Top IndustriesKnowledge-based endeavours take the helm of the economy in Mid VI, making up 90% of companies in the region. The majority of members in the business community are from the following industries.
Momentum is building, and the evidence of imminent expansion is accumulating. Businesses are searching for new, exciting locations that offer lower costs, beautiful surroundings, and work-life balance. Since 2002, the business community has grown by 23% and the population continues to increase. It’s also worth noting that changes in building permits are often one of the first indications of changes in the surrounding economic conditions. People are discovering the potential of our region, so now is an exciting time to be a part of it.
The residents of Mid VI is unparalleled and primed for future explosion. More than 60% of residents have some post-secondary qualifications, positioning the area to better meet the demand of job openings requiring the rest of the province.
At 63.6% the proportion of Nanaimo residents who have apprenticeship/trades or certificate/diploma is higher than the provincial average at 54%. By 2022, it is estimated that 78% of job openings will require post-secondary training.
Mid VI is accessible and central to its trade partners — over 80% of the population of Vancouver Island is within a two hour drive. Nanaimo is the transportation hub of the region, playing a critical role in its economy. Vancouver is only a 15 minute flight or 95 minute ferry ride away, and Nanaimo’s deep sea port is capable of international product shipping, providing a gateway to the Mainland and the world.
Commercial Real Estate
Nanaimo lease rates are significantly lower when compared with Victoria or Vancouver for each class of commercial space.
Economy & Taxation
The economy of Mid VI offers the perfect climate for companies who offer highly specialized services, provided by a highly skilled and educated workforce. The service sector, whose skills are primarily knowledge based, makes up 90% of the local economy, and only 10% focused on producing goods.
Mid VI is anticipating future expansion, and in a prime position to meet the demand for a skilled, qualified workforce. By 2022, it is estimated that 78% of job openings in the province will require postsecondary training. More than 60% of Nanaimo’s residents have apprenticeship/trades or certificate/diploma, whereas it is only 52% for the rest of the province.
Just within the City of Nanaimo, nearly 5,800 businesses have been licensed, and this number is swiftly increasing. With the vast majority being locally owned/operated small businesses, Mid VI offers a perfect environment for those looking to start a new venture or relocate an existing company.
Nanaimo’s Trade Area
The base of Nanaimo’s immediate area totals 373,314, and this doesn’t even include Victoria or Vancouver. From 2006-2011, the growth of the population in this areas has resulted in a significant increase in the total trade area.