Central Okanagan economic profile includes stories as well as statistics
At 57 pages, 2018 profile amounts to largest and most comprehensive ever
The superlatives come thick and fast when discussing the Central Okanagan 2018 economic profile.
The economy is firing on all cylinders. We’ve got it goin’ on. This place punches above its weight. We have the whole package. And it’s all here now.
“It’s true — Kelowna and area punches above its weight,” said David McDougall, chairman of the Central Okanagan Economic Development Commission’s advisory board.
“For a region with a relatively small population (200,000), we’re at a time and place where we really do have it all going on.”
The commission has put out economic profiles before, usually compiled statistics, facts and figures that paint a picture of the Central Okanagan having a vibrant economy and being a prime place to work, play, visit and invest.
However, the 57-page 2018 economic profile is the largest and most comprehensive ever.
“We’ve really incorporated storytelling into this profile,” said commission director Corie Griffiths.
“It’s unique in that it’s a mix of statistics and promotional information to profile the business community and the eight communities in the Central Okanagan (Kelowna, West Kelowna, Lake Country, Peachland, Central Okanagan East, Westbank First Nation, Central Okanagan West and Okanagan Indian Band).”
For instance, in the manufacturing/aerospace section, there are a bunch of facts and figures, such as there are 609 manufacturing firms in the region with 5,760 employees making everything from aircraft and truck parts and plastics to beverages and concrete products.
But, the section also profiles some interesting manufacturing companies to give the sector a face.
For example, 48-year-old KF Aerospace (formerly Kelowna Flightcraft) is the largest privatesector employer in the city with 800 workers doing aircraft maintenance and retrofitting, cargo handling and leasing.
By way of contrast, new manufacturer Vitalis Extraction Technology has 40 employees making the equipment that pulls oils from botanicals, a process that’s booming with the legalization of cannabis.
Manufacturing/aerospace is one of five sectors the profile spotlights as industries to watch.
The other four agriculture/wine, animation/film/digital media, health care and information/communications technology.
“What really strikes me is we have robust, traditional industries such as construction, tourism, agriculture and forestry,” said McDougall.
“But we also have growing new sectors like high technology and aerospace.”
McDougall also likes the way the economy is supported by strong local government, UBC Okanagan, Okanagan College, Kelowna International Airport, good highway transportation and industry groups.
Griffiths broadens that concept with the “whole package” analogy.
“Whatever your it is, it is here,” she said.
“The Central Okanagan has the economy and lifestyle for anyone to make a career and life here.”
The Central Okanagan’s largest economic sectors have traditionally been construction, retail and health care.
But a new industry of high technology is placed No. 4 in this profile and could soon become No. 1.
Tech has also attracted a burgeoning demographic of 25-to-34year-old workers.
Such millennials, and all other demographics, for that matter, like the fact Kelowna is a smaller city with all the amenities, plus cheaper housing and more readily available recreation than unaffordable Vancouver. are