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The Central Okanagan Economy Opportunities and Challenges Presentation to

The Central Okanagan Economy Opportunities and Challenges Presentation to Workforce Connects Forum February 27, 2007 Tracey Fredrickson Economic Development Commission Regional District, Central Okanagan. EDC’s MISSION :.

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The Central Okanagan Economy Opportunities and Challenges Presentation to

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  1. The Central Okanagan Economy Opportunities and Challenges Presentation to Workforce Connects Forum February 27, 2007 Tracey Fredrickson Economic Development Commission Regional District, Central Okanagan

  2. EDC’s MISSION: Work to diversify the economy of the Central Okanagan by enhancing the existing business base and attracting new and strategically appropriate investment. BUSINESS ENHANCEMENT 70% BUSINESS ATTRACTION 20% BUSINESS FACILITATION 10%

  3. BUSINESS ENHANCEMENT • 200 site visits year • Working with companies one-on-one i.e. export contacts; source of consultants • “Business in the Park” educational programs • Emphasis on employee retention and issues common to all sectors - marketing/planning, etc.

  4. BUSINESS ATTRACTION • Activities related to broadening awareness of the Central Okanagan as a place to locate and invest • Relate to the Okanagan Partnership, emphasis on the aviation and film industries • Include existing businesses in our attraction efforts – trade events; online directory

  5. BUSINESS FACILITATION • Working in partnership with the community and region: • Communicate community needs and issues to various levels of government (zoning; infrastructure) • Education community on initiatives that promote economic development (UBC-Okanagan; Highway 97 Corridor; 2010 Olympics) • Support and promote events and programs such as Young Entrepreneur Awards; Community Vision exercises; International Students program

  6. ECONOMIC INDICATORS • BC Growth Steady: 3.4 % 2007 • Central Okanagan Growth Index up 5.4% • BC Disposable Income – 7.3% • Retail Sales – $2.5 billion for RDCO (up 22%) • Business Confidence Index Average 95% last 2 years

  7. ECONOMIC INDICATORS • Housing Starts – BC - 36,900 in 2006 (CMHC) Central Okanagan - 2,700 • Building Permits – OK Region – $1.3 billion • Record increase in building permits in 2005 – 74% over 2005 • Value of building permits issued (Thompson Okanagan): 2002 $ 526,000,000 2006 $ 1,551,000,000

  8. ECONOMIC INDICATORS $ 8.3 billion in development underway or proposedincluding • UBC-O $800 million • Predator Ridge - $5 million • William Bennett Bridge - $144 million • Marshall Industrial Park - $100 million • Legacy Aquatic Centre - $33 million • Big White - $250 million

  9. BUSINESS LICENSES City of Kelowna has a 90% 2002 8,055 renewal rate for 2003 8,129 businesses – 2004 8,060 4.9% increase 2005 9,092 for 2006 2006 9,542

  10. Challenges – LABOUR British Columbia’s Labour Force will decline in 2021 – in the Okanagan it already is!

  11. LABOUR MARKET CHALLENGES • Business Confidence Survey: Attracting and retaining staff are the most common issues faced by firms in the Central Okanagan; • Kelowna Labour Force: 2006 unemployment rate lowest ever at 4.0% - 5.4% in 2005 • Declining school enrolment, increasing senior population

  12. LABOUR MARKET CHALLENGES • Central Okanagan population: 166.719 Doubled in last 25 years, mostly to in-migration • Population 55 and over: 27% 1996 29% in 2006 • Projected population increase 45 and older: from 41% 2006 to 50% by 2031

  13. HOUSING - MEDIAN PRICE $415,000 $349,900 2006 $385,000 2004 2005 $279,250 $265,400 2003 2002

  14. HOW SERIOUS IS THE PROBLEM? Virtually every sector challenged to find workers – construction, high technology, manufacturing, hospitality, health care … Tradespeoplebeing lured to Alberta; youthwant high starting wages; less long-term commitment; Businesses are not operating to capacity; some closing.

  15. WHAT ARE WE DOING? Educating business about severity of the problem! Sharing best practices: • Wages comparative to larger centers • Profit sharing, improved benefit plans • More time off; • Incentives for employees who bring other employees; • Gym memberships, use of company boat; • Caring about the individual worker…

  16. WHAT ARE WE DOING? • Business looking at how to operate with less people (lean manufacturing; using contract workers; increased use of technology); • Okanagan Valley Economic Development Society; • Westbank First Nation representation on EDC board; • Outcomes from today’s forum…

  17. OUTLOOK STILL POSITIVE • Desirable place well situated for continued strong growth • UBC Okanagan • Airport Upgrades • Strong base of talented residents • Continued diversity of arts, culture, people “The Okanagan – the Napa of the North.” - Stuart Isett, New York Times

  18. www.investkelowna.comEconomic Profile

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