Common use of Economic Analysis Clause in Contracts

Economic Analysis. Statistical and economic analysis in support of this Strategic Plan update was completed and presented at several Board workshops and industry consultation meetings during the study process. This detailed material is contained in Appendix C: Economic Analysis. Also as part of the process the Comox Valley Investor Profile, which includes significant statistical benchmarking against BC regions and similar-sized communities across Canada, has been updated. The key outcomes of this analysis that are particularly informative for the Strategic Plan update include the following:  The Comox Valley has been one of the faster-growing regional districts in BC. With population growth of 6.8% from 2006 to 2011, it ranks 5th fastest in growth rate among the 29 regional districts.  Population growth is projected by BC Stats to remain strong, averaging 1.3% per year through 2036, the 2nd fastest rate among comparable BC regional districts.  Strong growth averaging 1.2% per year is also projected in the prime working-age population of 25 to 54-year-olds. An increasing supply of working-age residents is a critical asset for growing the regional economy and will help to mitigate labour shortages that are expected to be a growing problem nationwide.  Average and median incomes in the Comox Valley are lower than in BC. The average of all types of income is lower than average except pension income.  Pension income in 2009 averaged $23,000 per person (among those who had pension income), ranking 2nd highest in BC among the 29 regional districts (only the Capital RD is higher). Employment income averaged $30,500 per person (among those who had employment income), ranking 21st in BC.  Employment and self-employment accounted for just over half (53%) of total reported income in the Comox Valley in 2009. Only two other regional districts had a lower share of income from employment, emphasizing the Comox Valley’s increasing role as a retirement location.  The three sectors with lowest average weekly wages in BC are accommodation and food services, agriculture and retail & wholesale trade, each of which is more concentrated in the Comox Valley than in the BC economy overall. This helps to explain the region’s lower employment incomes.  Resource-based industries (forestry, fishing, mining) tend to pay the highest wages but have been in decline in the Comox Valley. Public administration also pays well and is a strength in the Comox Valley with presence of 19 Wing Comox. Professional, scientific and technical services are also well-paying but less present in the Comox Valley than BC overall.  Post-secondary educational attainment among the Comox Valley working-age population compares quite favourably to similar-sized areas across BC and Canada, suggesting there is potential for more higher-value services production.  Housing prices have increased significantly in the Comox Valley over the last decade, rising from below-average on Vancouver Island to about average (they are still lower than average prices in the Parksville / Qualicum and Nanaimo areas), but higher than other Vancouver Island locations. All Island housing prices are high relative to typical prices in larger cities elsewhere in Canada, such as Edmonton, Winnipeg, and Montreal and can therefore be a deterrent to attracting new residents from locations with lower housing costs.

Economic Analysis. Statistical and economic analysis in support of this Strategic Plan update was completed and presented at several Board workshops and industry consultation meetings during the study process. This detailed material is contained in Appendix C: Economic Analysis. Also as part of the process the Comox Valley Investor Profile, which includes significant statistical benchmarking against BC regions and similar-sized communities across Canada, has been updated. The key outcomes of this analysis that are particularly informative for the Strategic Plan update include the following:  The Comox Valley has been one of the faster-growing regional districts in BC. With population growth of 6.8% from 2006 to 2011, it ranks 5th fastest in growth rate among the 29 regional districts▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇.  Population growth is projected by BC Stats to remain strong, averaging 1.3% per year through 2036, the 2nd fastest rate among comparable BC regional districts.  Strong growth averaging 1.2% per year is also projected in the prime working-age population of 25 to 54-year-olds. An increasing supply of working-age residents is a critical asset for growing the regional economy and will help to mitigate labour shortages that are expected to be a growing problem nationwide.  Average and median incomes in the Comox Valley are lower than in BC. The average of all types of income is lower than average except pension income.  Pension income in 2009 averaged $23,000 per person (among those who had pension income), ranking 2nd highest in BC among the 29 regional districts (only the Capital RD is higher). Employment income averaged $30,500 per person (among those who had employment income), ranking 21st in BC.  Employment and self-employment accounted for just over half (53%) of total reported income in the Comox Valley in 2009. Only two other regional districts had a lower share of income from employment, emphasizing the Comox Valley’s increasing role as a retirement location.  The three sectors with lowest average weekly wages in BC are accommodation and food services, agriculture and retail & wholesale trade, each of which is more concentrated in the Comox Valley than in the BC economy overall. This helps to explain the region’s lower employment incomes.  Resource-based industries (forestry, fishing, mining) tend to pay the highest wages but have been in decline in the Comox Valley. Public administration also pays well and is a strength in the Comox Valley with presence of 19 Wing Comox. Professional, scientific and technical services are also well-paying but less present in the Comox Valley than BC overall.  Post-secondary educational attainment among the Comox Valley working-age population compares quite favourably to similar-sized areas across BC and Canada, suggesting there is potential for more higher-value services production.  Housing prices have increased significantly in the Comox Valley over the last decade, rising from below-average on Vancouver Island to about average (they are still lower than average prices in the Parksville / Qualicum and Nanaimo areas), but higher than other Vancouver Island locations. All Island housing prices are high relative to typical prices in larger cities elsewhere in Canada, such as Edmonton, Winnipeg, and Montreal and can therefore be a deterrent to attracting new residents from locations with lower housing costs.