Central Okanagan, the shining star of British Columbia

The Central Okanagan is one the fastest growing regions in Canada and the Central Okanagan Economic Development Commission (COEDC) has the numbers to prove it.

According to the COEDC's first Quarterly Economic Indicators Report for 2017, the Central Okanagan is the fastest growing region in B.C. and one of the fastest in Canada, with a population growth of 8.4% from 2011 to 2016.

The Central Okanagan is now also considered one of the top entrepreneurial regions in Canada, with business licenses on the rise, an increased number of people in the labor force and declining unemployment rates.

Here are some other notable economic indicators from the report that reveal the extent of the ongoing growth in Kelowna:

• Average Household Income has increased 2.1% from 2016. This follows the 2013-2014 year, where Kelowna saw the largest gains in median household income in Canada.
• Housing starts are on the rise. Compared to the first quarter of 2016, housing starts have increased 27% from 565 to 775 during the same time frame in 2017.
• Residential building permit values rose 84.5% from Jan-Feb 2016 to Jan-Feb 2017.
• The Kelowna International Airport (YLW) is serving more passengers than ever. During the first quarter of 2017, YLW served 498,449 passengers compared to 445,546 passengers during the same time frame in 2016. As well, YLW has broken passenger traffic records for the last 12 consecutive months in a row.

Ultimately, the economic indicators all point to one fact: The Central Okanagan is currently experiencing a period of rapid growth.

The COEDC is the region’s primary business resource and all data distributed in the report are reproduced from BC Stats, Statistics Canada, CMHC, YLW, RDCO local governments.