Archive for August, 2011

Invest Maple Ridge is the economic development office for the District of Maple Ridge. Our goal is growing the economy. We deliver a range of programs to attract new business and help existing businesses thrive. Priority investment attraction sectors include post secondary education, tourism, advanced technology and agriculture. By maintaining a tight focus on these sectors, we’re working on attracting commercial and industrial investment to diversity the tax base and create even more high value local jobs.

2011 is shaping up to be banner year for film production in Maple Ridge. During the first six months of the year, Maple Ridge hosted 110 film ‘shoot days’, and with an estimated $10,000 / shoot day of economic benefit to the community – that’s a whopping $1. 1 million dollar impact! Maple Ridge continues to build on its reputation as a ‘film-friendly’ community and despite the increase in the Canadian dollar, continues to attract more than our share of the action.

A key indicator of a community’s economic health is its construction / project development. Residential and commercial/industrial construction continues to rebound well from the 2008 recession. While our January to June 2011 numbers are lower than those of the same period last year, we anticipate an increase by year-end, with the Town Centre Incentives program already generating in excess of 90 new investments enquires.  Overall Maple Ridge housing prices remain strong with the June 2011 benchmark price pegged at $449,960 compared to that of Greater Vancouver at $901,680. Business licenses renewals jumped considerably year over year with non-resident commercial licenses leading at a 178% increase.

The BC economy is expected grow moderately over the 12 months according to B.C.’s independent Economic Forecast Council. On average, the council forecasts GDP growth at 2.7 per cent for 2011; the 2012 forecast is unchanged at 3.0 per cent; and their average annual forecast for 2013-2015 is 2.8 per cent growth.  

Maple Ridge population and jobs are forecast to double by 2040, with 50% of residential growth earmarked for our Town Centre. In the past two years the Town Centre grew by 1,200 despite the global economic downturn; so we’re well on our way. And with the Real Estate Investment Network naming us ‘2010 #5 Top Canadian Investment City’; and the launch of our Town Centre Investment Incentive – an innovative, aggressive 3 year program to accelerate development in our Town Centre – there’s never been a better time to invest.

At its July meeting the Maple Ridge Economic Advisory Commission hosted representatives from the Government of BC Ministry of Tourism, Jobs & Innovation and Tourism Vancouver Coast & Mountains. Their informative presentations about their mandate, goals and programs to grow the economy are available online at http://www.investmapleridge.ca/  One of the programs discussed was the BC Business Network – a virtual business club that helps create or build strategic business relationships. Businesses are encouraged to find out more and register their company at https://trade.britishcolumbia.ca/buy/bcbusinessnetwork/Pages/home.aspx .