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34 INVEST in BC 2 0 2 4 P E N T I C T O N W ith its sandy beaches, world-class wineries and four-season outdoor recreational opportunities, Penticton has long been known as a place to soak up the sunshine and good vibes on vacation. But this can be your life— year-round. Savvy entrepreneurs, remote and skilled workers are relocating to Penticton in search of the ultimate work-life balance. ONE OF CANADA'S MOST LIVABLE CITIES Penticton is an outdoor play- ground, with all the benefits of a big city, minus the traffic jams. In fact, the city ranked as the 28th most livable city in Canada, out of 439 locations assessed, accord- ing to the Globe and Mail's'Most Livable Cities in Canada 2023 rankings, topping out every other Okanagan city. Penticton was also named the third best locale in Canada for young professionals, based on criteria tailored to recent post- secondary graduates looking for a dynamic blend of vibrant job prospects, affordable housing and an active social environment. The city claimed the #11 spot nationwide for entrepreneurs. WHO'S MOVING TO PENTICTON? Data collected through the City of Penticton's Welcome Home initiative shows an influx of skilled and remote workers in the past two years. Also, people under age 30 make up 40% of the new arrivals. Nearly 60% said they moved to Penticton for work or career- related reasons, and 25% moved to retire. The largest group had arrived from the Lower Mainland. SURGE OF CONSTRUCTION IN 2024 Building permits representing more than $82 million in construction value were issued over the first four months of 2024. This includes notable residential projects plus two new daycare centres and an industrial redevelopment. Many projects are proceeding to construction, helping to bring much-needed housing supply and additional employment opportunities to Penticton. This promising trend is projected to continue, with recent changes to the city's Official Community Plan and zoning bylaw supported by council. These changes are intended to streamline the development process and open more opportunities for vibrant growth. City council, through the first nine meetings of the year, also approved development permits representing 153 new housing units including two new apartment buildings, one downtown mixed- use building and several infill projects. The approximate existing and future house numbers include: • 460 residential units under construction • 1,402 residential units approved • 2,070 units in the development application process In addition to these, two new office buildings are currently under construction downtown and a new commercial strip development is under construction in the south end of the city. The city recently adopted zoning for the Innovation District, a master-planned community located adjacent to the newly expanded regional hospital, which, when completely built out, will feature more than 1,200 new residential units, an office tower and a mix of small-scale retail uses. Construction is planned to begin in early 2025. To learn more about living, working and investing in PENTICTON, visit StartHerePenticton.com. Connect on Facebook and Instagram @StartHerePenticton and on X @StartPenticton PROFESSIONALS EYE PENTICTON FOR IDEAL WORK-LIFE BALANCE City also faces surge in construction, helping to meet housing supply and provide additional employment opportunities Penticton.indd 1 Penticton.indd 1 2024-07-19 8:18 AM 2024-07-19 8:18 AM Official Publication of the BC Economic Development Association in special partnership with BCBusiness.