QUESNEL – Economic and investment indicators for Quesnel have rebounded after the wild fires this past summer that devastated the region.
Five months later, Quesnel’s Mayor Bob Simpson reports investment in the retail sector is up, as can be seen in the new buildings underway and major renovations undertaken in the south Quesnel commercial area and the major renovation in progress at West Park Mall.
So far in 2017, Quesnel has attracted $2.2 million in retail investment compared to only $34,000 in 2016. The City’s planning department is also working with current and potential investors on other projects that will fill some currently empty commercial spaces with innovative enterprises.
Another positive indicator is recent reports from the retail sector which suggest that many businesses will be closing out the year with increased sales volumes over last year. Simpson is calling on residents to shop local for Christmas gifts to make this a banner year for local retailers.
Two major housing projects are underway in North Quesnel in addition to a major renovation to Milestone Manor on Front Street. These projects are boosting the local economy and investing in the future of the community. Creating more housing options will help Quesnel retain and attract residents.
Quesnel’s City Council hopes these projects will lead to private sector investment in multi-unit housing and is actively looking at options to entice such investments.
Council has also presented a strong case to the provincial government for significant public sector investments in the community’s hospital, schools, trades facility at the College of New Caledonia, and upgrades to Highway 97.
Such projects will provide a strong boost to Quesnel’s economy, improve the attractiveness of the city to new residents and for new investment, and improve the community’s resiliency and sustainability.
Significant investments are being made in the region’s forest sector, which remains the foundation of the area’s economy. West Fraser Mills, Tolko Industries Ltd., and C & C Wood Products Ltd. have all made recent investments in their Quesnel operations with plans underway for more investments.
The decision by West Fraser to rebuild the WestPine MDF Plant after the 2016 explosion is a clear sign of that company’s confidence in Quesnel’s future.
Other resource sectors in the region are also drawing increased investment. Barkerville Gold Mines‘ development of a major gold field near Wells has boosted the Quesnel economy and has created significant job opportunities.
There is also increased investment in the agriculture sector as new and younger entrepreneurs move into the Cariboo Regional District to access relatively inexpensive agricultural land.
All of these investments show that individuals and corporations have confidence in the resiliency and sustainability of the economy, Simpson says.
