Economic development

We will support economic development through the efforts of the Central Okanagan Economic Development Commission, municipalities, syilx / Okanagan people and others aimed at building the regional economy.

The Central Okanagan Economic Development Commission (COEDC) works in partnership to facilitate and encourage development of a healthy and dynamic, sustainable economy by supporting existing businesses and encouraging appropriate new business investment across the region.

The Moving Forward to 2025 strategy identifies priorities and recommended tactics for the Commission to foster growth and sustainability in the economy up to 2025. The Strategic Plan identifies four strategic pillars:

• Building Business

• Fostering a Vibrant Workforce

• Growing Sustainably

• Competing Globally

Advisory Committee

The COEDC utilizes the expertise of a 45+ member advisory body representing local government, partner organizations and industry leaders from a cross section of business sectors. This direct connection provides a valuable link between the business community and the organization or industry sector they represent.

The advisory body give the Commission unique insight into current economic issues and trends within the community, aiding in the development of programs and initiatives that are tailored to meet the needs of the local business community.

Made up of influential industry leaders, community shapers and elected officials, the committee meets monthly to share information and work together towards sustainable economic growth.

In 2022, the committee met to discuss a variety of topics including:

• The Central Okanagan’s regional housing strategy

• The Commission’s Okanagan Cleantech Study

• The importance of justice, equity, diversity and inclusion in workforce development

The importance of the Advisory Committee can’t be understated as its diversity ensures that the Commission continues to meet and stay ahead of the needs of the regional economy.

OKGO marketing expands

An important marketing partnership between the COEDC, Tourism Kelowna and Accelerate Okanagan expanded in 2022.

The OKGo Sector Marketing campaign was developed as a collaborative effort in 2021, to share the stories of innovators and entrepreneurs in key business sectors, positioning the region for future economic prosperity.

Each organization leveraged their shared audiences with mutual messaging for the common goal of long-term economic recovery from the global pandemic, by promoting the region as a knowledge centre and as a leader in several key areas important to our economy:

• Agriculture • Viticulture

• Manufacturing • Aerospace

• Digital Tech

The goal of this initiative: to attract business events and conferences, entrepreneurs, talent and business investment to the region. The campaign shares the region’s value proposition through stories of entrepreneurship and innovation.

In 2022, the OKGo partnership launched a second round of stories, with print magazine, website, video and digital assets. By the end of the year, the OKGo campaign accumulated the following analytics:

Impressions 1,067,084

Page Views 23,874

Website Views 9,225

539K 81% completion rate

In addition to these impressive numbers, the OKGo partnership rolled out in-person qualitative initiatives including:

• 1000 issues of the second volume of the OKGo magazine printed and circulated to targeted stakeholders.

• 4 Economic Sector Strategy Familiarization Tours to regional stakeholders highlighting Agriculture, Aerospace, Digital Tech, Advanced Manufacturing and Viticulture in the Central Okanagan.

• Representation at several conferences including the 2022 Collision Conference, Lyft Expo, Advancing Women in Agriculture and BC Cannabis Summit.

Throughout the year the COEDC and its OKGo partners, worked on the third phase of the campaign, a six video storytelling mini-series. This collection of short videos, filmed throughout 2022, communicates the Central Okanagan’s unique value proposition through ambassadors in the five key sectors. These new videos were released in January 2023.

Indicator highlights

As the Central Okanagan continues to be one of the fastest growing regions in Canada, the demand for accurate, up to date regional economic climate data has grown. The COEDC collects and shares this valuable information with the community, including quarterly economic indicator reports and twice annual job market indicator reports. The job market reports use data gathered twice a year from job postings in the region to provide insights on job supply and demand by community, occupation and industry.

In 2022 these indicators showed:

• The Central Okanagan grew 2.8 % from 2021 to 2022, and 14% from 2016 to 2021 – the highest growth rate of any metropolitan area in Canada outpacing both the Provincial and National rates.

• The region’s labour force remained relatively steady with a slight decrease of 0.4% in 2022, finishing the year with a 4.0% unemployment rate in December 2022 and an average unemployment rate of 5.0%.

• Job postings rose 34.3% in 2022 over 2021, reflecting the growing economy and increased demand for workers.

• The largest increase in job postings by occupation was in Management (50.8%), followed by Trades, Transport & Equipment Operators (49.4%), and Sales & Services (48.1&).

• By industry, Accommodation & Food Services saw the largest postings increase (100.5%), followed by Retail Trade (77.4%) and Finance & Insurance (66.5%).

• Job seekers – individuals who created a profile in job portals – increased by 23.6%.

• The largest jump in job seekers by occupation was in Business, Finance & Administration (33.5%), followed by Education, Law & Social, Community and Government Services (30.5%) and Management (26.1%).

• By industry, the largest rise in job seekers was in Health Care & Social Assistance (48.0%), followed by Retail Trade (28.8%) and Educational Services (28.5%).

• The region saw an increase of 2.2% in business licenses (15,767 in total) for 2022, with Peachland (15%) leading the way.

• Housing starts data increased 3.6% with multifamily units continuing to lead the way.

• The median price for a newly constructed single/ semi-detached home was $1,350,000, up 31.7% compared to 2021.

Business licenses

16,054 issued in 2022

Activity overview

As the region’s primary business resource, the COEDC is the first point of contact for new and existing businesses in the region. The Commission acts as a connector, linking businesses in the region to government services, community and post-secondary partners, as well as facilitating strategic Business to Business connections throughout the region. COEDC staff and contractors provide direct, hands-on expertise to local businesses and organizations in a variety of areas including economic analysis, agricultural support and start up guidance, as well as offering a wealth of resources and economic climate information.

2022 activities included:

Site visitation - 116 in-depth, one on one site visits were made to businesses in 2022. Site visits were conducted in two streams:

• Highly Impacted Sector Support focused on those businesses most impacted by the pandemic including personal services, food and beverage, tourism, arts and culture, and retail.

• Sectors In Focus concentrated on the five sectors identified in the Moving Forward to 2025 strategic plan – aerospace and manufacturing, agriculture and viticulture, information communication technology, and animation, film and digital media.

Economic Climate Presentations – Staff delivered 35 presentations to local organizations regarding the present economic conditions in the Central Okanagan.

Cleantech Study – In 2022 the Commission led a study on the Cleantech sector in the region. It provided an increased understanding of the Central Okanagan’s clean technology sector’s strengths. It also identified strategies and tactics to target in 2023 to drive growth and attract new direct investment in the sector.

New website launch – The investkelowna.com website was updated in 2022 to showcase the region’s economic innovation, highlight sector achievements, and enhance public accessibility to resources and data. Funded in part by Global Affairs Canada, the new site offers users easy access to information and rich visuals while showcasing the region’s economic vitality and competitive advantage.

Census release – Throughout 2022, Statistics Canada published multiple data sets from the 2021 Census. With each release, the Commission team delved into the numbers and shared highlights and takeaways from a regional perspective. All are available on the on the investkelowna.com resources page.

116,000 in-depth, one on one site visits were made to businesses in 2022