City of Port Moody Statistical Economic Profile

Transcription

1 City of Port Moody Statistical Economic Profile 2002 Edition Produced by: Crunch Analytics Vancouver, BC For further economic development information, please contact: City of Port Moody Economic & Strategic Development Department Phone (604) Fax (604)

2 Table of Contents 1. Introduction Purpose Background and Methodology How to Use this Document Economic Overview Demographics Population, Population by Household Size, Population by Age, Shifting Age Distribution, Population by Marital Status, Population by Ethnic Origin, Population by Language Knowledge, Family and Employment Income, Income by Source, Taxes Composition of Tax Revenue and Assessment, Comparative Tax Base Composition, Industrial and Commercial Tax Base, Average Residential Tax and Utility Fees Employment Employment by Industry, Proportional Employment by Industry, Jobs by Industry, 1991, Employment by Occupation, Proportional Employment by Occupation, Jobs by Occupation, Commuting, Home-based Employment, 1991, Business Profile Number of Firms by Industry, Largest Employers, Business Licences, Business Incorporations, CITY OF PORT MOODY PAGE II

3 6. Real Estate Building Permit Values, Industrial Property, Office Property, Office Space Inventory, 1991, Retail Property, Fall Industrial and Commercial Land Use, Housing Starts, Housing Prices, September Rental Apartments, Education Educational Attainment, Major Field of Study Major Educational Facilities General Information Land Area and Population Density, Land Use Summary, Automobile Travel Times, Climate Crime, Hospital Schools, fall Looking to the Future Theoretical Population Capacity by Area Theoretical Population Capacity by Housing Type...61 CITY OF PORT MOODY PAGE III

4 1. Introduction 1.1 Purpose This Port Moody Statistical Economic Profile is a broad overview of the current economic condition of Port Moody, British Columbia. It is a valuable source of information for economic development researchers, potential business investors, and anyone interested in the economy of Port Moody. It also provides necessary background information to the community in formulating economic development policies and strategies. The profile will be available to local businesses, City Council, various municipal committees and departments, potential developers and investors, and the general public. Information provided in this profile will be posted on the City of Port Moody s web site ( and may be used in various marketing and feature publications promoting the city. 1.2 Background and Methodology The 2002 update of the Port Moody Statistical Economic Profile was prepared by Crunch Analytics of Vancouver, in consultation with the Director, Economic and Strategic Development. The profile is intended to present an objective statistical portrait of Port Moody s current economic condition. Analysis is restricted to the identification of trends and patterns in the data without drawing inferences about the future. Emphasis is placed on data series and trends considered relevant from an economic development perspective. Economic development information was gathered from a wide array of reputable sources, which are noted throughout the document. Where possible, Port Moody data was placed in the context of other municipalities in the Greater Vancouver Regional District. This permits the identification of trends in Port Moody s key economic variables relative to other municipalities and the regional district as a whole. Statistics Canada Census data is included from both the 1996 and 2001 Census years. Where 2001 information has been released, it was included in the report the remainder of the 2001 Census information will be included in the 2003 profile update. Port Moody is most often compared to the other cities in the Tri-Cities region (Coquitlam and Port Coquitlam). Other comparisons may include Vancouver, the major city of the region, Richmond and Burnaby, which are leaders in industrial development in the GVRD, New Westminster and North Vancouver City, which share a relatively small size and significant CITY OF PORT MOODY PAGE 1

5 waterfront access with Port Moody, and Delta, which is a similar commuting distance from Vancouver. In other cases, comparisons may be made with the British Columbia provincial average. 1.3 How to Use this Document The Port Moody Statistical Economic Profile is organized into the following nine chapters. These are: 1. Introduction 2. Demographics 3. Taxes 4. Employment 5. Business Profile 6. Real Estate 7. Education 8. General Information 9. Looking to the Future Individual data topics within each chapter contain a brief narrative that highlights notable facts or trends, followed by a detailed data table and where appropriate, a graphical representation of the data. For ease of reference, the Table of Contents and each section heading include the relevant time period for each data topic. 1.4 Economic Overview Port Moody is located about 20 kilometres east of Vancouver in the Northeast Sector of the Greater Vancouver Regional District. It is about a 45- minute drive from both the Vancouver International Airport and the U.S. border. The city is also served by smaller airports in Langley (45-minute drive), Pitt Meadows (25-minute drive) and Abbotsford (60-minute drive). Port Moody s 2001 Census population was 23,816, although allowing for the Census undercount and growth in the last year, the estimated 2002 population is 24,600. Compared to the GVRD, Port Moody residents are younger, earn higher incomes, are more likely to be married, live in larger households, and are more likely to have received some post-secondary education. The traditional industrial sector in Port Moody is characterized by a deepsea bulk loading terminal, two petrochemical distribution operations, a major winery, and a thermal electric generating station. Light industry and warehousing are also predominant in Port Moody, accompanied by a growing health and social services sector. CITY OF PORT MOODY PAGE 2

