2013 Economic Profile Okanagan Valley

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2013 Economic Profile Okanagan Valley 2013 Economic Profile Okanagan Valley © 2013 Okanagan Valley Economic Development Society 1450 K.L.O. Road, KELOWNA, BC, V1W 3Z4 www.investokanagan.com Disclaimer Notice: Statistics Canada: www.statcan.gc.ca Information contained within this publication has been compiled BC Stats: www.bcstats.gov.bc.ca by Redthirteen Communications and the Okanagan Valley Economic Development Society from sources deemed reliable, Throughout the profile, we have also included links to other and while every effort has been made to ensure the accuracy of websites for additional information. 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 info@investkelowna.com. Copyright 2013 By the Okanagan Valley Economic Development Society. All rights reserved, including the right of reproduction in whole, in part, or in any form. 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 Q4-2012 to Q1-2013 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: OVEDS © 2013 Okanagan Valley Economic Development Society – Okanagan Valley Economic Profile Page:1 TABLE OF CONTENTS Introduction to the Okanagan Valley .......................................... 3 BC Job growth forecast by Sector ......................................... 65 Regional District of the Central Okanagan ............................... 3 Workforce Development Programs ....................................... 66 Regional District of the North Okanagan ................................. 4 Education............................................................................... 68 Regional District of Okanagan-Similkameen ............................. 4 Educational attainment ........................................................ 68 Communities in the Okanagan ................................................... 5 Schools and School Districts ................................................. 69 City of Kelowna ..................................................................... 5 Universities ......................................................................... 75 City of Vernon ....................................................................... 6 Colleges .............................................................................. 76 City of Penticton .................................................................... 6 Private Institutions .............................................................. 77 West Kelowna District Municipality .......................................... 7 Housing & Housing Characteristics .......................................... 80 Westbank First Nation ............................................................ 7 Dwelling Counts .................................................................. 80 District of Lake Country ......................................................... 8 New Home Starts ................................................................ 80 Okanagan Falls ...................................................................... 9 Buyer Profile and Behaviour ................................................. 81 District of Peachland ............................................................ 10 Median Prices ...................................................................... 82 Okanagan Valley Quick Facts................................................ 11 Average Prices .................................................................... 83 Reference Maps and 2011 Census Geography ....................... 11 Absorption rates .................................................................. 85 Population .............................................................................. 12 Resale Market ..................................................................... 85 Definitions .......................................................................... 12 Average Rents ..................................................................... 86 Population Distribution ......................................................... 12 Household Characteristics .................................................... 89 Population Distribution by Community .................................. 12 Government & Taxation .......................................................... 90 Regional Migration Growth Components - Historical ............... 15 Local Government ............................................................... 90 Regional Growth Components - Projected ............................. 16 Taxation ............................................................................. 91 Components of Population increase ...................................... 17 Marginal Tax Rates for personal income ................................ 91 Forecast Population Growth ................................................. 18 Infrastructure ......................................................................... 97 Population Demographics ..................................................... 19 Health ................................................................................ 97 Economy, Business & Key Sectors ........................................... 25 Transportation .................................................................... 98 Economic Sectors ................................................................ 25 Freight ................................................................................ 98 Trading Area ....................................................................... 26 Air .................................................................................... 100 Business Licences ................................................................ 27 Road ................................................................................ 103 Mobile Business Licenses ..................................................... 28 Utilities ............................................................................. 106 Commercial & Industrial Real estate ..................................... 29 Life in the Okanagan Valley ................................................... 107 Tourism .............................................................................. 31 Location and Climate ......................................................... 107 Agriculture .......................................................................... 36 Recreation ........................................................................ 109 Manufacturing ..................................................................... 43 Cultural & Social Amenities ................................................ 121 Technology ......................................................................... 49 Retail Trade ........................................................................ 53 Infrastructure ......................................................................... 55 Health Care ......................................................................... 55 Projections for Sector Growth ............................................... 57 Labour Force .......................................................................... 58 Labour Force Data ............................................................... 60 OVEDS © 2013 Okanagan Valley Economic Development Society – Okanagan Valley Economic Profile Page:2 Introduction to the Okanagan Valley Winemaking is a rapidly growing activity in the Okanagan. British Columbians have long taken inordinate pride in their wines, even The Okanagan Valley is truly one of the most desirable places to when those mostly came from a few largish factories. Ever since live, work and play in British Columbia. It appeals to residents, the province authorized estate and smaller farm gate wineries,
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