The Greater Victoria economy continued its growth in 2008, expanding by 2.3% according to the Conference Board of Canada. In particular, growth in the commercial services and public administration sectors fueled a vigorous rise in the service producing industries growing by 3.5% during the year. Domestic demand in the region also remained strong, with retail sales for the region beating expectations and growing by a solid 3% in 2008. Unemployment in the region remained amongst the lowest in North America, finishing the year at 3.6%, the lowest in Canada. Strong demand for skilled labour in the construction, technology and marine sectors contributed to a 4.3% increase in the labour market, and pushed average incomes in the region to over $39,300; 11% higher than both the provincial and national averages.
Even given the significant global and national economic events, the Conference Board of Canada predicts only a slight decline of 0.3% in the region’s economy for the coming year, with growth resuming in 2010 at 2.5%. In addition, average incomes in the region are expected to remain strong, forecast to exceed $41,000 in 2009 and growing to $43,000 in 2010.
2008 was an exciting year for the Greater Victoria Development Agency (GVDA) and the Greater Victoria region at large. The Agency was in operation for its first full year and was very busy working to ensure that our region remains a vibrant place to live, work and invest. Amongst our different regional industries we continued to see strong growth, including the tourism, technology, marine, construction, academic and public sectors.
the driving force behind our success throughout Greater Victoria.
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
As we look towards 2009, economic conditions around the world continue to be cause for concern. While we may be met with global uncertainty and challenges on the national level, it is more important than ever that we focus locally on building for the future. Greater Victoria is better positioned than most any other jurisdiction in On behalf of the Greater Victoria Development Canada to weather what storms may come, and Agency, I would like to personally thank our we must continue to keep our eye on the horizon. partners and stakeholders for their continued From the perspective of the GVDA, that horizon support of the GVDA. Their vision to encourage holds incredible opportunities for our region in regional economic development, and to help foster 2009 and beyond. an innovative and sustainable economy has been
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 2008, the GVDA provided assistance to over 180 local companies that collectively employ over 3,000 people in the Greater Victoria region. The GVDA also partnered with the provincial ministry of Small Business, Technology and Economic Develoment to help local companies better understand how to take advantage of the “The GVDA has been a huge help for our business. Their hands-on assistance developing our new business plan has been fantastic, and we look forward to creating a world-class movie animation studio in Greater Victoria” Scott Dewis, CEO, Race Rocks Digital, Inc. tremendous opportunities in the Chinese marketplace. “Think Asia 2008” provided local companies of all sizes with the knowledge and information they require to become export ready for the world’s fastest growing economy. From export and new product development to business finance, venture capital and ways to find new employees, the Greater Victoria Development Agency can assist any local business in growing their company.
The Greater Victoria region is home to many world class facilities, amenities, technologies and services. From the hallmark Empress Hotel to the Vancouver Island Technology Park, the region boasts incredible assets which people from around the world come to for leisure and business opportunities. With the assistance of our regional partners, the GVDA completed a Greater Victoria promotional video which was debuted at the Greater Victoria business reception in San Francisco, in June 2008. The Agency also worked to highlight the region in a series of advertisements which ran in publications throughout Alberta, British Columbia and the Pacific Northwest. In addition, the GVDA negotiated a five page Greater Victoria regional feature in BC Business magazine, which reached over 25,000 business subscribers.
During the course of 2008 the Agency also played host to a number of international delegations from around the world. Such delegations included the Canadian Ambassador to Mexico, as well as business delegations from “It has been great working with the Greater Victoria Development Agency. They were a great resource in identifying new opportunities for our company in the Middle East. We would highly recommend them to any local business that is looking to grow outside the region.� Tom Whyte, Owner and General Manager Intercon Marine Inc.
Russia, China, the United States and the European Union. The GVDA also organized a trade mission to China which included a follow up visit to a Chinese delegation from Tianjin and Beijing, China, as well as meetings with officials from Morioka, Japan.
In 2008 the Greater Victoria Development Agency worked hard to access new sources of economic funding from both the provincial and federal governments. Leveraging the resources we received from our municipal funders almost 3 to 1, the agency has begun work on a number of economic development tools that will serve to further diversify and grow our region’s economy for many years to come. These projects include the region’s first business retention and investment attraction strategy. Building on the 2003 Economic Blueprint, the strategy was formulated with the input from the CEOs of some of our regions largest and best known companies. As part of this strategy, the GVDA undertook to examine the feasibility of a zoned land database for the Greater Victoria region. Comprised of the commercial, industrial, residential and other zoned land in the region, this new tool would provide an up-to-date and comprehensive look at land in the
capital region for use by companies and stakeholders both inside and outside of Greater Victoria. In addition, the GVDA started work on a series of other promotional and economic analysis tools. By mid-2009 the GVDA will launch the Greater Victoria Attraction Guide into markets in Canada, the US and around the world. This publication will be a
comprehensive guide to living, working and investing in the region. Finally, with funding from the provincial and federal governments, the GVDA has begun work on a series of economic indicators for the region which will provide a clearer overview of our region’s economy and will allow businesses and stakeholders to make better and more timely investment decisions.
