COEDC releases updated data to support the business community

COEDC News April 9, 2024

The Regional District of Central Okanagan’s Economic Development Commission (COEDC) has just released the New Central Okanagan Economic Profile and the Q4 2023 Economic and Job Market Indicators. These resources provide data designed to assist local businesses with informed decision-making. The data also empowers regional partners with tools to support their stakeholders and drive sustainable economic growth in the region.

The Economic Profile is a resource that communicates the strengths and opportunities of the region and its communities with easy-to-access data and rich visuals. The tool provides local businesses with the information they need to make strategic business decisions, while also showcasing to prospective entrepreneurs why the Central Okanagan is the fastest-growing region in Canada (Statistics Canada, 2021).

The Economic Indicators Report is released quarterly by the COEDC and highlights key economic data for the Central Okanagan. The Q4 2023 Economic Indicators report includes cumulative statistics for nine economic indicators for the year to keep the public and business community informed on the region’s economic climate. The nine indicators are population growth, labour force, housing starts, building permit values, business counts, airport passengers, median new home price, average rent, and job postings. In the past year, there has been a notable 5.4% increase in the number of businesses within the Kelowna Census Metropolitan Area (CMA).

The Job Market Indicators Report, released twice a year, provides a snapshot of the Central Okanagan’s labour force and job market using data from a real-time labour market information technology platform. Recent statistics indicate an increase of 4.2 % in the average number of people in the labour force.

The Economic Profile tells the story of the Central Okanagan using the latest available data to provide a regional tool that informs business decisions and assists with investment attraction initiatives. Together, these resources enable stakeholders to make strategic decisions and stay up to date on economic trends.

Both reports and the economic profile are publicly available on investkelowna.com/resources. The COEDC helps entrepreneurs in the Central Okanagan achieve their potential by equipping them with the required resources. To learn more about what we visit investkelowna.com. To stay informed and up to date on all COEDC resources and data releases, sign up for our newsletter at investkelowna.com/newsletter.