Growth: Small Business Attraction and Expansion
Growth: Small Business Attraction and Expansion
In October of this year, Maple Ridge organized an economic development summit, drawing attention to the crucial role of small businesses in Canada's economy. The federal Minister of Small Business, Rechie Valdez, emphasized their impact on daily life, highlighting that 98 percent of businesses in Canada fall under this category.
Within Maple Ridge, nurturing small businesses stands as a central strategy for economic growth. Industry Canada defines small businesses as those with 50 employees or fewer, accounting for a significant 69 percent of the city's total labor force.
Tyler Westover, the city’s Economic Development director, is committed to fostering both the establishment and expansion of small businesses. His goal is not merely for these enterprises to survive but to flourish within the community.
Following the summit, notable outcomes emerged, including the unveiling of a new brand and a clear direction indicating Maple Ridge’s momentum and transition. The city aims to reshape perceptions, bolster its reputation, and establish a solid foundation for effective city marketing.
Maple Ridge is poised for significant growth, with a population nearing 100,000 residents, expanding at twice the national average. This growth sparks potential for addressing the housing crisis and simultaneously drives demand for goods and services as residential developments multiply.
Anticipated to experience a growth rate of 10.8 percent in the next five years, Maple Ridge boasts one of the region's youngest populations, with two-thirds falling within the working-age bracket of 15 to 64.
Westover envisions substantial investment and city development on the horizon, emphasizing the need to maintain connections with community builders and fuel the existing passion for the city.
While acknowledging public concerns about the lack of local retail options, Westover refrains from passing judgment until reliable data from a retail market analysis becomes available. The ongoing analysis seeks public engagement and aims to reintroduce and showcase existing businesses while enticing newcomers to explore local offerings.
This retail analysis holds immense value for local entrepreneurs and prospective businesses, potentially leading to diversification in product offerings, informed investment decisions, and insights into consumer behavior and trade opportunities.
Collaboration with organizations like the Ridge Meadows Chamber of Commerce and the Downtown Maple Ridge Business Improvement Association underscores the City of Maple Ridge’s commitment to supporting small businesses. Guided by city council and with the backing of Mayor Dan Ruimy, a former entrepreneur, the city is formalizing efforts in business retention and expansion, identifying barriers and successes, and providing crucial support and resources to local enterprises.
Similarly, the City of Pitt Meadows, through its Economic Development Strategic Plan, echoes the focus on bolstering local businesses, emphasizing the importance of well-situated commercial and industrial land while leveraging key assets like the airport, recreation facilities, and agriculture.
The overarching vision for economic development in these cities revolves around preserving their small-town charm, supporting local businesses, attracting investments and visitors, and capitalizing on essential agricultural resources.
