GVDA 2009
A natural place for innovation 2009 was a year that highlighted the need for continued efforts around economic development in our region. Over the course of the year the GVDA remained very active in reaching out to local businesses and around the world to continue building our local economy. Due in some part to the region’s diversity, we were better positioned to weather the difficulties of the past year than many other parts of the world; however, we were not completely immune from the impact of these demanding times. The Conference Board of Canada estimates that the region’s economy shrank by 1.0% in 2009, though each sector in our region’s economy was affected differently and to different degrees. While unemployment did increase in the region, average incomes in the region dipped only slightly and are predicted to cross the $40,000 mark for the first time in 2010. Major national and international institutions
predict that 2010 will see a return of positive economic growth. However, much of this will come later in the year as businesses and individuals regain confidence and proceed with capital and consumer purchases. In the coming year the GVDA has many important initiatives that will help the region as it prepares for this return to economic growth and the opportunities it will present.
2009
10
Roger Skillings
2009 was a challenging year for the region at large, and the GVDA activities in 2009 highlighted the important efforts that were taken to ensure that our region remains a vibrant place to live even during these tough economic times. Amongst our different regional industries we saw considerable change, including the tourism, technology, marine, construction, academic and public sectors. On behalf of the Greater Victoria Development Agency, I would like to personally thank our partners and stakeholders for their continued
support of the GVDA. Their vision to encourage regional economic development and to help foster an innovative and sustainable economy has been the driving force behind our success to date and has laid the groundwork for future prosperity and further economic diversity. As we look to 2010 and beyond, economic conditions around the world continue to show signs of recovery. While there is still some global uncertainty and challenges on the national level, it is more important than ever that we focus locally on building for the future. Together as a region we must continue to work to identify new opportunities and create household sustaining jobs for the citizens of our region.
Business Development
Starting a New Venture
• Help becoming export ready • Local government/business procurement • International market development
• Business plan assistance • Business mentoring sources • Funding options and sources
Sources of Investment Capital
Regional Partnerships
• Government investment programs • Sources for angel investors • Sources of venture capital
• Research and development opportunities • Public - private sector partnerships • Information on regional associations
Labour Market Development
Regional Information and Statistics
• Find new sources of employees • Help with attracting foreign workers • Regional co-op education opportunities
• Economic statistics • Regional demographic information • Regional quality of life indicators
Contact Sasha Angus, Economic Development Officer at 250.383.7191 ext. 204 or by email at sangus@gvda.ca —www.gvda.ca—
2009
As the economic development agency for the Greater Victoria region, the GVDA seeks to help local businesses grow and provide new employment opportunities for the citizens of our region. From new start-up companies to some of our region’s largest employers, the agency provides a broad range of services and plays a number of roles in order to help foster our best and brightest companies and individuals. In 2009, the GVDA provided assistance to over 150 local companies that collectively employ thousands of people in Greater Victoria.
“
Greater Victoria has everything that a company
like ours could ask for; world-class technology infrastructure, a talented and dynamic workforce and great proximity to all our major markets. We
“
look forward to continuing to build our business around the world, and to contributing to the
vibrancy of the region’s technology industry.
-Edwin Braun, CEO, Cebas Visual Technology Inc.
With the kind support of Rogers Broadcasting and the Times Colonist, the GVDA developed a series of radio and print addresses from our region’s major stakeholders outlining the tremendous work that continues to build an even brighter future for our region. Called “Sweet Spot… Location Matters”, the campaign received a great response, helping to remind us of the many entrepreneurs and companies that continued to build our local economy throughout 2009.
Sources of Inquiries to GVDA
2009
The Greater Victoria Development Agency helped highlight the region as a hot bed of opportunity and a top North American “Micro City of the Future” in the Financial Times of London in 2009. Ranked #1 in Canada and #3 in North America, Greater Victoria won top honours for our region’s economic infrastructure and one of the best foreign direct investment programs on the continent. The 2009/2010 Financial Times FDi magazine North American Cities of the Future report compared over 60 different factors including; economic potential, human resources, high tech industry, business costs, quality of life and community infrastructure. The Greater Victoria region scored highly on a number of factors, including economic infrastructure and foreign direct investment strategy.
With the assistance of the Greater Victoria Development Agency, the region was also named the best region in Canada for young professionals to live and work. Next Generation Consulting (NGC) of Madison, Wisconsin, tabulated the rankings after collecting and analyzing 45 measures for all Canadian cities with populations of more than 100,000 people. According to NGC, the seven indexes of a “Next City” were: earning, learning, vitality, around town, after hours, cost of lifestyle, and social capital. The region easily beat out cities like Vancouver, Edmonton, Calgary and Toronto for economic opportunity and quality of life.
2009
In 2009, the Greater Victoria Development Agency undertook to develop and publish a comprehensive set of economic indicators for the Greater Victoria region. The indicators, over 60 in all, touched on virtually every sector of the region’s economy highlighting many areas in which Greater Victoria was amongst the top economic performers in the country. Growth in Estimated Gross Domestic Product (GDP)
The GVDA’s main goals are to assist existing businesses to grow, retain existing companies and attract new business development to the region. The economic indicators for the region will provide a clearer overview of our region’s economy and will allow businesses and stakeholders to make better and more timely investment decisions. The full report of economic indicators is published on an annual basis, with quarterly updates published for select indicators as they become available.