6 Port Moody s economic development focus in recent years has been on the arts and culture sector, including the development of a new Port Moody identity as the City of the Arts. The local arts and culture scene includes numerous festivals and events, such as the Port Moody Festival of the Arts and the Golden Spike Days Festival, the development or refurbishing of cultural facilities, including Inlet Theatre, the Port Moody Arts Centre (the former City Hall), and Station Museum, and many small businesses engaged in arts and culture activities such as film production, music and dance teaching, and artistic creation. In addition to the current strength of the local arts and culture sector, Port Moody also benefits from proximity to a large metropolitan market of more than two million people. Increasing cultural tourism from residents of the rest of Greater Vancouver is a key objective of the Cultural Strategic Plan. Port Moody s natural setting provides inspiration for both local artists and visitors to the area. The second key strategy area for the economic development of arts and culture is to foster the growth of new arts and culture businesses in the city, particularly small businesses started by local residents. Eagle Ridge Hospital and Health Care Centre is the largest employer in the city, with 820 employees, followed by Coquitlam School District #43 and the City of Port Moody. Home-based employment is a growing presence, along with food and accommodation services and finance, real estate, and insurance. These gains help to offset the gradual decline in the city s manufacturing workforce. Port Moody benefits from close proximity to several highly-regarded educational institutions, including Simon Fraser University in Burnaby and the Douglas College Campus in Coquitlam. Schools elsewhere in Greater Vancouver include the British Columbia Institute of Technology, the University of British Columbia, Vancouver Film School, Emily Carr School of Art + Design, and many other top-quality colleges and training institutions. All categories of housing are less expensive in Port Moody than the Greater Vancouver average. As of September 2002, the benchmark price for a singlefamily home in Port Moody is $332,000, which is 14% less than the benchmark price for the region. Benchmark prices for attached homes and apartments are $167,000 and $145,000, respectively, which are 32% and 19% lower than the regional figures. On the transportation side, a major widening of the Barnet Highway has provided an additional lane in each direction to handle buses and car-pool vehicles during rush hour. The West Coast Express commuter rail connects Port Moody and communities east to Mission with downtown Vancouver CITY OF PORT MOODY PAGE 3

7 using the existing CPR line. The CPR line also provides freight service to the deep-sea port facilities in Port Moody and other local industries. Port Moody is blessed by a gorgeous natural setting at the head of Burrard Inlet. Surrounded by mountains, water and forested hillsides, the community offers a unique quality of life, a strong sense of community, and a balanced mix of residential, commercial, and industrial development. The continued growth of the commercial/residential Inlet Centre development and an exciting long-term vision for the waterfront indicate a promising future for economic development. Inlet Centre, located at the head of Burrard Inlet, includes the Port Moody City Hall and Civic Complex, Eagle Ridge Hospital, Crossroads Hospice, and Newport Village, a commercial/residential high-rise development. It serves as a link between the new neighbourhoods on the north shore, the extensive foreshore park system and existing development on the south shore. Port Moody was historically an industrial town, serving as the original west coast terminus of the Canadian Pacific Railroad. Moody Centre is home to the old City Hall, built in 1914 and transformed into the Port Moody Arts Centre in 1996, as well as many other heritage buildings. Continued infill development and enhancement of the area s heritage character reflect the city s heritage values as well as the potential for tourism in the area. Also important to the city's character are local environmental initiatives such as fish hatcheries, stream stewardship projects, a civic-led Naturescape program, and other proactive environmental protection initiatives. CITY OF PORT MOODY PAGE 4

8 2. Demographics 2.1 Population, Port Moody is one of the smallest cities in the Greater Vancouver Regional District, accounting for 1.2% of the regional population in The city s growth rate has been consistently higher than the regional average (with the exception of the period). The most recent Census figures show a compound annual growth rate of 2.7% in Port Moody since 1996, compared to a rate of 1.6% in the GVRD. Port Moody s 2001 population is 3.4 times larger than its 1966 population, while the GVRD population is 2.1 times larger than in Population Municipality Vancouver 413, , , , ,671 Surrey 81, , , , ,825 Burnaby 112, , , , ,954 Richmond 50,460 80, , , ,345 Coquitlam 40,916 55,464 69, , ,890 Delta 20,664 64,492 79,610 95,411 96,950 Langley Township 15,767 36,659 53,434 80,179 86,896 North Vancouver District 48,124 63,471 68,241 80,418 82,310 Maple Ridge 19,287 29,462 36,023 56,173 63,169 New Westminster 38,013 38,393 39,972 49,350 54,656 Port Coquitlam 11,121 23,926 29,115 46,682 51,257 North Vancouver City 26,851 31,934 35,698 41,475 44,303 West Vancouver 31,834 37,144 36,266 40,882 41,421 Port Moody 7,021 11,649 15,754 20,847 23,816 Langley City 2,800 10,123 16,557 22,523 23,643 White Rock 7,787 12,497 14,387 17,210 18,250 Pitt Meadows 2,247 4,689 8,004 13,436 14,670 Other 2,577 4,615 8,525 11,865 20,939 Total GVRD* 932,685 1,166,348 1,380,729 1,831,665 1,986,965 Compound Annual Growth Rate - Port Moody 5.2% 3.1% 2.8% 2.7% Compound Annual Growth Rate - GVRD** 2.3% 1.7% 2.9% 1.6% *Note: All GVRD figures are for current, post-1995 boundaries. Source: Statistics Canada, 1966, 1976, 1986, 1996, 2001 Census CITY OF PORT MOODY PAGE 5

