Published On: Thursday, 16 November 2017

New Economic Index Helps to Benchmark Greater Victoria's Prosperity

New Economic Index Helps to Benchmark Greater Victoria's Prosperity

GREATER VICTORIA - Are you curious how the Capital Region compares with other Canadian and global cities across areas such as transportation & mobility, housing & affordability, economic resiliency & inclusion, human health and environmental health?

The South Island Prosperity Project (SIPP) aims to answer these questions with the launch of their first annual South Island Prosperity Index, sponsored by Coastal Community Credit Union. The report provides a holistic view of our region’s prosperity, tracking a series of 140 indicators that will serve as a benchmark to help measure our region’s progress and economic health

Key findings show that the South Island region, comprised of 13 municipalities and 10 First Nations communities, outperforms other city-regions across Canada on indicators related to human health, but lags in areas such as housing affordability and transportation. When measuring economic resiliency and environmental health, the Greater Victoria region is on par with peer cities across the country.

As the regional economic development agency for Greater Victoria, SIPP is uniquely positioned to convene our region’s municipalities, citizens, institutions, businesses and other stakeholders together to pursue a bolder and more prosperous future for all.

To do this effectively, the region has to collaborate and get all parties together around common understanding of strengths and weaknesses. This report allows the SIPP to compare the South Island to peer cities, and ensures that there is a common method of tracking progress over time.

The next steps are to use the Prosperity Index as part of SIPP’s regional proposal being developed for Canada’s Smart Cities Challenge. Grants of $50 million, $10 million and $5 million will be awarded to winning bids to help municipalities develop plans that pair technology and big data applications to help solve real on-the-ground challenges and improve livability for residents across the region.