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T H O M P S O N - O K A N A G A N INVEST in BC 2 0 2 0 31 Official Publication of the BC Economic Development Association. In special partnership with BCBusiness. TOP: ACCELERATE OKANNAGAN; TOURISMKELOWNA .COM/DARREN HULL PHOTOGRAPHY The lakefront city was named Western Canada's best place for real estate investment in 2020 by Western Investor magazine. The publication noted how a dozen highrise condominium towers in various stages of construction—up to 36 storeys in the case of One Water Street—are transforming the city's once-modest skyline. Eighteen rental buildings comprising nearly 1,600 units are under construction, too. More than 300,000 square feet of office space is also on the way, including 80,000 square feet of class-A space downtown in the Bernard Block. Another notable addition is the Innovation Centre, a high-technology incubator. Rogers Communications has leased 32,000 square feet of another building under construction to house a customer service centre set to employ 350 when it opens this summer. On the industrial side, almost 180,000 square feet of space is in development in response to a 0.7-percent vacancy rate. MULTIPLE ECONOMIC DRIVERS Serving close to two million passengers in 2019, Kelowna International Airport is now the 10th- busiest in Canada. The nine carriers flying out of YLW offer direct service to 10 Canadian cities as well as Seattle, Las Vegas, Phoenix and various vacation spots in Mexico. According to Brea Lake, recently appointed CEO of Accelerate Okanagan, technology is now a $1.7-billion industry in the region. Long a development centre for Disney Online Studios, the Okanagan Valley boasts nearly 700 tech companies employing more than 12,000 workers. Kamloops, the home of Thompson Rivers University, has become one of the fastest-growing cities in the region. New housing, commercial and industrial development is fuelling an economic boom. A strong economic development program and supportive local government is creating opportunities for entrepreneurs and new businesses. CONNECTED: (top) Yeti Farm animation studio in Kelowna; (left) Kelowna International Airport, now one of the 10 busiest in Canada REGIONAL POPULATION 590,000 LARGEST CENTRES KELOWNA, KAMLOOPS, VERNON, PENTICTON, SALMON ARM UNEMPLOYMENT RATE 5.5% TOP EMPLOYERS BY INDUSTRY Health care and social assistance 14% Retail trade 12.3% Construction 10.9% FORECAST 10-YEAR EMPLOYMENT GROWTH 91,200 BUILDING PERMIT VALUES (2018) $2.2 BILLION HOUSING STARTS (2018) 5,070 VALUE OF MAJOR PROJECTS PLANNED OR UNDER CONSTRUCTION $20.5 BILLION BUSINESS INCORPORATIONS (2019) 3,659 SOURCES: B.C. L ABOUR MARKET OUTLOOK , BC STATS