The City of Richmond is aiming to diversify its local economy, hoping it can be resilient to volatility in the global marketplace. Hence, it comes as no surprise city council has adopted a policy known as the Richmond Resilient Economy Strategy.
The goals of the strategy are to retain economic sectors already in place in Richmond, grow sectors well suited for the city and make the economy more diverse.
"The Resilient Economy Strategy accomplishes this through a set of initiatives designed to increase Richmond's attractiveness and ability to accommodate existing and new businesses in strategic sectors..." noted Mayor Malcolm Brodie in a news release.
In Richmond, according to a third-party study of employment in Metro Vancouver, there are 109,000 jobs based here, not including ones that are mobile.
Community-oriented jobs, such as retailers and teachers, number 44,000 representing 40 per cent of all jobs.
Transportation, warehousing and manufacturing account for 27,000 jobs or one-quarter of all jobs. Tourism accounts for seven per cent with 7,500 jobs. In the next few years the city expects employment growth of one per cent overall annually, lower than Metro Vancouver overall projections.
The city's finance department met with several stakeholders to put forward the strategy. Vancouver International Airport, Port Metro Vancouver, BCIT Aerospace Technology Campus, Kwantlen Polytechnic University, Tourism Richmond, River Rock Casino, the agricultural and environmental advisory committees and representatives from the manufacturing and development sectors were all part of the process.
Some of the nine core priorities listed in the strategy are: Increasing light industrial business; strengthening the import/export sector; promoting the city as a centre for offices and improving the tourism sector.
As it relates to industrial land, the city will be reviewing if such lands are maximizing their density and use. Whereas a typical warehouse may have just one large storey, the city may look at opportunities to expand density vertically.
