Powell River’s economy is diversifying. Millions of dollars in real estate development, industry and business investment are changing the city. And, dare we say, giving us confidence, even optimism about the future.
The recent deal between City of Powell River and Gaoshi Holdings (Canada) for an airport aviation centre is evidence of that.
The $600,000 99-year lease, with an acceptable tax revitalization structure, will clear the way for construction of a facility that will create jobs and the gift of a new terminal for the city.
Pacific Coastal Airlines president Quentin Smith, who is bullish about Powell River, said other communities want an aviation industry and are falling over each other for the kind of investment and opportunity we’ve attracted.
The Santé Veritas Therapeutics upgrade of its facility in Townsite is worth $8.5 million.
Tourism has been exploding like popcorn.
Then there’s real estate development. Housing starts are a key economic indicator and millions of dollars in construction is happening. Millions more is being spent on renovating current real estate. If you build it, they will come, and they’re coming.
Jobs are being created. The unemployment rate, according to the 2016 census report, was 7.8 per cent. That was before Santé Veritas arrived, before tourism took off and the housing market started to get hot.
These are real economic indicators that support optimism. People gravitate to a community that is confident. They’re moving here, and why wouldn’t they?
The lifestyle, low crime rate, excellent education and demand for skilled tradespeople and professions are all attractions to new residents. If they aren’t coming for a job, they’re bringing it with them or creating one.
We’re no longer just a single industry mill town. Reeling under punishing tariffs imposed by the protectionist policies and petulance of United States president Donald Trump, paper continues to roll out of the mill. Catalyst Paper Corporation pumps $125 million into the economy and if it fails, which many believe is imminent, the result would be disastrous. But the mill isn’t dead yet.
While it struggles to survive, our economy has been given valuable time that it’s using to full advantage.
Powell River isn’t perfect.
Sadly, there are complex social issues. Affordable housing is in crisis and health care is stretched beyond its limits to provide. The problems pile on.
Financial and social prosperity are the underpinnings of a solid economy. They are intertwined and a truly healthy society does not overlook social programs.
