Industrial infrastructure and construction projects are energizing the Okanagan outlook. A quick glance at the latest edition of the province’s major projects inventory indicates that the Thompson Okanagan region hosts 110 major projects – those worth $15 million or more – with an aggregate value of $22.8 billion.
The correctional centre at the Osoyoos Indian Band Development Corp.’s Senkulmen Enterprise Park in Oliver, hospital expansions from Kamloops to Penticton, and expansions at Okanagan College are all recent and ongoing projects.
In Osoyoos, many housing developments continue to move forward, including the Residences at Spirit Ridge, Richter Properties, and Lakeshore Drive Development.
In particular, the Regional District of Okanagan-Similkameen has outstripped other parts of the region with 130% growth in issuance between January and August, trumping the healthy 53% growth logged between 2011 and 2015.1
The economy boasts robust construction sector as well as numerous winery, agriculture and tourism-based businesses. The construction and manufacturing sectors are the most important and growing private sector segments.
Value Added Wood
Typically, the value-added wood industry includes, but is not limited to, remanufactured products, prefabricated housing, millwork, furniture, cabinetry and pallets. Most value added firms in BC are small, employing an average of less than 25 people, with annual revenues of less than $5 million. The value-added industry in BC is currently concentrated in the south, most notably around the lower mainland and secondly in the Thompson Okanagan region. The largest value added sector in BC by the number of firms is the remanufacturing sector, with engineered wood products and millwork close behind. The Thompson Okanagan region is particularly well represented in the engineered wood products category.
The value added wood sector in Osoyoos is an emergent industry and the area has some competitive strengths that will appeal to the further development of the industry in Osoyoos.