Waterloo 2023: A Year of Innovation, Growth and Community Success

Our year-in-review looks back at the major milestones and success stories that defined our community this year, showing how a collaborative spirit and forward-looking mindset keep us moving ahead.

Let’s explore all the highlights that made 2023 a year of innovation, growth and community success in Waterloo.

Multi-million-dollar expansions in manufacturing and tech

In 2023, we were delighted to celebrate major expansions and investments by both local and international businesses in Waterloo. It gave us a chance to tout Waterloo’s reputation for tech and innovation, especially in the Electric Vehicle (EV) sector.

Highlights:

• Dana Incorporated announced a $60M investment, with an additional $2.5 million grant from Invest Ontario, to boost EV manufacturing capabilities at their Cambridge facility.
• PWO Canada invested $9.6M in its Kitchener facility, creating a state-of-the-art assembly line with cutting-edge robotics and adding 27 new local jobs.
• Bosch opened a new office in Waterloo, housing a team of engineers and software developers dedicated to AI, autonomous driving, automated parking and steering technology solutions.
• Cambridge-based Novocol Pharma entered into an agreement with Moderna to be a contract manufacturer for the fill-finish, labeling and packaging of Canadian-made mRNA vaccines.
• EPAM Systems opened its new Canadian office in Kitchener, serving as a hub for community integration and activities and a gathering place for its employees.

Amazing achievements in academia

We often talk about the strength of our local post-secondary institutions, and this year they gave us lots to talk about. We’re not surprised they ended up on some of the same rankings as previous years, but it’s worth celebrating, nonetheless. Plus, we have some stunning new facilities to show off.

Highlights:

• The University of Waterloo (UWaterloo) was named one of the top tech schools globally, ranking #22 in computer science in the QS World University Rankings.
• UWaterloo also took the #1 spot in Canada for computer science and #158 globally in the Times Higher Education World University Rankings.
• UWaterloo was lauded as Canada’s top institution for successful entrepreneurs, according to Pitch Book.
• UWaterloo’s co-operative education (co-op) program was named the best in Canada, with Conestoga College ranking 3rd and Wilfrid Laurier University 6th.
• UWaterloo was named Canada’s top research university for the 15th year in a row.
• Conestoga College welcomed a new cohort of students to its newly opened Skilled Trades Campus and announced the opening of a 10,000 square-foot esports arena be used for academic and recreational programming.
• Laurier announced a new campus on the Toronto-Waterloo Corridor, focused on sustainability and inclusivity and offering STEAM-based programs with a planetary health perspective.

Groundbreaking innovation hubs

Several new innovation hubs were announced in 2023, advancing Waterloo’s research capabilities in sectors such as manufacturing, aerospace, healthcare and quantum technology. If you missed the announcements, allow us to re-cap them here.

Highlights:

• The MSAM Laboratory opened a new 15,000 square-foot facility in Kitchener for 3D printing and metals research.
• The Waterloo Wellington Flight Centre invested $1.5M in a new aviation training and research facility.
• The Waterloo Eye Institute (WEI) announced the opening of a facility for vision research and optometric education.
• UWaterloo received $10M to support research by Waterloo Institute for Sustainable Aeronautics (WISA).
• UWaterloo and Velocity broke ground on the new Innovation Arena in Kitchener, specializing in health innovation.
• Canada’s Minister of Innovation, Science and Industry announced a $360M investment in Canada’s National Quantum Strategy to be led out of Waterloo.

Waterloo in reports and rankings

Waterloo appeared in numerous rankings and reports throughout the year, which gave us a lot to write about, but also gave well-deserved recognition to the amazing ecosystem, talent and community we have here.

Highlights:

• CBRE ranked Waterloo Region as the #1 small tech talent market in North America for the third year in a row.
• Site Selection magazine recognized Waterloo as a leading location for economic development in technology.
• In the 2023 Metro Rankings Report, Waterloo was named a Tech Talent Leader for small cities in North America.
• The region showed its strength in tech, with five local companies landing on Deloitte’s Technology Fast 50 and Fast 500 lists.
• Canada experienced record population growth, with Waterloo being called one of the country’s fastest-growing communities.

Investment attraction wins

In 2023, the Waterloo EDC team, led by President & CEO Tony LaMantia, attracted millions of investment dollars to the region. The team continues to enhance our community’s prosperity by showing the world why it’s worth investing in Waterloo.

Highlights:

• In 2023, the team closed 11 local expansion and foreign direct investment deals worth approximately $224M. The team’s efforts were recognized at the annual Public Information Meeting in November.
• Accompanied by local mayors and the Regional Chair, Waterloo EDC spearheaded an investment promotion mission to Germany, France and Switzerland.
• We launched LANDED, a podcast that shares insider tips on international business expansion, featuring business leaders and expansion experts who have gone through it before.
• We released our 2022 Annual Report highlighting progress from the previous year, as well as our five-year strategic plan outlining our vision for the next phase of “inventing the future” in Waterloo.

2024 and beyond

From education to business, technology to research, and beyond, Waterloo Region continues to radiate innovation and give international businesses countless reasons to invest here.

As you can see, it also gives us plenty of stories to keep sharing with you. Make sure to subscribe to our blog so you never miss an update.