Projected Non-Residential Growth Outpaces Metro Vancouver Average
FOR IMMEDIATE RELEASE 2013-04
For further information contact
Deb Walters, Mayor
Phone: 604-465-5454 or
Pitt Meadows Projected Non-Residential Growth Outpaces Metro Vancouver Average
PITT MEADOWS, BC – A presentation at this week's Council meeting outlined the impact of non-residential development on future property tax revenue and whether Metro Vancouver's Regional Growth Strategy employment projections sufficiently account for the potential employment growth opportunities in Pitt Meadows. The findings showed positive growth on the horizon for the community.
The analysis was undertaken by G.P. Rollo & Associates to help inform the review and update of the City's Regional Context Statement (RCS) and Official Community Plan (OCP) for compliance with the new Metro Vancouver Regional Growth Strategy and to support the development of the City's long term financial plan.
“Council has identified job growth and diversifying our tax base as key parts of our strategic plan for the community, and this report gives us a long term vision on how to accomplish this,” said Mayor Deb Walters. “Residents have been asking us for tax relief, and in order to shift the burden from our residential base we must focus on the development of commercial and industrial opportunities, not only for tax relief but for local employment as well.”
According to Metro Vancouver's 2012 Employment Model, over the past decade the Pitt Meadows employment sector has grown by 21% (3,066 jobs). The major growth sectors in Pitt Meadows over the past decade have been construction, retail trade, wholesale, and Finance, Insurance & Real Estate (FIRE). In almost every other employment category, Pitt Meadows has experienced growth at rates higher than Metro Vancouver overall.
Some of the reasons for this growth can be attributed to Pitt Meadows' location on the North Fraser, which allows direct access without bridge tolls. It's also a central location between the Fraser Valley and Metro Vancouver, with connections by road, rail and air. Businesses looking to reduce the costs of getting to ports and into Vancouver are finding Pitt Meadows' location a benefit.
Pitt Meadows' share of ‘goods producing' jobs is expected to continue to increase, and the city is expected to outpace Metro Vancouver's average annual sector specific growth rates for transportation/communication/utilities, manufacturing, wholesale, Finance, Insurance & Real Estate (FIRE), Business commercial services, health/welfare services and public administration.
The report also discussed the potential impact development of the South Harris Road (Cardiff Farms) Industrial Area and the North Lougheed Commercial Area on the fiscal future of the community between 2012 and 2032. If South Harris (Cardiff Farms) and North Lougheed are developed as envisioned, revenue would grow by over 180% over 20 years, as opposed to only 62% (or $7.8 million by 2032) if undeveloped.