technologies, services and research and development. With Sustainable business practices an international marketplace of are not only the right thing to over 17 trillion dollars a year, do for our environment, they Greater Victoria is well positioned are also big business for an to take advantage of what has increasing number of been called “the greatest companies and institutions investment opportunity of this in the Greater Victoria area. century” by Kleiner Perkins, a The GVDA is working with the leading US venture capital University of Victoria, the new investor. As home to Dockside Pacific Institute for Climate Green, the world record holder for Solutions, the Vancouver Island LEED certification in Technology Park, and many environmental excellence, the companies in our region to region is already gaining an promote Greater Victoria as a international reputation as a place hub of environmental to do green business.
Greater Victoria Facts: The region’s Shipbuilding and Marine sector contributes to the local economy and employs over 800 people
L to R: Jeff Mallett, Former President of Yahoo!, Marc LePage, Consul General of Canada, David Cowen, General Manager of Butchart Gardens, former Mayor of Victoria, Alan Lowe, City of Victoria at the San Francisco - Victoria reception
During 2008 our region was recognized by a number of international publications and global businesses as a tremendous jurisdiction for both quality of life and business potential. The Greater Victoria Development Agency played a key roll in a number of these efforts, including the KPMG annual International Competitiveness Study. The report which examines over 1,000 jurisdictions around the world, showed Greater Victoria as the 2nd best business jurisdiction in the Pacific Northwest, beating both Vancouver and Seattle for our cost of doing business. In previous editions, Greater Victoria had not even been considered in the rankings. Following on these efforts, the GVDA developed a comprehensive regional profile which was
then distributed to “site selector” companies throughout North America, whose business it is to advise growing companies on the most attractive areas to locate a new business. These efforts resulted in over 30 inquiries from site selectors and their clients in 2008. As the capital of British Columbia, Greater Victoria stands to benefit greatly from the Winter Olympics being held in 2010. In partnership with the provincial olympic secretariat, the GVDA put together a regional overview that will be shared with the world through the BC Explorer program scheduled to run prior to the Olympic games. This online resource will profile our region’s scenic splendor and strong business environment to a worldwide audience.
As the economic development agency for the region, the Greater Victoria Development Agency is different than many other jurisdictions in the way the GVDA operates. The agency is very fortunate to have a board which is comprised of members from the major industries and stakeholders in the Greater Victoria region.
“We have been able to access tremendous new opportunities for our company through working with the GVDA. The agency has not only introduced us to new potential customers in China, but has also helped us identify new sources of capital to help expand our business right here in Victoria.”
This model allows the GVDA to receive guidance and priorities from those organizations that are building our economy, and creates new opportunities for collaboration amongst our different industry sectors. The regional mission to San Francisco in 2008 is an excellent example of broad based collaboration between GVDA partners to help support and encourage this vital new link for our local economy. In addition to the GVDA’s regional efforts, the agency has also played a leadership role in addressing issues that effect our region and the rest of Vancouver Island. The GVDA chaired the first Vancouver Island Workforce Summit to address key labour market issues or our region and the Island.
The Summit brought together over 100 stakeholders from industry, government, academia and the not-for-profit sector to identify new opportunities for workforce development and key priorities for creating household sustaining jobs in the future. Sasha Angus, the GVDA’s economic development officer, also co-chaired the Vancouver Island Economic Alliance’s (VIEA) Island Summit, bringing our region’s issues and opportunities to over 500 attendees. Furthermore, the GVDA will Chair VIEA in 2009, and has secured Greater Victoria as the host region for the Vancouver Island Economic Summit in 2009. The summit will take place at the Victoria Conference Centre November 24th and 25th, 2009.
The GVDA’s Economic Development Officer, Sasha Angus, delivered the annual “State of the Island” address at the 2008 Vancouver Island Economic Summit.
James Humphreys, Chemist and Owner Salon Label Inc.
Bruce Carter
Alan Cahoon
Eric Donald
Robert Gialloreto
Dan Gunn
Naomi Hamilton
Valerie Kuehne
Paul McGeachie
David Nicholson
Richard Paquette
Paul Servos
Roger Skillings
Christine Stoneman
Glenn Terrell
Bill Valentine
Mike Weston
CEO Greater Victoria Chamber
Executive Director VIATeC
Vice President Queensbury Securities Inc.
Principal Chemistry Consulting
President Royal Roads University
Director Sierra Systems Group
CEO Victoria Airport Authority
Executive Officer Victoria Real Estate Board
Vice President Transpacific Management
Vice President University of Victoria
CEO Victoria Harbour Authority
Downtown Victoria Business Association
CEO Tourism Victoria
Vice President Camosun College
CEO Pacific Instit. Sport Excellence
CEO Cube Global Storage
Greater Victoria Development Agency 2008 Regional Funding Partners