Coquitlam is posting a rosy outlook for 2012 after a year of record-setting construction in 2011.
The BC Economic Forecast Council is predicting a moderate 2.2% growth for the province spurred by a strong export market, healthy international investment and increasing immigration numbers and Coquitlam is well poised to benefit from these trends, according to David Munro, economic development manager for the city.
In a report to council, Munro predicted a strong industrial market, a stable retail and office market and a robust housing market.
Economic growth in Coquitlam for 2012 is being measured against 2011, which was a banner year for construction. Permit values totaled $394 million, a record setting number for the city, with commercial, institutional and industrial development leading the way.
Building permit values for residential construction were 37% higher than 2010 and commercial, institutional and industrial development outperformed 2010 by 113%, according to the report.
In comparison, Metro Vancouver saw a 1% increase overall with a 7% increase in the commercial and other construction category, the report notes.
Among the commercial highlights include components of the Grand Central Phase 2 and Oasis projects in City Centre and a new White Spot Triple O, Drive-thru on United Boulevard next to Home Depot.
In the leasing market, notable transitions included the renewal of a lease for Rolls Royce Canada Ltd. on North Bend off United Boulevard, as well as Ten Peaks Coffee Co. and Eco Fab leases. In the retail sector, large leasing transactions included Hanin Mall on North Road and Eagle Ridge Place on Barnet Highway.
Meanwhile, the total number of business licenses increased from 5,488 in 2010 to 5,639 in 2011.
Munro expects competitive housing costs combined with proximity to Vancouver, quality of life, diversity and infrastructure improvements, such as the Evergreen Line and the Port Mann Highway 1 project will drive investment and economic growth for the coming year.
In his report, he cites research that suggests 40% to 90% of new jobs are created by existing businesses with in a community.
To boost investment, Coquitlam has launched the business retention and expansion (BRE) program to establish key relationships with existing business contacts, conduct research on the local business environment, and increase the exposure of the city as a place for job creation and community investment.
To promote the benefits of locating and or investing in the city, Munro has developed a presentation for potential investors, which has been shown to the Netherlands Consulate, Cushman & Wakefield, the Tri-Cities Chamber of Commerce and others.
The city's new website will also provide information regarding investment and tourism, the report notes.
