr) Office Availability Rate (June) Average Household Income Occupied Dwelling Units Housing Sales 11 11 3 10 9 8 Average Housing Price Sources: 1 2 3 4 5 6 7 8 9 10 11 Halton Region Best Planning Estimates, April 2007 (forecasted) Based on Halton’s land area of 967 square kilometres Halton Region Best Planning Estimates, April 2007 (forecasted) Statistics Canada, Labour Force Survey Estimates (Table 2820052, 3 month moving average, unadjusted), October 2008 Statistics Canada, Canadian Business Patterns. As of June 2007 for 2007 estimate and December 2007 for 2008 estimate. Office of the Superintendent of Bankruptcy Canada, 2008 Local municipal building departments Colliers International, Q3 2008. Based on rates in Burlington, Milton and Oakville. Colliers International, September 2008. Based on rates in Burlington and Oakville. FP Markets, Canadian Demographics, 2007 and 2008 Toronto Real Estate Board, Market Watch, Q3 2007 and Q3 2008 The third quarter of 2008 ended on a shaky and uncertain note across much of the world’s developed economies. The US credit crunch that began a year earlier eventually led to the bankruptcy of several major US financial institutions in mid-September, triggering a global market reaction that was felt here in Canada and particularly in Ontario. The composite leading index saw its first drop in September, following five consecutive months of increases, mostly due to volatile movements in stock markets. Canada’s real gross domestic product increased a meagre 0.3% during the third quarter. And the struggles that have faced the manufacturing sector moved into Canada’s automotive sector in the early Fall as falling profits hit the US Big Three auto makers. Even significant declines in commodity prices and the CDN dollar were unable to give relief to the manufacturing sector in the face of weakening demand in the US and falling exports. Amidst the market turmoil, Halton’s economy saw surprising growth during the third quarter. Investment in industrial, commercial and residential developments were up a combined 18% over the third quarter of 2007. con’t... 7 Q3 REPORT Industrial Market Overview by Municipality, Q3 2008 Burlington Inventory (sq ft) Vacancy Rate Absorption (sq ft) Average Land Price (per acre) Net Rental Rate (per sq ft) Average Sale Price (per sq ft) 20.5 million 5.3% -137,667 153,331 $5.58 $87.20 Milton 10.8 million 3.3% 105,662 $390,000 $5.74 $85.05 Oakville 18.0 million 1.2% 156,066 $495,000 $5.99 $76.05 BU S I NESS D EV ELOPMENT Note: Information is not available for Halton Hills Source: CBRE, Q3 2008 South Halton Office Market Overview, Q3 2008 Burlington Inventory (sq ft) Vacancy Rate Absorption (sq ft) Under Construction (sq ft) Net Rental Rate (per sq ft) Source: CBRE, Q3 2008 Oakville 2.1 million 6.2% 86,093 85,809 $19.42 con’t... The unemployment rate remained stable throughout the region, although several layoffs, closures or relocations were announced by Ford, Namasco, Trivaris, Flow Automation, and Two Stage Innovation, among others. And, the availability for both industrial and office space was down from earlier in the year as nearly 505,000 square feet was absorbed into the market during the quarter. Looking ahead, the impact of evolving market conditions on the region’s manufacturing base, including Oakville-based Ford of Canada, will be a concern for Halton’s economy going into the end of 2008 and into next year. The need for significant infrastructure investments for continued growth throughout the region will also play a critical role for Halton in the months ahead. 3.1 million 7.9% 3,541 126,017 $14.41 Select Non-Retail Employment Announcements, Q3 2008 Company Name Ford of Canada Namasco (Klockner and Co.) Trivaris Flow Automation Samuel, Son & Co. Rieger Printing Ink Company Automated Fluid Power and Control Two Stage Innovation Transworld Paper ATS Spartex Inc. Municipality Oakville Burlington Burlington Burlington Burlington Burlington Burlington Milton Oakville Burlington Industry Automotive Assembly Steel Manufacturing Office Manufacturing Steel Manufacturing Manufacturing Manufacturing Engineering Services Wholesale Distribution Engineering Services Employment Impact -500 (layoffs) -55 (closure) -50 (relocation to Hamilton) -45 (relocation to Indiana) -40 (layoffs) -40 (layoffs) -29 (closure) -21 (closure) -18 (closure) -15 (closure) 8 * This is not