9 Port Moody has grown from a community of just over 7,000 people in 1966 to one exceeding 23,000 in The city s compound growth rate, measured in ten-year intervals, exceeded that of the GVRD in the and periods, before slowing to almost the exact same rate in the period. Port Moody again grew faster from 1996 to Population Growth 30,000 10% 9% Population 25,000 20,000 15,000 10,000 5,000 7, % 11, % 15, % 1.7% 20, % 2.9% 23, % 1.6% 8% 7% 6% 5% 4% 3% 2% 1% Compound Annual Growth Year 0% Port Moody Population Compound Annual Growth Rate - Port Moody Compound Annual Growth Rate - GVRD** CITY OF PORT MOODY PAGE 6

10 2.2 Population by Household Size, 1996 Two-person households are the most common in Port Moody, accounting for 31% of all households in the 1996 Census. They are also the most common household size in the GVRD and BC. Port Moody has considerably fewer single-person households than either Greater Vancouver or the province, but has more households in the 3-5 person range. These differences are reflected in Port Moody s higher average household size of 2.9, compared to an average of 2.6 in both the GVRD and BC. Population by Household Size, 1996 Port Moody GVRD BC Household Size # % % % Average Household Size Source: Statistics Canada, 1996 Census Population by Household Size Percent Household Size Port Moody GVRD BC CITY OF PORT MOODY PAGE 7

11 2.3 Population by Age, 2001 Port Moody has a younger population than the rest of Greater Vancouver and British Columbia. On a percentage basis, Port Moody has at least as many residents as the GVRD in each age category up to age 64, while the region has a higher proportion of senior citizens. Port Moody also has a younger age profile than the province, which has more residents than Port Moody starting at age 55. Population by Age Port Moody GVRD BC Age Range # % % % 0-4 1, , , , , , Total 23, Source: Statistics Canada, 2001 Census Population by Age Percent Age Range Port Moody GVRD BC CITY OF PORT MOODY PAGE 8

12 2.4 Shifting Age Distribution, Consistent with demographic trends throughout North America, Port Moody s population aged over the time period. The following age ranges were chosen to illustrate an approximate life stage: 0-14 (child) (young adult) (working adult) (pre-retirement) 65 + (retirement) Over the period, the proportion of children in Port Moody declined from 26% to 21%, while young adults dropped from 18% to 13%. These declines were balanced by increases in the working adult (46% to 51%), pre-retirement (6% to 9%), and retirement (4% to 7%) groups. Shifting Age Distribution Age Range % % % % % Total Population 14,917 15,754 17,712 20,847 23,815 Source: Statistics Canada Shifting Age Distribution Percent Age Range CITY OF PORT MOODY PAGE 9

13 2.5 Population by Marital Status, 2001 Port Moody s population distribution by marital status reveals a significantly higher percentage of married people compared to either Greater Vancouver or British Columbia. Port Moody has fewer single and widowed residents, and about the same number of separated and divorced residents. Adult Population by Marital Status Port Moody GVRD BC Marital Status # % % % Never married 5, Married* 10, Separated* Divorced 1, Widowed Total Adult Population (15+) 18, *Note: Married and separated figures include common-law marriages. Source: 2001 Census Population by Marital Status Percent Never married Married Separated Divorced Widowed Marital Status Port Moody GVRD BC CITY OF PORT MOODY PAGE 10

14 2.6 Population by Ethnic Origin, 1996 English is the most common ethnic background in Port Moody, with 35% of residents having an English ethnic heritage. The other most common ethnic origins identified by Port Moody residents include Scottish (24%), Canadian (23%), Irish (16%), German (12%), and French (10%). These numbers indicate that Port Moody s population is largely composed of Western European immigrant groups, with relatively few residents with ethnic roots in Eastern Europe, Asia, or elsewhere. Of note, 7% of Port Moody s population is of Chinese descent compared to 16% in the entire GVRD. Population by Ethnic Origin Port Moody GVRD BC Ethnic Origin # % % % English 7, Scottish 4, Canadian 4, Irish 3, German 2, French 2, Chinese 1, Ukrainian 1, Dutch 1, Italian Polish Welsh Swedish Norwegian North American Indian Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 11

15 2.7 Population by Language Knowledge, 1996 Nearly 99% of Port Moody residents have knowledge of English, which is marginally higher than the rates of 95% for the GVRD and 97% for BC. The next most common languages in Port Moody are French, Chinese, and Spanish. While Chinese is the second most prevalent language in the GVRD (14%), it ranks third in Port Moody (6%). Port Moody also has a relatively lower incidence of German knowledge and a relatively higher rate of French knowledge. Population by Language Knowledge Port Moody GVRD BC Language # % % % English 20, French 1, Chinese 1, Spanish German Italian Polish Tagalog (Filipino) Farsi (Persian) Dutch *Note: Language Knowledge includes mother tongue and all other fluent languages. Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 12

