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/1514012
32 To p : i S t o c k /e d u a r d r o b e r t ; B o t t o m : i S t o c k / D a v e H u t c h i s o n P h o t o g r a p h y BC BU S I N E S S .C A F E B R U A R Y 2 0 24 The nearby Sea-to-Sky Corridor and Sunshine Coast communities of Squamish, Whistler (No. 23) and Sechelt (No. 19) saw moderate drops this year due to slowing residential sales and housing starts and eroding job creation numbers. Similar factors, including negative job growth, also plagued the Fraser Valley, leading to more significant year-over-year declines for Abbotsford (No. 39), Mission (No. 47) and Chilliwack (No. 33). Despite the bright spots of Kelowna and West Kelowna (No. 11), the communities of B.C.'s Southern Interior slid a collective 52 spots over last year's ranking, with Sum- merland (No. 30), Salmon Arm (No. 36) and Penticton (No. 41) taking the greatest tumbles. While strong job creation kept the Kelowna area afloat, the rest of the region was weighed down by job losses over the first three quarters of 2023. Bucking the downward trend was the Kootenay com- munity of Nelson (No. 22), which rose 13 places on higher population growth. Further north, the com- modity-driven communities of the Cariboo, North Coast and Northeast failed to break out of last year's bottom 10 place- ments as they continued to grapple with slower growth and development and the high- est unemployment rates in the province. One notable excep- tion was Prince George (No. 35), which managed to jump ahead nine spots this year thanks to slightly higher growth, a healthier rental vacancy rate and strong job creation. PEACE OF MIND ON THE PENINSULA Central Saanich and Sidney—neighbours on Vancouver Island's Saanich Peninsula—top this year's list. Sidney has been a notable contender in recent rankings, having secured its position in the top 10 for three of the last four years. Meanwhile, Central Saanich has showcased remarkable resil- ience, maintaining its presence in the top 10 for an impressive five consecutive years. Its continued success has most recently been aided by solid job creation, low unem- ployment and the most secure household finances in the province. These have been supported by a healthy construction indus- try in Central Saanich, an active real estate market in Sidney and, most importantly (according to locals), the area's desirable quality of life. "The overall livability of this region is fantastic," says Al Smith, executive director of the Saanich Peninsula Chamber of Com- merce. "It's one of the best in Canada." According to Smith, a high quality of life and advantageous infrastructure and ame- nities have long made the region an attrac- tive destination for retirees. "You have the ferries and the airport—which has interna- tional status—right here, so getting on and off the island is really easy," he explains. These same factors have also sup- ported a growing diversity of industries, from tech and tourism to manufacturing and health care. "There are a lot of busi- nesses that build on airport land and there are a lot of businesses that rely on ferries," notes Smith. He highlights just a few of the home-grown success stories, including internationally renowned tourist attraction Butchart Gardens, radiation imaging sen- sor producer Redlen Technologies, train electronics and software provider Quester Tangent and Titan Boats—a specialized manufacturer of rigid hull inflatable boats for military, law enforcement and search and rescue agencies. More recently, the area's distinct geography and lifestyle have also introduced a unique business opportu- nity for Cascadia Seaweed. Headquartered in Sidney with a second land-based operation in Port Alberni, the company is working on creating a third hub in Prince Rupert to complement its network of seaweed farms that span the province's coast. "The southernmost farm to the northernmost farm is about the same distance as from here to San Francisco," explains Collins, reflecting on the vastness of B.C.'s coastline. Although Collins may have been initially attracted to the area's natural offerings, his inspiration for starting Cascadia was driven by a deeper desire to address what he sees DOCK TALK Quality of life, low unemploy- ment and strong housing stats have Sidney once again near the top of our list