Richmond's economic future will depend on goods and services, tourism, Chinese imports and exports, as well as its proximity to Vancouver International Airport, according to one highly regarded economics expert.
On Wednesday Scotiabank Chief Economist Warren Jestin told an audience of business people in Richmond that the city's economy will continue to grow on the bases of "value-based" goods and services that target niche markets (such as seafood companies).
Jestin also told the City of Richmond’s annual Business and Partner Appreciation participants that exports to China are set to increase as well.
“It used to be that we thought of China as being a place that sold us stuff, but now we’re increasingly looking at it as a place we can sell stuff to,” said Jestin.
But he cautioned the group — mostly men age 55 and above — that while the Canadian economy is doing well and the housing market is buoyant, his "one worry" is difficulties facing first-time homeowners and job growth for those under 40.
YVR CEO Craig Richmond addressed the importance of the airport to the city's economy.
He said various companies choose to do business in Richmond because of its proximity to the airport, thus bringing jobs to the city.
He said as YVR envisions itself as an emerging international hub, it could add thousands more jobs to the already 24,000 who are directly employed on Sea Island.
He said one-fifth of all hotel bookings in Richmond are made by airline employees and shopping malls, cab companies and restaurants also benefit from airport traffic.