16 2.8 Family and Employment Income, 1996 Port Moody is one of the wealthier cities in the Greater Vancouver Regional District, with an average total family income 16% higher than the GVRD average. The highest-income municipalities in the region are clustered along the GVRD s northern boundary, from the North Shore communities of Lions Bay, West Vancouver and North Vancouver District to the Northeast Sector municipalities of Belcarra, Anmore and Port Moody. Municipality Family and Employment Income Average Total Family Income Average Employment Income Average Full-time Employment Income West Vancouver $116,263 $49,264 $72,654 Lions Bay $107,534 $49,510 $65,801 Belcarra $104,147 $48,772 $57,831 North Vancouver District $81,253 $37,150 $52,670 Anmore $73,940 $34,542 $45,336 Port Moody $70,022 $33,235 $45,529 Delta $67,844 $30,910 $43,110 White Rock $66,636 $33,787 $45,823 Langley Township $64,061 $30,170 $41,067 Coquitlam $60,783 $30,114 $41,429 GVRD $60,438 $29,122 $40,880 Port Coquitlam $58,928 $29,543 $39,554 Pitt Meadows $58,208 $29,870 $41,352 Vancouver $57,620 $27,665 $39,149 North Vancouver City $56,746 $28,678 $39,084 British Columbia $56,527 $27,480 $39,414 Maple Ridge $56,338 $28,213 $38,307 Richmond $55,743 $27,365 $38,480 New Westminster $54,932 $27,798 $37,974 Surrey $54,905 $27,362 $38,758 Burnaby $53,842 $27,081 $37,909 Langley City $49,672 $25,247 $34,929 Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 13

17 2.9 Income by Source, 1997 Port Moody residents have the distinction in the GVRD of receiving the highest proportion of their annual income from paid employment, at 80%. This is significantly higher than the overall GVRD figure of 68%, although similar to the neighbouring communities of Coquitlam and Port Coquitlam, whose residents also receive at least three-quarters of their income from paid employment. At the low end of the scale are West Vancouver and White Rock, which receive just 53% and 56% respectively of their income from paid employment. In contrast, Port Moody, Coquitlam and Port Coquitlam residents all receive considerably lower income proportions from pensions, investments and selfemployment than the GVRD as a whole. White Rock is the municipality with the highest proportion of income from pensions (21%), while West Vancouver has the greatest fraction from investments (21%). Selfemployment income, which accounts for 6% of the total in the entire GVRD, is relatively most prominent in Belcarra and West Vancouver (11% each). Income by Source Employment Pension Investment Self Other Employment Municipality % % % % % Port Moody Port Coquitlam Pitt Meadows Coquitlam Anmore Delta Maple Ridge Langley* Surrey Lions Bay Richmond North Vancouver* GVRD Burnaby New Westminster Belcarra British Columbia Vancouver White Rock West Vancouver *Note: North Vancouver includes both North Vancouver City and District, Langley includes both Langley City and Township. Source: Canada Customs and Revenue Agency, based on 1997 Tax Returns (compiled by BC Stats) CITY OF PORT MOODY PAGE 14

18 Income by Source Percent Employment Pension Investment Self Employment Other Income Type Port Moody GVRD CITY OF PORT MOODY PAGE 15

19 3. Taxes 3.1 Composition of Tax Revenue and Assessment, The proportion of Port Moody s tax revenue from industrial and commercial activities has steadily declined from 52.0% in 1992 to 41.5 in While total tax revenue increased by 41% over this period, from $10.58 million to $14.95 million, tax revenue from industrial and commercial sources grew by 13%, from $5.50 million to $6.20 million. The assessed value of industrial and commercial properties also declined as a share of the total, from 17.2% to 12.7%. Total Tax Revenue Composition of Tax Revenue and Assessment Tax Revenue (municipal portion) Industrial & Commercial Tax Revenue % from Industrial & Commercial Assessments Total % from Industrial & Commercial Year $ Million $ Million % $ Billion % 1992 $10.58 $ $ $11.76 $ $ $12.17 $ $ $12.54 $ $ $13.41 $ $ $14.52 $ $ $14.95 $ $ *Note: These figures include taxes and assessments for the following property classes: Utilities, Major Industry, Light Industry, Business/Other, Unmanaged and Managed Forest Land, Farm. Source: Ministry of Municipal Affairs Industrial & Commercial Share of Taxes and Assessments Percent Year Industrial & Commercial Tax Industrial & Commercial Assessment CITY OF PORT MOODY PAGE 16

20 3.2 Comparative Tax Base Composition, Over the 1992 to 2002 period, the contribution of industrial and commercial activities to Port Moody s tax base declined from 52.0% to 41.5%, a drop of 10.5 percentage points. The next largest decline in the comparison group was the 5.6% drop in Vancouver, but that city still maintained the highest overall share at 57.6%. Several other municipalities increased their industrial and commercial tax base over this period, including Delta, Richmond, Coquitlam, Port Coquitlam, and North Vancouver City. In the last five years, Port Moody is the only city in the comparison group that saw a decline in its industrial and commercial tax base, from 42.4% to 41.5%. In 1992, Port Moody s industrial/commercial tax base of 52.0% was comparable to North Vancouver City and Burnaby, and was far greater than Coquitlam (40.2%) and Port Coquitlam (35.6%). The current situation is considerably different - Port Moody is 1.1% lower than Coquitlam and only 3.9% higher than Port Coquitlam. Comparative Tax Base Composition % of Property Taxes from Industrial and Commercial Activities* Municipality Change, Change, Vancouver North Van City Burnaby Richmond Delta Coquitlam Port Moody New Westminster Port Coquitlam *Note: These figures include levied taxes for the following property classes: Utilities, Major Industry, Light Industry, Business/Other, Unmanaged and Managed Forest Land, Farm. Source: Ministry of Municipal Affairs CITY OF PORT MOODY PAGE 17

