Demographic Realities

The Aldershot Business Improvement Area (B.I.A.) recently received a very interesting report on the changing nature of our community. Completed by the Burlington Economic Development Corporation the report concluded that the population of Aldershot is getting younger. Specifically: “The largest single generational cohort group in 2016 (28%) is millennials.” It added that ““It is clear that the younger generation, especially millennials will have a major impact on the future economic standing of ward 1.”. The reports suggests that there are two main reasons why younger people are moving to Aldershot. First is the availability of rental units. “Aldershot has a disproportional amount of rental accommodation which attracts young people who are mobile in the job market and can’t afford a house”. Second is the proximity of affordable new housing developments close to the a great transportation network. “The proximity to the Aldershot GO Station is the primary motivator for purchase”. The report goes on to provide many details on a variety of subjects but one major conclusion is: The younger generation, with an increase in disposable income and whose spending habits prioritize food, recreation and housing, now give leverage for Ward 1 to attract a diverse portfolio of unique shops and offerings that appeal to this demographic”  Interesting.

 

 

Aldershot is Growing

Construction will soon begin on two major development projects. The Affinity Condominum complex on Plains Road at Filmandale will see 2 six-storey modern buildings including 179 condominiums, and StationWest on Masonry Court will see construction of 2 six-storey condominium buildings along with 249 townhouses. These major projects will create hundreds of construction jobs for several years and, in the end, add hundreds of people to our community to support our shops, schools and churches.

 

If we ass_MG_5650ume that the average trade person makes $60,000 per year, then the $2.4 million in wages represents about 40 man years of work. Moreover, if we use a multiplier of 17, as economists suggest, then the construction represents a potential economic benefit to Aldershot of $40.8 million. Not all of this will be spent in Aldershot but it is up to our businesses and politicians to advocate strongly for the Aldershot business community, so that we get our fair share.

 

Congratulations Aldershot, you are looking good!