Kamloops, British Columbia is an interesting city when it comes to social economic development. This is true because the community is one that draws on many different industrial sectors to drive its economy: agriculture, mining, forestry, manufacturing, transportation, tourism and high technology. Kamloops if poised to do well and grow its economy in the future as these different sectors provides opportunities for growth and development. When Canada's development is studied, it becomes clear that medium-sized towns like Kamloops play a significant role in the greater economy of the country. Kamloops is interesting to study because it has experienced significant social and economic changes, particularly in the last two decades. Just like many other medium-sized communities in the interior of British Columbia, Kamloops has been a community whose economy is based on resources, specifically in agriculture, mining and forestry. During the recession in the 1980s, there was a large-scale drop in the price of global commodities, and this had serious implications for the community of Kamloops as many people in this city were employed in sectors that rely on commodity export industries. Since then, there has been some recovery in the resource sectors, but other sectors have increased alongside them, contributing to a healthy economy in this city. These relate specifically to the tertiary and quaternary industries. In addition, Kamloops has become an important regional service centre.
[...] Contemporary Community Demographic and Economic Profile Kamloops is a city with a growing population, and this is positive for its desire to grow on the global stage. It is a vibrant community that has a population of more than 85,000 residents. It is able to attract a diverse mix of people due to its attributes of a dynamic cosmopolitan city, yet it is also one that lacks many of the negative qualities of a large urban centre. It has a projected growth rate of which will ensure its reputation as a dynamic centre will survive into the near future and beyond. [...]
[...] (Venture Kamloops, 2008: 5). Kamloops is attractive for global investment because it is adaptable to the needs of all businesses. It also has an abundance of vacant land allowing the potential for development for those businesses that want to build and establish themselves there. (Venture Kamloops, 2008: 6). Businesses should also feel confident about the human capital that exists in the city, as it has a well-educated and skilled pool of labor that exceeds 49,000 workers. It is a diverse workforce that is sure to be able to meet the needs of any employers. [...]
[...] The city is also embracing manufacturing businesses that are not as tightly linked with the resource sector. They are embracing smaller niche companies. One exception to the resource based manufacturing trend is value-added wood products, and in light of this Venture Kamloops is seeking to recruit industries in this field. Clearly much is being done to develop the strengths of Kamloops' economy. (Venture Kamloops, 2008: 6). Concluding Discussion This report on the economic status of Kamloops, British Columbia has shown that the city is well-suited to be competitive in the global market. [...]
[...] Kamloops has a lot going for it; including a strong demographic that will continue to ensure the city grows and stays competitive as a medium-sized city in the global economic framework. The workforce is young and educated, and this is attractive to the many employers that are looking for a stable place to establish their business operations. In addition, the city is benefiting from the presence of Thompson Rivers University which a staple in the city's economy. Not only is it a leading employer in the city, but it also ensures that there will be a yearly output of young, talented and educated workers. [...]
[...] Current Economic Development Initiatives In the city of Kamloops, there are many economic development initiatives being implemented by the local community to ensure that the community is competitive in the global economy. Venture Kamloops was set up as a regional development agency to promote the development of the city's economy. It has undergone a throughout investigation of the strengths and weaknesses of the different sectors of the economy in the city to identify areas where opportunity for growth lie. (Venture Kamloops, 2008: 2). [...]
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