21 2002 Tax Base Comparison Vancouver 57.6 North Vancouver City 54.4 Burnaby 53.4 Municipality Richmond Delta Coquitlam Port Moody 41.5 New Westminster 41.4 Port Coquitlam Percent % from Industrial and Commercial Activities CITY OF PORT MOODY PAGE 18

22 3.3 Industrial and Commercial Tax Base, The decline in Port Moody s industrial and commercial tax base discussed in Sections 3.1 and 3.2 is entirely attributable to the decline in the city s industrial activities. Tax revenue from industrial properties (including utilities, major industry, and light industry) fell from $4.2 million in 1992 to $2.9 million in As a share of total tax revenue, the contribution of industrial activities fell from 40.0% to 24.8% over this period. The last five years have seen a rebound in revenue to $4.1 million in 2001 and $3.9 million in 2002, but the industrial share of total tax revenue remains around onequarter (26.3% in 2002). The decline in the industrial tax base through the mid-1990s was partially recovered by advances in the commercial tax base. Tax revenues from commercial properties increased from $1.1 million in 1992 to $2.0 million in 1997, pushing the commercial share of total tax revenue from 10.6% to 16.7%. Commercial tax revenue has grown more slowly in the last five years, reaching $2.3 million in 2002, causing its share of total tax revenue to decline to 15.2% as the overall tax base has expanded. Industrial and Commercial Tax Base Industrial Tax (Class 2,4,5) Commercial Tax (Class 6) Total Tax Base Year % of Total $ Million % of Total $ Million $ Million Tax Base Tax Base $ $1.1 $ $ $2.0 $ $ $1.9 $ $ $2.0 $ $ $2.0 $ $ $2.1 $ $ $2.3 $15.0 Source: BC Ministry of Municipal Affairs CITY OF PORT MOODY PAGE 19

23 Industrial and Commercial Tax Base Percent of Total Tax Base Year Industrial Tax Revenue (Class 2,4,5) Commercial Tax Revenue (Class 6) CITY OF PORT MOODY PAGE 20

24 3.4 Average Residential Tax and Utility Fees The average Port Moody homeowner paid $1,675 in residential taxes and utility fees to the City of Port Moody in 2002, which is slightly higher than the neighbouring communities of Coquitlam and Port Coquitlam. North Vancouver City has the lowest average taxes and fees in the comparison group at $1,376 per home, while New Westminster has the highest at $1,685. Since 1996, taxes and fees for the average home in Port Moody have increased by $328, a 24% increase. This is a slightly smaller increase than Coquitlam s, but larger than Port Coquitlam s. Vancouver has the largest increase in the last six years, with taxes rising by $388, while Port Coquitlam s $155 increase is the smallest. Average Residential Tax and Utility Fees* Municipality Change, North Vancouver City $1,208 $1,294 $1,326 $1,356 $1,376 $168 14% Burnaby $1,257 $1,385 $1,419 $1,474 $1,518 $261 21% Vancouver $1,172 $1,412 $1,486 n/a $1,560 $388 33% Coquitlam $1,266 $1,426 $1,488 $1,541 $1,597 $331 26% Port Coquitlam $1,470 $1,532 $1,562 $1,593 $1,625 $155 11% Port Moody $1,347 $1,499 $1,555 $1,615 $1,675 $328 24% New Westminster $1,441 $1,662 $1,671 $1,651 $1,685 $244 17% *Note: Figures represent only the municipal portion of residential taxes, plus utility fees. Source: City of Port Moody Average Residential Tax and Utility Fees $1,800 $1,600 $1,518 $1,560 $1,597 $1,625 $1,675 $1,685 $1,400 $1,376 $1,200 $1,000 $800 $600 $400 $200 $168 $261 $388 $331 $155 $328 $244 $0 North Vancouver City Burnaby Vancouver Coquitlam Port Coquitlam Port Moody New Westminster Change, CITY OF PORT MOODY PAGE 21

25 4. Employment 4.1 Employment by Industry, 1996 The education, health and social services industry is the largest employer of Port Moody residents, while it is just the second largest employer in the entire GVRD. In all, over 12,400 of Port Moody s 20,847 residents were employed in These employment numbers should not be confused with the number of jobs that are physically located in Port Moody, which is presented in section 4.3. Employment by Industry* Industry Port Moody GVRD BC Education/Health/Social Services 2, , ,225 Accommodation/Food/Other Services 1, , ,710 Retail Trade 1, , ,420 Transportation/Communication/Utilities 1,075 80, ,305 Business Services 1,035 87, ,110 Manufacturing , ,235 Finance/Insurance/Real Estate , ,975 Construction , ,160 Wholesale Trade ,980 91,915 Government Services , ,420 Primary Industries , ,040 All Industries 12, ,900 1,904,510 Total Employment** 12, ,355 1,960,660 *Note: Employment figures are for Port Moody residents, regardless of their place of work. **Note: Total Employment is greater than the sum of all industries because Statistics Canada does not classify some jobs according to industry. Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 22

