An update on Coquitlam's economic development activity for the first half of 2014 painted a rosy picture of the city's business climate.
The city has seen steady economy growth so far this year, largely due to spin-offs from the Evergreen Line construction, Port Mann/Highway 1 improvements and a strong residential market.
Highlights in a report presented to council-in-committee on Monday include:
an 18% increase in total building permit values compared to 2013, a 13% increase in residential permits and 111% jump in commercial permits, largely due to a new care facility in Maillardville, Coquitlam's covered dry floor facility and ground-floor commercial space in Polygon's Windsor tower;
the benchmark price for residential properties increased by 4.7% to $523,000, with active listings and sales for attached and detached properties increasing on average.
a strong retail market that is expected to grow as the Evergreen Line nears completion, as well as a slight increase in commercial office space;
a drop in the industrial vacancy rate, from 9.9% in 2011 to 2.7% this year, mainly due to improved access along the Port Mann/Highway 1 corridor.
The city's economic development office is also working on several priorities for 2014, including an office space inventory. Staff are also distributing a brochure as part of its business retention and expansion program, and enhancing the city's marketing materials.
Coquitlam's tourism manager is developing relationships with key tourism agencies in addition to producing several tourism-related materials, including the Travel Guide, of which more than 24,000 copies have been distributed since April 2013, and the Coquitlam Trails and Maps Guide, of which more than 10,000 copies have been handed out since May.