Island Economic Alliance’s report on island economic growth from 2001 to 2006. The Regional Economic Analysis report highlighted all thirteen municipalities in the region and our strengths in the areas of technology, tourism, education and research and development. As a service and knowledgebased economy, we were encouraged to see the growth in these industries in our region. Local businesses provide world-class experiences as well as innovative products for customers around the
Over the course of the year, the GVDA played a strong role in the development of the Vancouver
CEBAS Visual Technologies In 2009 the Greater Victoria Development Agency and the Vancouver Island Technology Park welcomed one of our region’s newest technology companies, Cebas Visual Technology Inc. Formerly of Heidelberg, Germany, Cebas relocated their headquarters to Greater Victoria, bringing their world-class digital animation technologies to the region. As the economic development agency for the region, the GVDA was proud to help bring them to Greater Victoria, to continue building our knowledgebased economy.
Cebas Visual Technology Inc. is a developer of advanced 3D special effects software for all major 3D applications on the market, with 20 years of experience in software development; Cebas has become renowned for its quality and unique software products serving graphics and animation studios around the world. Their technologies have been part of many large-scale movie productions like “2012”, SPIDERMAN 3 and Blade Trinity to name a few.
world, and generate household sustaining jobs in Greater Victoria. The report highlighted Greater Victoria’s low unemployment and showed greater than average location quotients in the high tech, tourism, research and public sectors. Examples included 43% more tech workers in the District of Saanich than provincial averages, 26% more tourism workers in Victoria, and 4.6 times the provincial average for people in the academic sector in Oak Bay.
IN GREATER VICTORIA
utop business sectors
The first annual Business in Greater Victoria is a comprehensive one-stop source of economic information for Greater Victoria. It continues to be a key marketing tool in our marketing packages for prospective retailers to the city.
“
2009
“ BUSINESS 2010 BUSINESS DEVELOPMENT GUIDE
-Darlene J. Hollstein General Manager, The Bay Centre
Strong and diverse, Greater Victoria’s business sectors are experiencing exponential growth
Why choose Victoria?
Surrounded by spectacular natural beauty, Greater Victoria is Canada’s Pacific Coast paradise
Living here Get to know Greater Victoria and the reasons you’ll love calling this region home
VIc TOrIa, BrITISh cOLUMBIa, caNaDa
Advertising Greater Victoria to the World The Greater Victoria Development Agency worked very hard in 2009 letting the world know Greater Victoria is open for business with the development of a new publication called Business in Greater Victoria. 20,000 copies of the publication were distributed to businesses and investors in major Canadian cities, San Francisco, Seattle, and to the Department of Foreign Affairs in North America, Europe, Asia and the Middle East. The aim of the publication was to invite investment and further diversify our local economy and all its sectors. An important regional initiative, the publication highlighted Greater Victoria’s key business sectors, economic strengths, labour force, as well as lifestyle qualities including real estate, climate,
commuting, transportation and green and safe neighborhoods. The region has a great story to tell regarding economic opportunity, and Business in Greater Victoria helped paint that picture for investors and businesses around the world. For more information on how your organization can participate, or to advertise contact Susan Hodgson, Director of Sales at Page One Publishing Inc. at (250) 595-7243 or email shodgson@pageonepublishing.ca
The items that fit these criteria included an expansion of the runway at the Victoria International Airport, expansion of the Ogden Point cruise ship terminal, development of phase two and three of the Pacific Institute for Sports Excellence, further development of the Vancouver Island Technology Park and the establishment of a marine technology park in the region. In addition to the industry representatives, all three members of parliament for the region were in attendance, as well as regional elected officials.
The Greater Victoria Development Agency has also been working very hard with regional partners and stakeholders to identify new opportunities for investment and help create new household sustaining jobs in the region. As major economic stakeholders, our academic institutions play a significant role in these efforts, and will continue to be economic drivers in this region’s mainly knowledge based economy. It is with that understanding that we were delighted to announce a commitment from the University of Victoria of $30,000 over three years to help fund and continue to build the Greater Victoria Development Agency. In addition in 2009, the Greater Victoria Development Agency received $5,000 each from the Victoria Airport Authority, Downtown Victoria Business Association, Victoria Real Estate Board, Cube Global Storage and an additional $1,000 from the Township of Esquimalt to promote Greater Victoria as a place to invest and grow business. With the support of our partners, the GVDA will continue to ensure that our region remains a vibrant place to live, work and invest.
2009
Throughout 2009 the GVDA also hosted economic roundtables with regional stakeholders and discussed the region’s economic conditions. The group included representatives from across our economic spectrum including our tourism, technology, academic, marine, construction, finance and public sectors.The participants discussed potential economic stimulus for the region and identified shovel-ready projects and other potential government investments to help shore up our economy. Projects were identified based on their ability to provide not only near term economic activity, but also for their contribution to our long-term economic prosperity, by fostering new capacity for our region.
2009
2009 Bruce Carter
Alan Cahoon
Eric Donald
Robert Gialloreto
Dan Gunn
Valerie Kuehne
Paul McGeachie
David Nicholson
Richard Paquette
Paul Servos
Roger Skillings
Christine Stoneman
Glenn Terrell
Darlene Hollstein
Mike Weston
CEO Greater Victoria Chamber of Commerce
Executive Director VIATeC
CEO Victoria Airport Authority
Executive Officer Victoria Real Estate Board
President Royal Roads University
Vice President University of Victoria
CEO Victoria Harbour Authority
Past Chair Downtown Victoria Business Association
Vice President Transpacific Management
Vice President Camosun College
Chair Greater Victoria Development Agency
President & CEO Tourism Victoria
Vice President Queensbury Securities Inc.
Principal Chemistry Consulting Group Inc.
CEO Cube Global Storage
Greater Victoria Development Agency 2009 Regional Funding Partners