26 4.2 Proportional Employment by Industry, 1996 The industries employing the most Port Moody residents are retail trade; education, health and social services; and other service industries. While manufacturing industries are the second largest employers in both the Greater Vancouver Regional District and the province of British Columbia, they are only the sixth largest employers of Port Moody residents. Relatively few Port Moody residents are employed in accommodation and food services, and relatively more in transportation, communication and other utility industries. Proportional Employment by Industry Port Moody GVRD BC Industry % % % Education/Health/Social Services Accommodation/Food/Other Services Retail Trade Transportation/Communication/Utilities Business Services Manufacturing Finance/Insurance/Real Estate Construction Wholesale Trade Government Services Primary Industries *Note: Employment figures are for Port Moody residents, regardless of their place of work. Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 23

27 4.3 Jobs by Industry, 1991, 1996 The industry providing the most jobs in Port Moody in 1996 was the education/health/social services industry, which employed 1,225 people. Accommodation/food/other services and manufacturing were the 2nd and 3rd largest employers. Total employment declined by about 445 jobs from 1991 to 1996, representing a reduction of 8% in the number of jobs in the city. It must be noted, however, that Statistics Canada changed the wording of the Census question regarding place of work in 1996, resulting in far more people identifying themselves as having no fixed workplace in 1996 than in Consequently, people who may have identified themselves as working in Port Moody in 1991 would claim no fixed workplace in The effect of this change is most noticeable in industries where workers frequently change their work location, such as construction. In terms of absolute numbers, manufacturing saw the greatest decline, as Port Moody lost 500 manufacturing jobs in this period. This decline may be largely attributable to the transformation of both Petro-Canada and Imperial Oil s former refining facilities into storage and distribution centres. While manufacturing provided the most jobs in Port Moody in 1991, by 1996 it had dropped to the third largest employer. Other major declines were felt in the construction industry, which lost 280 jobs, and wholesale trade, which lost 190 jobs. As mentioned earlier, the loss of jobs in the construction industry may be largely explained by the change in Statistics Canada methodology. The largest increases were made by the education/health/social services sector, which added 365 jobs from 1991 to Gains of 100 jobs were recorded by both the accommodation/food/other services and the finance/insurance/real estate industries. CITY OF PORT MOODY PAGE 24

28 Jobs by Industry* Industry Change, ** % Change, ** Education/Health/Social Services 860 1, % Accommodation/Food/Other Services % Manufacturing 1, % Retail Trade % Transportation/Communications/Utilities % Finance/Insurance/Real Estate % Construction % Government Services % Business Services % Wholesale Trade % Primary Industries % Total 5,435 4, % *Note: Job figures are for jobs located in Port Moody, regardless of the worker's place of residence. **Note: Due to a change in Statistics Canada methodology regarding place of work, job figures for the 1991 and 1996 Census are not directly comparable. Far more people identified themselves as having no fixed workplace in 1996 than in 1991, which reduces the 1996 job numbers for each geopraphic area, including Port Moody. Source: Statistics Canada, 1991, 1996 Census CITY OF PORT MOODY PAGE 25

29 4.4 Employment by Occupation, 1996 Half of all employed Port Moody residents worked in sales and service or business, finance and administration occupations in These figures should not be confused with the occupation of the jobs that are physically located in Port Moody, which are presented in section 4.6. Employment by Occupation* Occupation Port Moody GVRD BC Sales & Service 3, , ,020 Business/Finance/Administration 2, , ,670 Trades/Transport/ Equipment Operation 1, , ,640 Management 1, , ,580 Social Science/Education /Government Service/Religion , ,265 Natural & Applied Sciences ,615 91,315 Health ,640 89,375 Processing/Manufacturing/Utilities , ,055 Art/Culture/Recreation/Sport ,580 54,715 Primary Industry ,355 89,875 All Occupations 12, ,900 1,904,510 Total Employment** 12, ,355 1,960,660 *Note: Employment figures are for Port Moody residents, regardless of their place of work. **Note: Total Employment is greater than the sum of all occupations because Statistics Canada does not classify some jobs according to occupation. Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 26

30 4.5 Proportional Employment by Occupation, 1996 Port Moody residents in 1996 were most likely to have a sales and service occupation (27%), followed by an occupation in business, finance and administration (23%) and trades, transport and equipment operation (13%). There are no significant differences between the occupational profile of residents in Port Moody and the GVRD. Proportional Employment by Occupation Port Moody GVRD BC Occupation % % % Sales & Service Business/Finance/Administration Trades/Transport/ Equipment Operation Management Social Science/Education /Government Service/Religion Natural & Applied Sciences Health Processing/Manufacturing/Utilities Art/Culture/Recreation/Sport Primary Industry *Note: Employment figures are for Port Moody residents, regardless of their place of work. Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 27

31 4.6 Jobs by Occupation, 1996 Port Moody was home to just under 5,000 jobs in 1996, and over one quarter (28%) were in sales and service positions. Other top occupations included: business, finance, and administration (15%), trades, transport and equipment operation (14%), management (11%). Jobs in processing, manufacturing and utilities account for 7% of the total, while the previous section shows that just 3% of Port Moody residents work in these occupations. Jobs by Occupation Occupation # % Sales & Service 1, Business/Finance/Administration Trades/Transport/ Equipment Operation Management Social Science/Education/Government Service/Religion Natural & Applied Sciences Health Processing/Manufacturing/Utilities Art/Culture/Recreation/Sport Primary Industry 80 2 Total 4, *Note: Job figures are for jobs located in Port Moody, regardless of the worker's place of residence. **Note: Total Employment is greater than the sum of all occupations because Statistics Canada does not classify some jobs according to occupation. Source: Statistics Canada, 1996 Census CITY OF PORT MOODY PAGE 28

