Powell River Regional Economic Development Society
Projects:
- Business Retention & Expansion
- Distribution Centre Business Case
- Retirement Market Growth
- Expansion of Food Production Industry
- Site Selection / Community Profile
- Investment Attraction Activities
Projects/Strategic Priorities 2011
Business Retention and Expansion
For the past number of years organizations concerned with the development of business and employment in the Powell River region have been without a solid source of information on the health of companies in the region. Often analysis of the local business climate is based on Census Stats (which are usually dated or too general) or anecdotal information. Another common occurrence is that local agencies find themselves in the position that they have to ‘react’ to obstacles that will affect business and employment levels, rather than being ‘proactive’ and dealing with issues before they arise.
In answer to these issues, the Powell River Regional Economic Development Society is proposing to partner with Powell River Community Futures and the Powell River Chamber of Commerce to launch a Business Retention and Expansion program (BR&E). Under the BR&E program, a survey will be developed by the three agencies and human resources will be put in place to interview approximately 450 businesses in the region. In collecting data from businesses, there will then be comprehensive information on exactly what obstacles businesses are experiencing; levels of employment; and what gaps are in the marketplace. In creating this information database, it is hoped the following goals will be realized:
- Development of programs to strengthen existing businesses (e.g. Labour, cost efficiencies, financing, etc…)
- Maintain and increase regional employment levels
- Identify opportunities for new business development
It is important to note that the information database will be kept extremely confidential and will only be used as analysis tool by the three agencies to develop programs and projects to aid business or target sectors for investment.
Resources needed:
Thanks to funding from the BC Government and BC Hydro, the Economic Development Association of British Columbia (EDABC) has secured the provincial license for ‘Executive Pulse’. Executive Pulse has become the premiere BR&E software in North America for tracking business activity at a local, provincial/state level. As a result of the funding provided by the BC Government and BC Hydro, EDABC is able to offer the software to Powell River at a much reduced cost, which PRREDS has budgeted to acquire.
- Executive Pulse B.R.E. tracking software: $2200 + HST
- Human Resources (1 to 2 temporary staff positions) to perform the tasks of collecting data and inputting it: Approximately $30,000
Distribution Centre Business Case
After conversations with port officials and site selection specialists, PRREDS believes there is good potential to develop port and distribution centre facilities in the region. Texada Island in particular has very good potential for this type of development due to its excellent deep water capacity and affordable lands. In light of this information, PRREDS is proposing to gather the appropriate information to develop a business case/prospectus that can be marketed to west coast ports and operators as an investment opportunity.
Preliminary Investigation of this opportunity reveals:
- With the exception of Prince Rupert, West Coast ports are reaching a point where further expansion will be almost impossible
- Lands currently being used for the storage and distribution of product into the North American marketplace are often worth more for other development opportunities and are believed to be cost prohibitive for operators
- The Powell River region (including Texada) is close to international shipping lanes and west coast ports such as Vancouver and Seattle.
Resources needed:
- The hiring of a transportation specialist to research and formulate the business case for development of deep water port and distribution centre facilities: Approximately $40 to $50,000.
Retirement Market Growth (Population)
Powell River’s population has remained relatively static over the last 10 to 15 years due to the migration of retirees to the region, thereby replacing younger people that have moved on to other opportunities. The migration of retirees to the region helps to foster the construction of new residential developments as well provides opportunities for commercial growth in Powell River’s service sector. The PRREDS board believes that marketing activities should have an increased focus on attracting retirees to settle in the region. As a result, the society will develop a specific marketing campaign that increases Powell River’s exposure in this sector to spur population growth and hopefully increase housing starts and the growth of commercial services.
Resources needed:
- Development of marketing strategy and collateral materials: $10 to 15,000
Expansion of Food Production Industry
In partnership with the Powell River Regional District and the Powell River Farmers Institute, PRREDS produced an ‘Economic Plan for Agriculture’ which was released in late 2009. In 2010, the Regional District and PRREDS partnered to produce an Agricultural Guide for the region that was distributed in the summer by Southcott Communications. The guide was one of the action items that flowed out of the Agriculture Plan. It received a very positive response and will be produced on annual basis going forward. Another action item that flowed out of the Agriculture Plan was the development of a Land Leasing program, which PRREDS has been working on with a private sector property management company.
Work still needs to be done to implement the action items identified in the Economic Plan for Agriculture and to accomplish this goal PRREDS and the Farmers Institute will be holding strategic planning sessions in January 2011. The following is a list of the action items that will be discussed:
- Improve on the current soil mapping for the region
- Increase capacity and improve the economies of scale of agriculture in the Regional District
- Improve the use of existing farmland through land improvements and more intensive land use practices
- Access more land and improve availability of land leases
- Encourage new farmers, especially young farmers
- Improve training and access to information for farmers
- Help farmers access information and resources related to all aspects of management and production
- Strengthen communications within and outside the farming community
- Improve food self-sufficiency, marketing and distribution
- Determine a realistic and sustainable self-sufficiency goal and work towards it
- Improve market access for local farms of all scales
- Reduce reliability on imported inputs
Resources needed:
- Will not be known until planning sessions are completed.
Site Selection/Community Profile
In 2009 PRREDS produced a new Site Selection/Community Profile. The profile is an excellent compendium of information and statistics on the region that is used by companies and people as an investment tool. PRREDS has recently the work of updating the information provided in the profile and will be expanding sections on the Regional District that weren’t included in the first edition. The new 2011profile available here: Powell River Site Selection Profile pdf .
Resources needed:
- EDCD Consulting who did the work on the first edition of the profile has been contracted to do the update: Approximately $5000 + HST
Investment Attraction Activities
PRREDS has approximately 50 open files on parties that are interested in investing in Powell River and a further 350 contacts that are frequently sent information on investment opportunities in the region. The organization’s marketing activities generally involve direct contact with companies and individuals that have been targeted through research, but marketing programs also include inbound and outbound events arranged through membership in LinxBC. LinxBC is a provincial marketing program whose membership is composed of 14 rural BC communities. The communities identify marketing activities that they have a shared interest in, and pool their dollars in order to reduce costs. In the past year, the LinxBC team has attended 4 trade shows and hosted 3 inbound events as well as produced the periodical ‘Invest in BC’ with Business in Vancouver magazine. PRREDS has been pleased with the results generated through the program and will continue its membership in 2011. The work plan for LinxBC is currently being finalized, but the current objective is to organize inbound events with companies involved in the Green Economy, Advanced Manufacturing, Tourism Infrastructure, and Transportation and Logistics.
Resources needed:
- PRREDS has an established marketing and travel budget of $22,000 for 2011. Its membership in LinxBC is $3500 + HST.