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Invest New West Invest New West Economic Snapshot 2016 Significant investment over the last decade, including new commercial and public spaces, has provided some of the most affordable office and retail space west of the Fraser River. Ranked a top 10 “Best Cities for Work in BC” and #3 “Top Place to Start-up a Small Business in Metro Vancouver”, New Westminster is a city of opportunity. NEW WESTMINSTER VS. METRO VANCOUVER Business Growth TOTAL BUSINESS LICENSES ISSUED 1.4 The number of business licenses in New Westminster has Metro Vancouver grown 36% over the last decade (2005–2015), double the rate 1.2 New Westminster of the Metro Vancouver region. 1.0 Source: Metro Vancouver 2005 2008 2015 Population Age Demographics RESIDENTS BY AGE GROUP 2015 With a population of more than 70,000 (2015), New Westminster’s 60–90+ 14,547 largest age demographic is the 30–44 year range. While many Metro Vancouver cities are experiencing a decrease in their younger populations, New Westminster is experiencing 45–59 16,761 consistent growth, particularly in the 15–29 age group. Overall, nearly 70% of New Westminster’s population is of working 30–44 16,850 age which is a positive sign for the future of our local economy. 15–29 15,009 Source: Metro Vancouver 0–14 8,498 Housing Housing Prices BENCHMARK HOUSING PRICES DECEMBER 2015 New Westminster boasts affordability in all housing types according to the Real Estate Board of Greater Vancouver December 2015 $869,100 benchmark prices (benchmarks represent a typical property Detached Homes within each market). $1,248,600 Benchmark housing prices in New Westminster range from $444,800 18% less for townhouses, 29% less for apartments and 30% Townhouses less for detached homes when compared to the Greater $543,700 Vancouver benchmark prices. $310,600 Source: Real Estate Board of Greater Vancouver Home Price Index Apartments New Westminster $436,200 Greater Vancouver Development Building Permit Values NEW WESTMINSTER TOTAL BUILDING PERMITS ($ 000) New Westminster is experiencing incredible development and 252,648 249,036 redevelopment that is transforming the city. At just under 16 sq. 233,014 km, the city is making the most of its compact size, which is 205,764 198,466 reflected in the 58% increase in building permit values over 186,485 the last ten years — a growth rate 2% higher than that of the 157,659 Greater Vancouver Regional District (56%). 143,966 147,981 Source: Metro Vancouver 108,165 91,150 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 With our central location, affordability, easy access to rapid New Westminster Economic Development Office transit, and a projected growth rate set to outpace that of Metro 511 Royal Avenue, New Westminster, BC V3L 1H9 Vancouver over the next two decades, New West is on the path to a T 604 527 4536 successful future. Be a part of it. E [email protected] @investnewwest1 Invest in New West. www.investnewwest.ca.
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