The Sunshine Coast has what you might call a micro-economy: a localized, independent variant on the larger booming economies of Vancouver and BC that we are tenuously connected to. Like a micro-climate, our micro-economy features less of some things, and more of others, in a combination unique to our area. We have an older demographic, the second oldest region in BC in fact, trailing only Parksville; yet we have a thriving small business economy, with new startups opening every single week of the year. We have a thriving tech hub, a bustling creative artist community, blossoming farmers and artisans markets in each of our 3 main population areas (Gibsons, Sechelt and Pender Harbour), and we have a home building boom that has spawned dozens of construction and trades companies. On the other hand, our manufacturing sector is small. Our service economy is under-developed, and our tourism economy is a fraction of what it could and should be, at least from an economic standpoint. All of which really means that growth is an opportunity for the coast, in multiple sectors.
Supporting that growth is investment, and that’s part of our responsibility as well. Joining a credit union is a purposeful choice, largely driven by a sense of community, and supporting the economic and financial growth of that community. That community is made up of your friends, neighbours, and loved ones and there’s pride associated with seeing it thrive. The Sunshine Coast is an incredibly special region, and a community we’re proud to be a part of. The work we do is always rooted in supporting the health of this community as it changes, expands, and grows. Members invest their savings with us; we lend those savings to other members so they can buy homes, start businesses and plan families. Those businesses grow, and save with us so that we can invest in other families and community members. It is a virtuous cycle, and one we are so fortunate to be part of.
We recently commissioned the Sunshine Coast Regional Economic Outlook and Review. Bryan Yu, Deputy Chief Economist, Central 1 Credit Union, shared his expert forecast, predicting business and population growth across the region.
It’s an exciting time to be part of our community, and we’re committed to anticipating and delivering on the evolving expectations and needs of our members as the Coast continues to thrive.
These articles are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.