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Economist Shares Insights from VI Economic Report 1
We had a chance to interview Susan Mowbray, a Senior Economist with MNP’s Economics and Research team, in the weeks leading up to the 2015 Vancouver Island Economic Summit. Ms. Mowbray had just completed a report on the State of Vancouver Island’s Economy – the first of its kind – in anticipation of #VISummit.   
 
In the first part of this video, Susan identified these highlights:  
  • the Island is continuing to diversify – this is of necessity, as traditional resource sector industries continue to decline as sources of jobs and wealth;  
  • the strongest growth in the Island’s economy is being driven by in-migration of early-retirees. These individuals are often still somewhat active in the economy and are driving demand for services;  
  • an international education economy is emerging, with several consequences; students are bringing and spending foreign capital in Island communities and some of these students will stay, which will help address our growing demand for professional skills;  
  • although there is a decline in numbers of younger workers, there are indicators showing growing demand for professional and skilled services, indicating there are growing opportunities for young people who are trained.  
 
Susan pointed out that a big factor our economic growth is in-migration by those over 55. When people come, even if retired, they’re still buying services and housing, and they are creating opportunities for a younger population. There are opportunities for younger people – while overall the younger demographic is declining, there is strong growth in professional and scientific sectors.  
 
For more information about #VISummit and to register, click here
 
If you’re posting about this event, please use the #VISummit tag. It helps draw attention to the people and communities that are building Vancouver Island’s economic future. (cc) hanspetermeyer.ca / viea.ca / 2015 
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