32 4.7 Commuting, 1996 Total employment of Port Moody residents in 1996 totaled 11,625, but only 14%, or just under 1,700 people, worked within the city limits. In other words, 86% of Port Moody residents with jobs travel to another municipality to work. The most common commuting destination was Vancouver, which employs about 2,500 Port Moody residents, followed by Burnaby with 2,200 and Coquitlam with 1,400. Place of Work of Port Moody Residents Location # % Vancouver 2, Burnaby 2, Port Moody* 1, Coquitlam 1, no fixed workplace 1,045 9 New Westminster Port Coquitlam Surrey Richmond Other 1, Total 11, *Note: Figure includes all Port Moody residents who work in Port Moody, including those who work at home. Source: Statistics Canada, 1996 Census Place of Work of Port Moody Residents Vancouver 2,530 Burnaby 2,240 Port Moody 1,685 Coquitlam 1,440 no fixed workplace 1,045 New Westminster 475 Port Coquitlam 400 Surrey 340 Richmond 290 Other 1, ,000 1,500 2,000 2,500 3,000 CITY OF PORT MOODY PAGE 29

33 Of the roughly 5,000 jobs in Port Moody in 1996, over 65% were held by commuters from other municipalities. Coquitlam provided the greatest share of the commuting workforce, with over 1,100 Coquitlam residents commuting to Port Moody. Other workers commuted from Port Coquitlam (500), Maple Ridge (350), and Vancouver (250). Municipality of Residence of Port Moody Workers Location # % Port Moody* 1, Coquitlam 1, Port Coquitlam Maple Ridge Vancouver Surrey Burnaby Outside GVRD Langley DM Other Total 4, *Note: Figure includes all Port Moody residents who work in Port Moody, including those who work at home. Source: Statistics Canada, 1996 Census Municipality of Residence of Port Moody Workers Port Moody 1,685 Coquitlam 1,110 Port Coquitlam 500 Maple Ridge 350 Vancouver 250 Surrey 215 Burnaby 160 Outside GVRD 155 Langley DM 145 Other ,000 1,200 1,400 1,600 1,800 CITY OF PORT MOODY PAGE 30

34 4.8 Home-based Employment, 1991, 1996 Home-based employment is growing in importance in Port Moody, increasing from 670 people in 1991 to 960 people in This change is consistent with a general increase in home-based employment throughout the Canadian economy. Home-based and Other Employment Type of Employment Home-based Outside Home - Port Moody residents Total Port Moody Residents 1,440 1,685 Outside Home - Commuters to Port Moody 3,995 3,310 Total Jobs in Port Moody* 5,435 4,995 *Note: Due to a change in Statistics Canada methodology regarding place of work, job figures for the 1991 and 1996 Census are not directly comparable. Far more people identified themselves as having no fixed workplace in 1996 than in 1991, which reduces the 1996 job numbers for each geopraphic area, including Port Moody. Source: Statistics Canada, 1991 and 1996 Census Home-based and Other Employment 6,000 5,435 5,000 4,995 4,000 3,995 3,310 3,000 2,000 1,440 1,685 1, Home-based Outside Home - Port Moody residents Total Port Moody Residents Outside Home - Commuters to Port Moody Total* Type of Employment CITY OF PORT MOODY PAGE 31

35 5. Business Profile 5.1 Number of Firms by Industry, 2002 Services and retail trade firms are easily the most common types of businesses in Port Moody, as they are in the GVRD. Nearly half of all Port Moody businesses are in services, and 30% are in retail trade. Compared to the GVRD, the most significant differences are that Port Moody has more firms in construction (9% compared to 6% in GVRD) and fewer firms in finance, insurance and real estate (3% versus 6%). Number of Firms by Industry Port Moody GVRD Industry # % # % Services , Retail Trade , Wholesale/Distributors , Construction ,305 6 Manufacturing ,572 6 Transportation ,233 4 Finance, Insurance & Real Estate ,485 6 Agriculture, Forestry & Fishing ,097 1 Public Administration ,146 2 Mining Nonclassifiable Establishments Total* , *Note: Number of Firms exceeds Total because some firms are classified into more than one industry. Source: Canadian Business Disc, 2002 CITY OF PORT MOODY PAGE 32

36 5.2 Largest Employers, 2002 Largest Employers Employer Employment Eagle Ridge Hospital and Health Care Centre* 820 School District # City of Port Moody 167 Burrard Thermal (BC Hydro) 123 Petro-Canada Burrard Products Terminal 90 Realty World Showcase 75 Pacific Coast Terminals 57 Andres Wines BC 50 OpenRoad Toyota 49 Certispec Services Inc. 48 Reichhold Ltd. 45 Barnet Hotel 44 Golden Spike Pub & Bistro 41 St. James' Well Pub 39 Starbucks Coffee 37 YMCA of Greater Vancouver 36 Cascadia Sport Systems 36 Flavelle Sawmill 30 SPF Precut Lumber 26 Caramba Restaurante 26 Wheeler Transport 25 Community Integration Services Society 25 Synergy Engineering 22 Dairy Queen 22 West Coast Mazda 20 Letter Art Neon 20 *Note: Includes part-time, casual, and other nonpermanent staff. There are about 360 permanent, full-time employees. Source: Canada Business Disc and telephone interviews with company representatives. CITY OF PORT MOODY PAGE 33

