Benchmarking Reports Released

Friday, November 07, 2008 01:54 PM

Prince George, BC The 16/97 Economic Alliance has partnered with Initiatives Prince George to release two reports designed to measure the northern region’s economic performance and provide a broad overview of the contribution of each industry to the northern regional economy.

The 2008 Regional Benchmarking Report is the third annual status report measuring performance in key economic indicators. The region of study included the census divisions of the Regional District of Bulkley-Nechako, Cariboo and Fraser-Fort George Using annual data up to 2007, performance indicators include population, job creation, business incorporation and changes in firms and employment by sector. Initiatives Prince George was contracted to conduct the research for the 16-97 Economic Alliance.

"This third annual Regional Benchmarking Report allows the 16/97 Alliance to chart progress and facilitate the will for action that will influence regional economic growth and diversification", said 16/97 Alliance Executive Director, Fraser Deacon. "We are pleased with the results of the benchmarking report that has shown an overall strengthening of the regional economy in the past few years."

Data indicate relative stability in the regional population in recent years, with international migration to the region increasing. Positive job creation, and employment and participation rates higher than those of the province, combined with increasing average income and a declining unemployment rate, illustrate the general strength of the regional economy through 2007. Growth rates for business incorporations and property values in the region have nearly kept pace with the provincial growth rates for these indicators, also demonstrating economic strength. A net gain of 3,800 jobs in the studied region since 2002; over 600 business incorporations in each of the last 3 years and over $1billion in building permits since 2002 are just some of the findings about the performance of northern regional economies.

The 2008 Regional Economic Structure by Industry Report, also released today, provides a detailed analysis of industry structure by employment and firms. This is an indicator of economic diversity achieved in the same study region over the past several years.

The report has a specific focus on industry clusters, which are geographic concentrations of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters of focus in the 16-97 Alliance region include Technology, Mining and Oil and Gas, Health Sciences, Wood Products Manufacturing, Transportation and Warehousing, Tourism and Logging. Explains Deacon, "this report provides the information we need to track trends over time so we can develop and implement cluster strategies and evaluate the effectiveness of these strategies."

The Regional Economic Structure by Industry report found there has been growth in employment in emerging clusters including the technology, mining, oil and gas, health sciences, transportation and warehousing. There has been a decline in the number of firms and employment in logging, tourism, and wood products manufacturing.

"This is a relatively short time period to measure progress in" stated Katherine Scouten, VP Economic Development with Initiatives Prince George. "but this provides a very positive sign that our regional economies are diversifying into new knowledge based sectors, with reduced reliance on logging and wood product manufacturing". She adds there is still much work to do, with a need for sustained competitive growth in emerging clusters and a need for better performance by the tourism cluster.

"The results of this report will be extremely useful as the 16-97 Alliance continues to work with cities, regional districts and other partners to further develop and diversity the regional economy," said Fraser Deacon.

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