Vision 2009 - Vision 2008 - Market Analysis Overview

There were many important issues discussed and analyzed including the economic forecast both globally and regionally, transportation needs, “Gateway” completion, employment and self employment opportunities and the connectivity and communication between the regions key business professionals and stakeholders.

In order to develop an accurate marketing plan we explored and analyzed the current business mix, growing and declining industry sectors, and the economic situation that faces both Maple Ridge and Pitt Meadows respectfully.

With close to 1000 Retail or store front type businesses, this sector is a key for local consumers/ residents and the B2B (business to business) community. Because of the “sprawl” of our region, distinct retail hubs have been developed, creating a loyal but small and in some areas a growing customer base. These centres or “economic hubs” are located on Harris / Lougheed (Meadow Vale), Meadowtown, the Lougheed corridor from 203rd to 207th, and the Maple Ridge downtown core.

Though we have a number of established franchises and anchor businesses in each hub, there is a relatively high turnover of failed small businesses, especially in older or underdeveloped centres.
                                               
Home-Based Businesses or Small Office Home Office (SOHO) make up a large and unexplored sector in the Maple Ridge and Pitt Meadows. These include hobby or product (craft) based ventures, a large and growing base of service providers like tradesmen, contractors, event planning, financial services, realty, and creative services. With the Home-Based Business Association now defunct, there is a huge support service void in the region.

Professional Services are vital and integral part of our communities. This group includes physicians, dentists, pharmacists, notaries, realtors, financial services (institutions) and law firms.

Construction and Natural Resource sectors employ thousands of local individuals. The recognition of the challenges facing the lumber industry is important, and some of the most important long term contributors are feeling the pinch. Lay-offs are a huge concern as 2008 draws to an end. Along with the transportation infrastructure construction, due to complete in 2009, residential and commercial development in Pitt Meadows is moving along near Ford / Harris Road, on Lougheed Highway and near the Fraser River and the Airport.

In Maple Ridge, new development including the new Gaming Centre, high density seniors homes, and the talk of towers have put new found optimism for the downtown core, while the new Translink BCIT partnership near the Golden Ears bridge base and the development of 256th corridor has renewed excite for more commercial investment.

Agriculture and Landscape Services has seen dramatic growth. From the millions of pounds in the berry crops to the increase in sales in landscape supplies, this sector continues to flourish though there are looming issues surrounding drainage and taxation in the Pitt Meadows area. In the Fraser Valley, agriculture represents a $1.8 billion dollar industry.

Tourism (Eco-Agri & Sport Tourism) is going to be a key sector in the coming years. Whether its golf, hiking, fishing, camping or sports tournaments, this industry attracts over 80,000 visitors and millions of dollars to the community and due to our beautiful yet strategic position, we have the ability of becoming the lower mainland’s playground for the outdoor enthusiast.
                       
Light Manufacturing / Industrial and Warehousing are two sectors quietly growing in areas like Hammond, Pitt Meadows, and in the future, at 256th in Maple Ridge and the Pitt Meadows Airport.

Education is a subtle yet important economic driver with the very highly recognizable Greybrook Academy and the world renowned Meadowridge School. These schools attract the who’s who in many important business sectors and create great high paying jobs.

Our region is an important strategic market for the province for numerous reasons. With the ongoing infrastructure construction of the Gateway Project, jobs are plentiful, new transportation routes are being developed and current routes are being expanded, bottlenecks for the trade of good and services are opening which is decreasing travel times and costs, and new commercial developments are being built while existing developments are being upgraded. For businesses, more development and access means more consumers / customers, more jobs, more business opportunities and start ups and increased revenues and growth and stability for existing businesses.

Whether it’s the 2006 Census, or Provincial assessments from the Ministry of Small Business, the prognosis for our community is one of diverse population growth, new infrastructure, an increase in employment opportunities which in turn will increase revenues.

This bodes well for business as it allows for fresh and innovative thinking and planning within business and government and it means that the community can financially support the growth in infrastructure and additional services. The hiring of new Economic Development Managers in both communities and a new Sports and Tourism Manager shows the importance of being proactive in establishing a strong economic plan for the region.