intended as an exhaustive list of employment announcements in Halton. Source: Halton Region Business Development Division, media monitoring. Q3 REPORT Housing Market Overview Housing Starts in Halton Region, Q3 2007 vs. Q3 2008 Municipality Burlington Halton Hills Milton Oakville Halton Total Q3 2007 382 164 540 357 1,443 Q3 2008 367 22 537 216 1,142 % Change 4% 87% 1% 39% 21% BUS INES S DEVEL OPMENT Note: Includes both single and multiple dwellings. Source: Canada Mortgage and Housing Corporation, Housing Market Information, October 2008 Halton Housing Overview, September 2008 Municipality Burlington Halton Hills Milton Oakville Halton Total Total Supply 1,544 138 1,777 1,536 4,995 Under Construction 1,010 132 1,357 996 3,495 3 mos. Average Absorption 88 15 221 169 493 Note: Includes both single and multiple dwellings. Source: Canada Mortgage and Housing Corporation, Housing Market Information, October 2008 The anticipated slowdown in the Greater Toronto Area’s (GTA) housing market boom became evident by the close of this year’s third quarter. Sales of single family dwellings dropped 6% and average prices declined 3% over last year’s levels throughout the GTA, indicating deepening economic woes in Canada’s traditional heartland. Halton’s housing resale market, however, continues to fare remarkably well. Housing sales during the third quarter rose over the same record-breaking period in 2007 and the average housing prices witnessed a 10% increase, signalling continued demand for homes in the region. Nevertheless, it is expected that the elevated housing prices and eroding affordability may soon see Halton following the trends in neighbouring areas and face modest housing market adjustments in early 2009. Such market adjustments would also have an impact on Halton’s new residential market. During the third quarter, Halton’s new housing starts edged down 21% from the same period in 2007. The biggest declines were seen in Halton Hills (down 87%) and Oakville (down 39%). Overall residential construction activity in Halton remained robust, however, with investments reaching nearly $285 million during the summer months. 9 Q3 REPORT Sector Spotlight: Sheridan Institute of Technology and Advanced Learning The Sheridan Institute of Technology and Advanced Learning, based in Oakville, is one of Canada’s premier polytechnic institutes, providing skills-based educational programming that integrates theory with application, preparing students for careers in visual and performing arts, business, community services and technical fields. Sheridan serves close to 15,000 full-time students annually at its campuses in Oakville and Brampton. Program options include a wide range of programs and credentials including pre-apprenticeship and apprenticeship training, one-year certificate and graduate certificates, two- and three-year diplomas, and Bachelor’s degrees in applied areas of study. Through innovative partnerships with the public and private sectors, Sheridan has launched several unique training and research centres, including the Visualization Design Institute, Sheridan Elder Research Centre, Centre for Advanced Manufacturing and Design Technologies, and High/Scope Teacher Education Centre. Over its 40 years, Sheridan has grown from a small community college into one of the most respected institutions of higher education in Canada, with a graduate employment rate over 90% and an employer satisfaction rate over 92%. BU S I NESS D EV ELOPMENT Sheridan Skills Training Centre & Sheridan Centre for Internationally Trained Individuals (SCITI) In recent years, skills shortages have gained profile on both the provincial and federal agendas. In Oakville, Sheridan is working to develop skilled employees of the future at their Skills Training Centre. Skilled trade journeypersons remain some of the highest in-demand professionals in Canada. Sheridan College’s satellite Skills Training Centre offers a range of pre-apprentice and apprenticeship programs in a state-of-the-art facility which is amongst the best in the province. Sheridan provides training in tool & die, general machinist, mechanical millwright and electrician trades. The Skills Training Centre is also the site of the Sheridan Centre for Internationally Trained Individuals (SCITI). This Centre provides a range of specialized services and programs to newcomers preparing for employment. The Centre provides enhanced training programs which include language training, mentorship opportunities, and career development workshops. These programs and services assist newcomers in gaining work in their fields of study and experience. 