Economy
Brantford's early history included the invention of the electric telephone which led to Canada's first telephone factory within the city in the 19th century. Brantford was also an important Canadian industrial centre for the first half of the 20th century, and was once the third busiest Canadian city in terms of cash-value of manufactured goods exported.
The city is at the deepest navigable point of the Grand River, and was once a railroad hub of Southern Ontario. The combination of water and rail helped Brantford develop from a farming community into a blue collar industrial city based on the agriculture implement industry centred around companies such as Massey-Harris, Verity Plow and the Cockshutt Plow Company. This industry, more than any other, provided the well-paying and steady employment that allowed Brantford to sustain economic growth through most of the 20th century.
By the 1980s and 1990s, the economy of Brantford was in steady decline as a result of the bankruptcies of White Farm Equipment, Massey-Ferguson (and its successor, Massey Combines Corporation), Koering-Waterous, Harding Carpets, and other manufacturers. The bankruptcies and closures of the businesses left thousands of people unemployed and created one of the most economically depressed areas in the country. With a recent influx of new companies moving to the area, the unemployment rate of 7.4% stands below the national rate.
The completion of the Brantford to Ancaster section of Highway 403 in 1997, was intended to provide an increased incentive for business to locate in Brantford because of easy access to Hamilton and Toronto, as well as being along the quickest route through southern Ontario between Detroit and Buffalo. In 2004 Procter & Gamble and Ferrero SpA chose to locate in the city. Though Wescast Industries, Inc. recently closed their local foundry, their corporate headquarters will remain in Brantford. SC Johnson Canada has their headquarters and a manufacturing plant in Brantford, connected to the Canadian National network. On February 16, 2005, Brant, including Brantford, was added to the Greater Golden Horseshoe along with Haldimand and Northumberland counties.
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)