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A business forum held Thursday heard the City of Penticton has enjoyed significant economic development and growth over the past decade, despite the challenges presented by a continued lack of affordabe housing.
Anthony Haddad, director of development Services with the City of Penticton and Jennifer Vincent, economic development specialist, were guest speakers at the first FutureBiz Penticton Economic Outlook Forum.
A group of 175 business owners and community leaders from across the Okanagan and other parts of British Columbia gathered at the Penticton Lakeside Resort and Convention Centre for the inaugural conference.
During a presentation called Local Development and Business Highlights Panel, Haddad and Vincent discussed projects and programs that have been successfully adopted to improve Penticton’s economy over the past few years.
Vincent said Penticton has evolved significantly from an economy based largely on agriculture and tourism for decades.
This has changed significantly in the past several years as Penticton’s economy is “more than just lying on beaches and eating peaches.”
Penticton has become a central point for competitive sporting events, outdoor adventure, culinary and beverage experiences and custom manufacturing.
“This has created a unique character in Penticton,” she said. “Now with a diverse and growing economy, we are seeing the lowest rates of commercial vacancy on the first floor of our downtown in years. Development in the public and private sector is occurring everywhere and businesses seem to be feeling optimistic.”
The days of “smokestack chasing” to land a major employer have long passed, she said.
“It has been shown that a singular approach like this produces less than optimum results,” she said.
Penticton has become the “business hub” for the entire South Okanagan and Similkameen region, serving the business needs to more than 150,000 residents, she said.
There are close to 300 local companies that are selling goods and services around the world and 96% of local businesses are projecting an increase in sales in the coming year, she said.
Another 55% were projecting expansion in the immediate future and another 43% were actively hiring, she said.
There are challenges and 21% of local businesses had concerns about being relocated or having to leave Penticton, she said.
Surveys by business owners indicated once again that the lack of affordable housing presents the “greatest holdback to Penticton as a community and to their business.”
Vincent praised the Start Here Okanagan website, which has allowed hundreds of employers and those looking for work to post jobs free of charge.
Haddad agreed there has been significant economic activity and growth in Penticton and the entire Okanagan Valley over the past decade, said Haddad.
“It has been a pretty special time,” he said.
The Cascadia Innovation Conference was designed to discuss partnerships between businesses, companies and universities in Washington State and across B.C., he said.
University of British Columbia and Okanagan College have partnered to provide programs that will allow businesses and companies access to talent to fill jobs across the region, he said.
Accelerate Okanagan is also doing good work providing mentorship and information to new business owners, with many local companies in Penticton working in tandem with this organization, he said.
“It’s obviously a fantastic time to be in the Okanagan,” he said. “We have such a variety of activities that are going on right now that are starting to take shape.
“We’re certainly fortunate to have a wide range of industries and innovations in our community. Entrepreneurial attitudes and interest certainly hold us in good stead for the future.”
The City of Penticton has a small, but committed economic development team that is working with Council to “move our City forward.”
His department in development services was tasked with increasing economic development opportunities in late 2017 and there have been some significant progress in the past year, he said.
While affordable housing remains a concern, there has been rapid growth in housing construction over the past four or five years in Penticton, he said.
“Our housing stock has seen a significant increase with the addition of over 700 residential units over the last four or five years,” he said.
This includes traditional single-family homes and many innovative multi-unit projects, he said.
“Our new subdivisions look to provide a range of housing types … to provide options for people looking to locate and invest in our community,” said Haddad. “We know it’s certainly not enough and we need to continue to work to look at opportunities with our partners, the development community and Council to improve the affordability in our City.”
With close to 20% of local residents living in or near downtown, great strides have been made to offer housing options downtown, he said.