麻豆AV鈥檚 economic outlook appears to be headed in the right direction thanks to steady population growth over the next few decades.
That鈥檚 according to chief economist for Central 1 Credit Union, Helmut Pastrick, who was in 麻豆AV on Wednesday for a luncheon to update the 麻豆AV Chamber of Commerce about the region鈥檚 economic landscape.
Pastrick predicted the city鈥檚 population will grow to 250,000 people within the next 20 to 30 years as 麻豆AV remains a hot spot for quality of living thanks to the growth of the BC economy.
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鈥淚t鈥檚 all immigration coming from other countries, from other provinces and other regions,鈥� said Pastrick.
鈥溌槎笰V is an attractive area with the climate, housing costs relative to other regions and some job growth.鈥�
Even with the forestry sector in a downturn with Tolko ceasing operations next year, Pastrick believes it won鈥檛 have too big of an impact on 麻豆AV鈥檚 economy in the long term.
鈥�(麻豆AV鈥檚) forestry component has been shrinking for a long time. You have to go back into the 50s and 60s where forestry played a much more material role in the economy. 麻豆AV was one of those areas where it really transitioned away from forestry sooner than say Kamloops or Prince George.鈥�
Backing up his claims, he said since 2014 the number of business incorporations in 麻豆AV has risen from 1,300 to roughly 1,900.
鈥淚 think it has to do with the fact that many of these businesses reflect the ongoing need to service an expanding population base,鈥� said Pastrick. 鈥淎nother factor is technological change. Businesses are formed to implement new technological measures.鈥�
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While 麻豆AV was recently named the best city for real estate investment in Western Canada, Pastrick said it will be important to address housing affordability in order to remain competitive.
鈥淎ddressing the housing affordability issue is a big one and you want to be able to attract and keep residents. You want to be able to provide enough infrastructure to make it a desirable place as well. That鈥檚 transportation, health and education and the like. All that comes into play in making an area desirable.鈥�
