2022 was the second-highest year on record in terms of building permits issued for Nanaimo, but projected economic growth in 2023 is expected to be slower due to higher interest rates driving down housing construction and consumer demand. (Dreamscape)

By NanaimoNewsNOW Staff

growing and growing

Economic report shows much-needed growth in Nanaimo population, jobs & development

Apr 8, 2023 | 8:21 AM

NANAIMO — The city is seeing more jobs, more business licences, more buildings and more people, according to the latest state of the economy report.

The report was presented to City Council during the Monday, April 3 meeting, which highlighted how fast the Nanaimo area is growing.

General manager of development services Dale Lindsay said there was a significant amount of resident investment in those building permits with almost 1,400 livable spaces created last year.

“However, we do know that in order to meet the demand over the next decade we need to build about 1,400 units a year. Although that sounds like a high volume, it’s really just meeting that average we know we know we need to deliver year after year.”

2022 was the second-highest year on record for building permits issued by the City, with a total construction value of $410 million.

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According to the recent census, Nanaimo’s population for 2022 is projected at 102,531, representing a 10.3 per cent growth rate since last year, higher than the B.C. average of 7.6 per cent, and nearly double Canada’s growth rate of 5.2 per cent.

Nanaimo’s population is projected to be near 140,000 by 2046.

The population is also younger now than in 2016, according to the 2021 Census data, with the 25 to 44-year-old demographic expected to surpass the growth of all other age groups over the coming decade.

Some economic highlights for 2022 include a nine per cent increase in housing starts compared to 2021, along with 10.8 per cent total number of new jobs, with the highest growth in the health and social assistance sector.

New job postings also rose 38.7 per cent in 2022 compared with the previous year, far above the provincial job posting increase of 20.4 per cent.

An average of 3,400 new residents moved to the Regional District of Nanaimo (RDN) in each of the last five years, mostly from other parts of B.C. and Canada.

The RDN’s population in 2022 was projected at 175,999

For the full report on Nanaimo’s state of the economy, visit the City of Nanaimo’s website.

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