– Brian Doddridge is a Communications and Business Development Intern at the City of Terrace. He can be reached at bdoddridge@terrace.ca.
TERRACE – Media sources are quick to point out the disappointment regarding the delayed final investment decision (FID) of LNG Canada’s $40 Billion export facility in Kitimat.
And yet many businesses and residents in Terrace maintain a positive and optimistic economic outlook. A City led business survey completed in early 2016 showed that 57% of randomly surveyed businesses in our community have either experienced steady business or have grown over the past year and 50% expect growth over the next year.
Whether this expectation is derived from the belief that a positive FID will be made or not, local investors are not sitting back and waiting for major projects. Although undoubtedly project delays have tempered enthusiasm, many proponents are continuing to advance projects in the Terrace area.
For commercial development two new large hotels are being constructed, creating job opportunities as well as prospects for hosting large-scale events. A new 7-Eleven and gas station is being built on Highway 16 and a home improvement outfit on a busy thoroughfare is also under construction.
For residential construction, two high-end townhouse projects have been undertaken in recent months, one of which has already completed and is currently selling units.
To support the growth we’ve experienced over the past several years, the City is continuing to make strategic investments in its infrastructure. Two large road replacement projects are underway, updating some of the City’s water and sewer lines as well as repaving worn roadways.
The City-operated Aquatic Center is preparing for a $4.3 million overhaul that will improve the look and function of the facility. There are also plans by a private developer to install a new fiber-optic cable network that will dramatically increase Internet speed and will enhance connectivity for local businesses.
Although our community is dependent on world markets to see large-scale resource sector growth, we are uniquely positioned both demographically and geographically as the “heart of the Northwest” to take advantage of a variety of opportunities in manufacturing, forestry, tourism, retail, and the service and supply industries.
Over the next one to two years nearly 700 acres of the Skeena Industrial Development Park will be developed by its current owner for leasing by businesses currently established in the Qinhuangdao Economic and Technological Development Zone of China. The City plans to host an investor tour for this project later in 2016 and is supportive of companies as they proceed with analysis of business opportunities.
Business owners are continuing to choose Terrace. When this strong, local development is occurring within the broader context of challenging energy and metal market conditions it is clear that Terrace has a unique advantage worth exploring.
