BCBusiness

Dec2018-flipbook-BCB_LR

With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.

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BCBUSINESS.CA DECEMBER/JANUARY 2019 BCBUSINESS 31 UNEMPLOY- MENT RATE (10%) AVERAGE HOUSE- HOLD SPENDING ON RECREATION (10%) AVERAGE SHELTER SPENDING (10%) FIVE-YEAR POPULATION GROWTH (10%) 23.1% $5,692 $26,207 $836,807 27.1 13.1% 137.7 4.5% 23.4% $5,875 $27,435 $1,891,866 16.7 17.2% 20.5 4.5% 16.9% $7,446 $31,055 $1,668,988 26.6 4.1% 118.3 4.5% 17.1% $5,945 $26,631 $1,342,970 28.1 11.4% 70.7 4.5% 18.1% $5,111 $22,858 $682,164 18.1 9.1% 109.6 5.7% 20.9% $3,998 $16,859 $303,883 11.4 –2.1% 26.4 4.7% 17.1% $3,901 $20,276 $629,191 28.7 5.0% 194.9 4.5% 17.1% $4,189 $21,513 $1,190,600 26.2 8.9% 142.4 4.5% 14.0% $5,596 $23,791 $372,330 14.7 6.0% 14.1 5.6% 17.1% $5,275 $24,261 $1,036,416 34.3 8.2% 72.5 4.5% 17.1% $5,066 $23,917 $1,180,339 33.8 9.6% 68.7 4.5% 13.6% $3,645 $17,395 $828,592 20.9 7.1% 109.4 4.5% 16.5% $3,612 $16,629 $511,174 17.5 6.1% 36.3 4.6% 17.2% $5,225 $25,305 $1,261,930 32.4 9.8% 48.2 4.5% 17.1% $4,330 $19,916 $611,393 18.9 7.7% 62.3 4.6% 16.8% $6,010 $26,559 $1,146,307 31.5 4.5% 46.2 4.5% 15.0% $4,159 $17,012 $257,965 13.2 –1.0% 47.1 4.7% AVERAGE VALUE OF PRIMARY REAL ESTATE (5%) FIVE-YEAR AVERAGE HOUSE- HOLD INCOME GROWTH (15%) AVERAGE COMMUTE TIME IN MINUTES (10%) HOUSING STARTS PER 10,000 RESIDENTS (10%) notable drops. Incomes remain strong in the Northeast, but the unemployment rate—although still healthy—is outperformed by much of the province. Population growth and housing starts have also cooled, perhaps because persistently low fossil fuel prices are •nally taking their toll. But the relative decline of these communities may speak more to the economic uptick elsewhere in the province than their own shortcomings. The District of North Vancouver can attri- bute its top-three showing to having the high- est household income, correspondingly strong household spending on recreation, solid housing starts numbers and—along with the rest of Metro Vancouver—one of the tightest unemployment rates in B.C. This year saw a notable shakeup in the performance of other Metro Vancouver munici- palities. Township of Langley, City of Lang- ley, City of North Vancouver, Maple Ridge, Coquitlam, Surrey and Richmond all rose, while Delta, Port Coquitlam, Pitt Meadows, Burnaby and New Westminster saw declines. Those that climbed generally had higher incomes, income growth, recreational spending and home con- struction activity in 2018. Vancouver also plunged this year, from No. 9 to No. 31. High housing costs, longer com- mute times and mediocre incomes for people under age 35 brought down its score. T H E H O U S I N G FA C T O R We took residential real estate prices into account for the •rst time, and many of this year's top performers scored well despite their pricey Category weights shown in brackets. Full methodology on page 33 FORT ST. JOHN AND DAWSON CREEK EXPERIENCED NOTABLE DROPS. INCOMES REMAIN STRONG IN THE NORTHEAST, BUT THE UNEMPLOYMENT RATE–ALTHOUGH STILL HEALTHY–IS OUTPERFORMED BY MUCH OF THE PROVINCE

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