Brantford Economy

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Economy

Colborne StreetBrantford was an important Canadian industrial centre for the first half of the 20th Century, and was once the third largest city in Ontario. The city is at the deepest navigable point of the Grand River and was once the railroad hub of Southern Ontario. Though it was formerly a railroad hub, few would describe the train terminal located just off West Street, as a major tourist attraction. The combination of water and rails 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, Koering Waterous, Harding Carpets, and other manufacturers. The closure of the businesses left thousands of people unemployed and created one of the most economically depressed areas in the country. However, the unemployment rate has steadily improved, from almost 14% in 1993 down to 6.3% in 2006. This improved employment picture led to the rate of personal bankruptcy in Brantford falling by 6.2% in 2006.