BCBusiness

June 2020 – Thirty Under 30 | Invest in BC Special Report

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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INVEST in BC 2 0 2 0 13 Official Publication of the BC Economic Development Association. In special partnership with BCBusiness. BUILDING BLOCKS: The Trans Mountain Expansion project will boost exports from Westridge Marine Terminal (top left); LNG Canada terminal under construction in Kitimat (bottom left); Amazon has leased space for up to 10,000 employees in The Post redevelopment in Vancouver (above); Martini Film Studios in Langley promises to be Canada's largest purpose-built production facility (right) B.C.'S ECONOMIC DEVELOPMENT REGIONS CARIBOO KOOTENAY LOWER MAINLAND/ SOUTHWEST NECHAKO NORTH COAST NORTHEAST THOMPSON- OKANAGAN VANCOUVER ISLAND/COAST for instance, opened a new 43,000-square- foot office in Vancouver; Burnaby-based Traction on Demand, meantime, is launching a branch in Nelson. B.C. hotels are at near record high occupancy rates. "It's some of the highest we've seen in terms of data, about 80 percent for Vancouver," Yu says. "We're seeing the investment cycle building up as well," he adds. "The non- residential building activity is above 30 percent, and that's really driven by commercial towers, commercial activity occurring in Metro Vancouver. That's a reflection that there's still that demand in various professional services sectors, driving the need for more space." Residential homebuilding remains high, with about 44,000 housing starts in 2019, up about eight percent from the year before. Urban starts in particular showed a year-over-year increase of 26 percent. Population growth rates are solid, at about 1.3 percent, reflecting a lot of net in- migration, around 60,000 people per year. BRIGHT SPOTS There are many other elements that are helping boost B.C.'s economy, according to Bruce Ralston, Minister of Energy, Mines and Petroleum Resources (until recently Minister of Jobs, Trade and Technology). Infrastructure spending on hospitals is a factor; several facilities are in the works throughout the province, including in Surrey, Williams Lake, Quesnel and Fort St. James. "Public spending on infrastructure is countercyclical," Ralston says. "If there is a downturn, it helps boost local economies." B.C. is also leading the evolution of the cannabis industry, which was legalized for recreational consumption across Canada in 2018. Companies like Sundial Growers in Merritt and Maple Ridge's Tantalus Labs are at the forefront. Film and television production has long been a growth industry in B.C. Now Martini Film Studios, the first purpose-built film studio in the province, is going ahead in Langley. Canada's largest such facility, at 600,000 square feet, will help anchor the local scene. An affordable tax burden is another factor attracting international investment. Ralston points to Fujitsu Global as an example: the personal computer equipment company moved an entire division from Tokyo to Vancouver in part because of competitive business costs. While there are many exciting things happening in B.C.'s economy, it's the skilled people behind the projects that are perhaps the province's greatest economic driver, according to Ralston. "First and foremost, what I hear from companies that are here and are wanting to grow or that are coming here is that it's the talent that draws them, the talent across the spectrum," he says. "We have very talented people here, in part due to our public education system. We are also open to newcomers, people seeking opportunity who may not feel comfortable in the United States. B.C. is a popular place to be. The view from abroad is that people really value the talent they can find here." • TOP LEF T: TRANS MOUNTAIN; BOT TOM LEF T: LNG CANADA; TOP RIGHT: QUADREAL ; BOT TOM RIGHT: MARTINI FILM STUDIOS

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