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Okanagan Valley ECONOMIC PROFILE 2015

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Okanagan Valley ECONOMIC PROFILE 2015 Okanagan Valley ECONOMIC PROFILE 2015 Disclaimer Notice Information contained within this publication has been compiled by Redthirteen Communications and the Okanagan Valley Economic Development Society from sources deemed reliable, and while every effort has been made to ensure the accuracy of the information provided, it is not guaranteed. Readers should be aware that any information stated herein might change at any time and without notice. This publication is intended as an information source and does not imply endorsement of any service, association or organization herein. This Okanagan Valley Economic Profile has been compiled using the most up to date statistics and information available. BC Stats and Statistics Canada are key sources of information used in its compilation, including detailed Regional Statistical Profiles based on Census 2011 and earlier information. This publication is not inclusive of all data available at the offices of OVEDS. If you have any questions or comments about the information in this document please contact our office at (250) 469-6280, toll free (877) 332-2673, or by e-mail at [email protected]. Website: InvestKelowna.com Copyright 2015 By the Okanagan Valley Economic Development Society. All rights reserved, including the right of reproduction in whole, in part, or in any form. Art on front cover by Johann Wessels. Contact Us Kelowna Penticton Website: InvestKelowna.ca Website: Penticton.ca Phone: 250-469-6280 Toll Free: (877) 332-2673 Phone: 250-490-2400 Business Development: Corie Griffiths Economic Development: Colleen Pennington Vernon Okanagan Falls Website: InvestVernon.ca Website: OKFalls.ca Phone: 250-550-3249 Phone: 778-515-5520 Economic Development & Tourism: Kevin Poole Economic Development: John Powell West Kelowna Osoyoos Website: DistrictOfWestKelowna.ca Website: DestinationOsoyoos.com Phone: 778-797-2215 Phone: 250-495-5070 ext 203 Business Development: John Perrott Destination Osoyoos: Gail Scott Westbank First Nation Lake Country Website: WFN.ca Website: Okanaganway.ca Phone: 250-769-4999 Phone: 250-766-5650 ext 227 Economic Development & Communications: Mandi Carroll Community Development: Jamie McEwan About the Okanagan Valley Economic Development Society The Okanagan Valley Economic Development Society (OVEDS) is the Okanagan Valley’s association of economic development practitioners dedicated to providing activities, profile and a forum for its members and their collective economic development goals. Registered as a not-for-profit society since 2005 OVEDS’ facilitates activities aimed at regional investment attraction goals. For a list of OVEDS members and contact information, Please visit www.investokanagan.com About this document: The Okanagan Valley Economic Profile is available online through the OVEDS website at InvestOkanagan.com The Economic Profile was compiled in 2013 and updated in 2014 using the most up to date information and statistics available. The document is considered a ‘living’ document and updated regularly. For questions, please contact any of the communities located within the www.investokanagan.com website. In addition BC Stats and Statistics Canada are major sources of information for the document. However, because these statistics are updated throughout the year, the reader may want to compare the statistics herein with the actual federal and provincial sources: Statistics Canada: www.statcan.gc.ca BC Stats: www.bcstats.gov.bc.ca Throughout the profile, we have also included links to other websites for additional information. OVEDS © 2015 Okanagan Valley Economic Development Society – Okanagan Valley Economic Profile Page:1 Contents Introduction to the Okanagan Valley .......................................... 3 BC Job growth forecast by Sector ......................................... 75 Regional District of the Central Okanagan ............................... 3 Workforce Development Programs ....................................... 76 Regional District of the North Okanagan ................................. 4 Education............................................................................... 78 Regional District of Okanagan-Similkameen ............................. 4 Educational attainment ........................................................ 78 Communities in the Okanagan ................................................... 6 Schools and School Districts ................................................. 79 City of Kelowna ..................................................................... 6 Universities ......................................................................... 85 City of Vernon ....................................................................... 6 Colleges .............................................................................. 86 City of Penticton .................................................................... 7 Private Institutions .............................................................. 87 West Kelowna District Municipality .......................................... 7 Income - Personal, Household and Family ................................ 90 Westbank First Nation ............................................................ 8 Average Income and Median Income .................................... 91 District of Lake Country ......................................................... 9 Income Composition ............................................................ 94 Okanagan Falls ...................................................................... 9 Economic Dependency ......................................................... 95 District of Peachland ............................................................ 10 Dwellings, Household Characteristics, Shelter Costs ............... 96 Okanagan Valley Quick Facts................................................ 11 Housing & Housing Characteristics .......................................... 97 Reference Maps and 2011 Census Geography ....................... 11 Dwelling Counts .................................................................. 97 Population .............................................................................. 12 New Home Starts ................................................................ 97 Definitions .......................................................................... 12 Buyer Profile and Behaviour ................................................. 98 Population Distribution ......................................................... 12 Median Prices ...................................................................... 99 Population Distribution by Community .................................. 12 Average Prices .................................................................. 100 Regional Migration Growth Components - Historical ............... 15 Absorption rates ................................................................ 102 Regional Growth Components - Projected ............................. 16 Resale Market ................................................................... 102 Components of Population increase ...................................... 17 Average Rents ................................................................... 103 Forecast Population Growth ................................................. 18 Household Characteristics .................................................. 105 Population Demographics ..................................................... 19 Government & Taxation ........................................................ 105 Economy, Business & Key Sectors ........................................... 25 Local Government ............................................................. 106 Economic Sectors ................................................................ 25 Taxation ........................................................................... 107 Trading Area ....................................................................... 26 Marginal Tax Rates for personal income .............................. 107 Business Licences ................................................................ 27 Effective Tax Rates for personal income.............................. 108 Mobile Business Licenses ..................................................... 28 Infrastructure ....................................................................... 113 Commercial & Industrial Real estate ..................................... 29 Health .............................................................................. 113 Tourism .............................................................................. 33 Transportation .................................................................. 114 Agriculture .......................................................................... 39 Freight .............................................................................. 114 Manufacturing ..................................................................... 47 Air .................................................................................... 115 Technology ......................................................................... 54 Road ................................................................................ 119 Retail Trade ........................................................................ 58 Utilities ............................................................................. 123 Infrastructure ........................................................................
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