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.
Issue link: http://digital.canadawide.com/i/1332052
HOUSING STARTS PER 10,000 POPULATION (10%) SHARE OF WORK- FORCE IN ACCOM- MODATION AND FOOD SERVICES (10%) SHARE OF WORKFORCE IN WHOLESALE TRADE (5%) SHARE OF WORK- FORCE IN INFORMA- TION, CULTURE AND RECREATION (5%) RESIDENTIAL SALES PER 10,000 POPULATION (10%) CHANGE IN JOBS PER 10,000 POPULATION (10%) AVERAGE ANNUAL UNEMPLOYMENT RATE (10%) 2021 RANK 2.4% 3.9% 9.8% 164 24 117 8.6% 6.6% 4.4% 5.6% 103 33 –563 9.2% 5.2% 4.0% 6.4% 142 139 –563 9.2% 2.5% 4.6% 8.5% 112 45 186 8.7% 2.1% 3.8% 10.6% 153 15 117 8.6% 2.7% 4.1% 9.4% 120 48 117 8.6% 2.2% 3.9% 8.2% 121 50 186 8.7% 2.1% 4.9% 9.2% 78 14 –128 7.9% 4.1% 3.5% 6.2% 87 17 –364 7.1% 4.6% 5.2% 6.0% 113 41 –563 9.2% 3.1% 2.5% 8.3% 100 18 –128 7.3% 3.4% 3.4% 7.9% 108 32 187 9.6% 2.4% 3.2% 9.6% 123 76 186 8.7% 1.4% 5.6% 11.4% 94 19 –128 7.9% 4.6% 4.7% 6.6% 73 22 –563 9.2% 4.0% 6.3% 8.4% 65 121 – 563 9.2% 2.2% 3.6% 8.2% 119 38 186 8.7% says Malpass, citing Traction on Demand's plans to hire hundreds of people in the province over the next year alone. B.C.- based tech companies also help generate more high-quality, senior positions than international satellite offices, Malpass adds. As tech remains buoyant, Traction on Demand is one example of a homegrown firm looking to expand its footprint. After opening a Nelson office in 2019, the com- pany has its eye on other smaller B.C. cities—the Vernon and Duncan areas among them. "We're looking at where the next towns are," Malpass says. "One thing I'm watching is the median age in these towns. Where are the young towns? Where is the bulk of capability?" Proximity to postsecondary institutions is another important factor for Malpass. "It makes a big difference, especially when you think about Victoria and the Island. UVic, Camosun—those colleges are so accessible." He's also interested in follow- ing talented workers who have relocated to smaller towns in recent years. High housing prices in Metro Vancouver have been a fac- tor, but so have things like the convenience of shorter commute times and a desire for a stronger sense of community. "They've moved there because they want a better sense of identity within a community," Mal- pass says, "[to] feel safer, more connected." SMALL IS BEAUTIFUL This shift to small-town living has been a trend for several years, Peacock observes. "It was clear that people were already moving out [of Metro Vancouver]—and I would argue because of high housing costs—at a rate of about three times of what I would describe as normal." But with so many people now working from home and no longer anchored to their places of work, he thinks the pandemic may be accelerat- ing this trend. "Going virtual was already evident, but [ COVID] has just supercharged it. Same thing with some of these migra- tion patterns." Brendon Ogmundson, chief econo- mist with the British Columbia Real Estate Association, agrees, citing a large uptick in single-family home sales in Victoria and the Okanagan through 2020. He also believes Category weights shown in brackets; NR=not ranked. Full methodology on page 49 BCBUSINESS.CA JANUARY/FEBRUARY 2021 BCBUSINESS 51 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34