February 22, 2009 – Port Hardy, BC – With so many communities looking at the health of their businesses and industries in the face of the current global economy, a new report indicates overall positive changes for Vancouver Island and the Sunshine Coast. The recently-completed Regional Economic Analysis Report for Vancouver Island and the Sunshine Coast Region offers a comprehensive examination of the economy of Vancouver Island and the Central and Sunshine Coasts of BC. 

Lead by the Vancouver Island Economic Alliance and funded by the Island Coastal Economic Trust, Ministry of Community Development and Ministry of Housing & Social Development, the research was completed by Vann Struth Consulting Group Inc. 

This report is a comprehensive examination of the economy of Vancouver Island and the Central and Sunshine Coasts of British Columbia. It profiles the main areas of economic activity in the region, the people who reside and work there, key trends that have occurred over the last 20+ years, and the key economic challenges and opportunities facing the region and its communities. Despite the financial crisis in the world economy that began in the fall of 2008, the ensuing recession will be temporary and will not fundamentally alter the long-run trends that are driving change in the regional economy. 

“This Regional Economic Analysis update provides a very important tool for economic developers, industry and government as they developing future courses of action,” says VIEA Chair Russ Hellberg. Getting this analysis done is another example of how regional collaboration works.” 

This baseline analysis will assist communities, regional organizations, and government agencies to determine the affect of changes on the local economy. The report could guide all levels of government in the development of policies, programs and initiatives to foster sustainable economic development in the region. The information will also provide the basis for economic development officers to communicate with decision makers and investors to foster sustainable economic development in the region. 

“It was opportune for ICET to support this project and our Board looks forward to the use of the information as reference data in its future deliberations and decisions to strengthen the many communities of the Trust region,” concludes Barry Janyk, Chair, Island Coastal Economic Trust. 

The full report may be downloaded from the website for the Vancouver Island Economic Alliance at www.viea.ca.