37 5.3 Business Licences, Business licence data provides an indication of the level of business activity in a given year, but it is not as reliable as other economic indicators. A certain proportion of businesses in every municipality operate without a valid licence, either intentionally or unintentionally. Fluctuations in the number of licences from year to year may simply reflect more stringent bylaw enforcement in a given year. The number of business licences issued in Port Moody was slightly lower in 2000 and 2001 than in previous years. Since 1994, the number of business licences has declined by 11.6%, although there is a relatively high degree of fluctuation from year to year. The GVRD has had a 9.5% increase in business licences since 1994, with more than 10,000 more businesses registered in Business licencing in the rest of the region appears to be on a gradual upward trend, Port Moody appears to be trending down. Port Moody s share of the GVRD total is now just under 1%, down from 1.1% in Business Licences* Port Moody GVRD Port Moody Share of GVRD Year # # % , , , , , , , , , , , , , , , % Change % 9.5% *Note: Includes both new and renewal licences. Source: Greater Vancouver Regional District CITY OF PORT MOODY PAGE 34

38 Business Licences 1,400 1,200 1,257 1,263 1,120 1,216 1,200 1,062 1,111 1, Year CITY OF PORT MOODY PAGE 35

39 5.4 Business Incorporations, Business formation, as measured by the number of incorporations, was nearly identical in Port Moody in 2001 compared to ten years earlier. The number of incorporations fluctuated considerably over the course of the last decade, from a low of 37 in 1992 to a high of 71 in The years 1998, 1999, and 2000 saw the three next highest years, suggesting that recent business formation in Port Moody has been strong. At the regional level, 2001 was the lowest year for incorporations since The peak years in the GVRD were , with lower incorporation activity in the last three years, opposite the Port Moody trend. As a share of the regional total, Port Moody has fluctuated from 0.3% to 0.5%, while sitting at 0.4% for the last three years. The number of incorporations should not be considered a complete measure of business formation, as it does not take into consideration sole proprietorships, partnerships, or small unregistered startups, many of which begin at home. Business Incorporations Port Moody GVRD Port Moody Share of GVRD Year # # % , , , , , , , , , , , Source: Ministry of Finance and Corporate Relations (compiled by Greater Vancouver Regional District) CITY OF PORT MOODY PAGE 36

40 Business Incorporations 80 Number of Incorporations Year CITY OF PORT MOODY PAGE 37

41 6. Real Estate 6.1 Building Permit Values, The amount of development activity in Port Moody has varied considerably in recent years. The total value of building permits has ranged from $62.0 million in 1997 to $18.5 million in Similar variability exists within each of the development categories, although activity has generally been lower in the last four years than in the previous four. Residential, commercial, and institutional building permit values have been higher in 2000 and 2001 than in 1998 and 1999, while industrial permits had their best year in recent history in 1999 at $6.2 million. Despite the improved performance in the last two years, values are still far short of the peak years in the mid 1990s, when residential building permits reached $54.4 million in Institutional permits peaked at $10.7 million in 1994, while commercial permits peaked in 2000 at $7.1 million. As a share of the regional total, Port Moody has ranged from 0.7% to 1.9% in the peak year of Building Permit Values Residential Commercial Industrial Institutional Total Port Moody Share of GVRD Total Year $ Million $ Million $ Million $ Million $ Million % Source: Greater Vancouver Regional District CITY OF PORT MOODY PAGE 38

42 Building Permit Values $ Million Year Residential Other Total CITY OF PORT MOODY PAGE 39

43 6.2 Industrial Property, Port Moody s industrial floorspace has remained unchanged since 1997 at just under 900,000 square feet. The amount of vacant space edged up slightly in 2001, but remained significantly lower than in 1997 and The vacancy rate in 2001 was 2.5%, up from 2.0% in 2000 but lower than the 6.6% rate in 1997 and the 10.5% rate in Port Moody s Tri-Cities neighbours have continually added to their industrial inventory in recent years, adding nearly 1.8 million square feet from 1998 to Over 1.6 million square feet of new space has been absorbed over this period, causing the combined vacancy rate in Coquitlam and Port Coquitlam to rise only modestly from 4.5% in 1997 to 5.1% in Nearly 600,000 square feet of industrial space was vacant at the end of 2001, while total inventory was more than 11.6 million square feet. Looking at Greater Vancouver as a whole, more than 10 million square feet of new industrial space was constructed from Demand for space exceeded this new supply, as about million square feet was absorbed over this period, reducing the region s industrial vacancy rate from 4.7% at the end of 1997 to 3.4% at the end of It should be noted, however, that absorption in 2001 was less than 10% of the absorption in the years of 1998, 1999, and Total vacant space at the end of 2001 was nearly 4.7 million square feet, while the total inventory was more than 142 million square feet. Port Moody s share of total industrial floorspace in Greater Vancouver continues to decline as the city s industrial inventory remains constant. Port Moody held 0.68% of the region s industrial inventory in 1997, declining to 0.63% in The region s industrial inventory increased 7.9% over this period, while the other Tri-Cities increased their inventory by 18.0%. CITY OF PORT MOODY PAGE 40