Status quo on business health in Kamloops

In 2018, the city had 5,750 new and active business licences, which was down slightly from 5,796 from the previous year and above the 10-year average of 5,467

The City of Kamloops says business has remained consistent over the past decade, contributing to a strong and stable local economy.

In 2018, the city had 5,750 new and active business licences, which was down slightly from 5,796 from the previous year and above the 10-year average of 5,467.

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New license applications received were down slightly in 2018, at 1,100, compared to 1,200 the previously year. 

“Overall, we’re fairly consistent,” city development director Marvin Kwiatkowski said. 

Notable five-year trends include: 

• more food trucks (17 in 2018, compared to 10 in 2014);

• fewer day cares serving one to 10 children (56 in 2018, compared to 68 in 2014), but more day cares with more than 10 kids (51 in 2018, compared to 45 in 2014);

• more real estate/insurance agents (80 in 2018, compared to 68 in 2014);

• more moving/delivery/courier services (61 in 2018, compared to 51 in 2014);

• more general contractors (106 in 2018, compared to 83 in 2014);

• more home builders (259 in 2018, compared to 204 in 2014)

• more subcontractors/tradesmen (600 in 2018, compared to 507 in 2014)

• more media services with one to three employees (seven in 2018, compared to one in 2014), but fewer media services with more than three employees (six in 2018, compared to eight in 2014);

• more professional business licences (580 in 2018, compared to 535 in 2014).

Find the full report by clicking here.

In December, Ernst and Young economist Mauricio Zelaya said Kamloops’ economy is strong and will likely continue to grow moderately over the next five years.

Venture Kamloops commissioned Ernst and Young to conduct a comprehensive study of the city’s economy, including the future as cannabis and high-tech industries emerge.

The report noted real GDP dollars are expected to grow by about two per cent through 2022 and the average income per household is expected to rise to $112,000.

That compares to $77,000 in 2011 and $100,000 in 2018.

© Kamloops This Week

 


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