10 Q3 REPORT The mission of SERC is to identify, develop, test and support implementation of innovative strategies that improve the quality of life for older adults and their families, and to do this through applied research. Research interests at the Centre include: • • • • • Sheridan Elder Research Centre (SERC) By 2021, it is projected that Ontario will be home to close to three million seniors -- up from 1.65 million in 2008. At this rate, there is a need for research into the kinds of strategies and approaches needed to serve this growing cohort. The Sheridan Elder Research Centre (SERC), opened in September 2003, is a unique research facility located at Sheridan’s Oakville campus that explores areas of practical concern and immediate relevance to older Canadians. The Built Environment (products and spaces) Human Communication (hearing, vision and language) Information & Communication Technology (accessible computing, digital storytelling) Public Policy (elder abuse, ageism) Other (self image/self esteem, care-giver support) BUS INES S DEVEL OPMENT SERC also includes a Seniors Day Program operated by Acclaim Health (formerly VON Halton), an Internet Cafe, Interior Design Studio, Cosmetic’s Studio and a Human Communications Lab. Halton Region and the Sheridan Elder Research Centre have collaborated to develop a Memorandum of Understanding (MOU) to examine the areas of elder research and elder education. This agreement is expected to come into effect in January 2009. Sheridan Corporate: Developing 21st Century Leaders SheridanCorporate, a division of Sheridan Institute of Technology and Advanced Learning brings innovative learning and development solutions to the business community, delivering applied, research-based, client-focused learning to local, national and international corporations. SheridanCorporate programs include customized learning and development programs which combine creative process, design thinking and business competency development to enrich leadership and management capacity, and Centres for Innovation, which develop and deliver learning programs, consulting and coaching in a number of learning/ knowledge domains. SheridanCorporate clients include Tim Hortons, Ceridian, FedEx, Trillium Health Centre, Cara, Burlington Technologies Inc., Roche, Ford, and Home Depot. 11 7 Q3 REPORT Sheridan Animation Centre In April 2007, Sheridan Institute officially opened its new centre for animation at the Oakville campus. The multimillion dollar facility is the latest milestone in Sheridan’s 35-year history as the leading animation educator in Canada. Representatives from Nelvana/Corus Entertainment, Disney Dreamworks Animation SKG, CORE Digital Pictures, JibJab and many other studios were on hand for the official opening of the Centre. The 37,000 square foot facility will be home to 450 students each year from Canada and abroad. It features multiple studios for production work, a new digital stop-motion animation facility, a myriad of classrooms and drafting studios, as well as a powerful rendering farm. Sheridan produces dozens of animators each year who go on to be the talent behind some of Canada’s most successful animation and digital media companies, and Hollywood’s biggest blockbusters. Sheridan animation graduates have been nominated for Academy Awards six times and won twice. As leaders in the world of animation education, Sheridan has branched out and built on their animation expertise to become pioneers in the field of computer visualization, digital imaging and simulation. Sheridan’s Visual Design Institute (VDI), was established in 1998 to teach students how to apply the tools of animation beyond the entertainment industry. The VDI houses a unique series of laboratories in which faculty researchers and Sheridan graduates provide their expertise to industry and academic partners in the creation of visionary products and applications. BU S I NESS D EV ELOPMENT For more information, please email busdev@halton.ca Dial 311 or 905-825-6000 Toll free 1-866-4HALTON (1-866-442-5866) TTY 905-827-9833 www.halton.ca Halton Region CS-08070 Business Development Division