The stunning pace of growth in Coquitlam over the last year reflects confidence by in the future of the suburban city, says the manager of economic development for the city.
With the Evergreen Line construction about to start, new projects are coming on line while long-planned communities, such as Burke Mountain and City Centre, are taking shape, said David Munro, who was hired in July to oversee economic development in the city.
Munro predicts more developers will begin to see the advantage of densifying along the Evergreen Line route while older, established neighbourhoods, such as Maillardville and the Austin Heights area, will see some modest densification.
"If you look at trends for 2012, you're going to see the residential - while it may not be as high - still significant growth there," said Munro.
Indeed, it would be hard to match the growth of development in the city that saw a 30% jump in the value of building permits last year over 2010 (see sidebar) despite ongoing uncertainties in the economy. In comparison, the value of development in Port Coquitlam dropped by about 30% and, in Port Moody where council held fast to a zero-growth policy pending Evergreen Line construction, it dropped by about 31% over the year previous.
One low-point in Coquitlam's development numbers is the slow pace of industrial building. Munro said builders are likely waiting for the Port Mann/Highway 1 project to be completed before revealing their plans but he said the completion of the King Edward Street overpass could help business in industrial parks south of the city.
He also credits the city's diversity and attractiveness to new immigrants for continued economic growth. Munro said people come to Coquitlam to educate their children through School District 43's international education program or similar programs available in the private sector or at Douglas College and then decide to stay and invest.
"Their families come out, and all of a sudden you're driving international trade," Munro said, pointing out that the city handed out more business licenses last year compared to the year previous.
With residential growth comes the need for services, which is why all Coquitlam saw a 7% increase in the number of business licenses issued, Munro said.
Port Coquitlam and Port Moody saw similar increases in the number of business licenses issues, suggesting a degree of business confidence throughout the region.
dstrandberg@tricitynews.com
